---

       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

          Thursday, January 22, 2026, Vol. 27, No. 16

                           Headlines



C Y P R U S

MHP SE: Fitch Puts 'CC' LongTerm IDR on Watch Positive
MHP SE: Moody's Affirms 'Caa3' CFR, Outlook Remains Stable


I R E L A N D

AVOCA CLO XXI: Fitch Assigns B-sf Rating on Class F-R Debt
HENLEY CLO XV: Fitch Assigns 'B-sf' Rating on Class F Debt
OCP EURO 2017-1: Fitch Assigns 'B-sf' Rating on Class F-R-R Notes
ROUNDSTONE SECURITIES 2: Fitch Hikes Class F Notes Rating to BB-sf


S P A I N

ABANCA CORP: Fitch Hikes Jr. Subordinated Rating to 'BB'
BANCO DE CREDITO SOCIAL: Fitch Affirms 'BB+' Sub. Debt Rating
IM CAJAMAR 5: Fitch Affirms 'CCsf' Rating on Class E Debt
UNICAJA BANCO: Fitch Hikes Jr. Subordinating Debt Rating to 'BB'


T U R K E Y

TAKASBANK: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable


U K R A I N E

UKRAINIAN RAILWAYS: Fitch Cuts IDRs to C on Missed Coupon Payment
UKRAINIAN RAILWAYS: S&P Cuts ICR to 'SD' on Missed Coupon Payment


U N I T E D   K I N G D O M

CONSUMER ENERGY: KR8 Advisory Appointed as Administrators
EASY-TRIM ROOFING: Kroll Advisory Appointed as Adminstrators
LIBERTY BAR: Interpath Advisory Appointed as Administrators
PLXSUR LIMITED: Kroll Advisory Ltd Appointed as Administrators
SIMPLICITY LIMITED: Interpath Ltd Appointed as Administrators

SMOOTH COMMERCIAL: Aurora Recovery Appointed as Administrators

                           - - - - -


===========
C Y P R U S
===========

MHP SE: Fitch Puts 'CC' LongTerm IDR on Watch Positive
------------------------------------------------------
Fitch Ratings has placed MHP SE's Long-Term Issuer Default Rating
(IDR) on Rating Watch Positive (RWP). Fitch has also placed Private
Joint-Stock Company MHP's (PJSC MHP) National Rating and MHP Lux
S.A.'s instrument ratings on RWP.

The RWP follows MHP's announcement of a new USD450 million notes
issue to refinance its USD550 million bond maturing in April 2026,
with plans to repay the residual amount with its cash balance.
Completion of the refinancing on terms as announced will indicate
reduced refinancing risk, one of the key drivers of MHP's 'CC' IDR,
with a potential upgrade to the 'CCC' rating category.

MHP's ratings continue to reflect a still challenging operating
environment in Ukraine - the company's core production and sourcing
base - and persistent refinancing and liquidity risks, which
together imply a heightened probability of default. Fitch expects
to resolve the RWP after the new bond has been placed and the
USD550 million bonds repaid.

Key Rating Drivers

2026 Bond Refinancing: A timely repayment of MHP's bond maturing in
April 2026 with the proceeds from the announced USD450 million bond
and cash balance would reduce refinancing risk for the group and
partly improve the Ukrainian company's access to international
capital markets. The repayment remains subject to MHP's ability to
use its cash kept outside Ukraine to service debt. Under the
current National Bank of Ukraine directive it must be repatriated
within 120-180 days, constraining MHP's ability to service its
foreign-currency debt.

Failure to place the new bond and the absence of alternative
refinancing options by the April 2026 bond maturity would likely
lead to a downgrade.

Short-Term Financing Availability Key: MHP's operations remain
highly reliant on the continued availability of working-capital
facilities to fund sowing campaigns, and to ensure operational
continuity and the ability to export. Fitch assumes MHP will
maintain access to facilities from international development
institutions/banks to ensure operational continuity to 2030.
Liquidity is also supported by a strong Fitch-adjusted cash balance
of USD438 million at end-September 2025 (about 40% kept outside
Ukraine), but it may deteriorate rapidly, given limited access to
capital markets for Ukrainian corporates.

Profit Normalisation: Fitch projects improving EBITDA to USD482
million in 2025 (2024: USD433 million), supported by price
increases and continued premiumisation of the product mix, in
addition to contribution from the UVESA acquisition from August
2025. The establishment of a permanent trade framework - EU-Ukraine
Deep and Comprehensive Free Trade Area - which came into force in
October 2025, supports MHP's operations.

Acquisition Neutral to Rating: Fitch said, "We estimate that MHP's
recent acquisition of UVESA, a Spanish poultry and pork operation,
resulted in a 15% increase in revenue for 2025 and will lift
revenue by another 10% in 2026. It will slightly dilute the group's
EBITDA margin toward 13% in 2026, before rebounding towards 13.5%
by 2028. The acquisition enhances MHP's presence in the European
processed poultry market and we forecast that it will increase the
share of the international operations in the group's EBITDA to 18%
in 2026, from 13% in 2024. The deal is neutral to MHP's rating as
it is largely driven by the operating environment in Ukraine and
the group's still weak financial flexibility."

Resilient Exports: MHP maintained stable exports of grains, oils,
poultry meat and poultry products to more than 70 countries in
9M25, with export sales constituting 57% of total revenue (9M24:
60%). The sea route originating from Odesa has been mostly stable
and continues to support MHP's export operations. MHP's exports
remain highly reliant on the Black Sea route despite the
availability of alternative options. Any further military
escalation affecting MHP's logistic environment may lead to
additional logistic and transportation costs.

Unchanged Moratorium on Debt Service: The National Bank of
Ukraine's moratorium on cross-border foreign-currency payments
potentially limits companies' ability to service foreign-currency
obligations. Exceptions are possible, but it is unclear how these
will be applied in practice, given disruption caused by the ongoing
conflict and martial law in the country. Offshore cash generated
from exports must be repatriated within 120 days for exports of
grains and vegetable oils, and 180 days for exports of chicken
meat. These risks are partly offset by MHP's large cash balance
outside Ukraine and only 50% of its export revenue being subject to
the regulation.

Strong Parent-Subsidiary Links: The Long-Term IDRs of PJSC MHP, a
95.4%-owned subsidiary, are equalised with those of MHP, reflecting
Fitch's assessment of 'Medium' operational and 'High' strategic
incentives for supporting the subsidiary. This is based on both
companies operating under common management and PJSC MHP's
strategic importance for the marketing and sales of goods produced
by MHP in Ukraine. Fitch assesses legal incentives as 'High' due to
the presence of cross-default/cross-acceleration provisions in
MHP's major loan agreements and suretyships from operating
companies generating a substantial portion of MHP's EBITDA.

Peer Analysis

Not applicable

Fitch's Key Rating-Case Assumptions

- Revenue to have increased 15% in 2025 with UVESA's partial
integration into MHP. Annual revenue growth to normalise in the low
single digits after full integration of UVESA in 2026

- EBITDA margin of 13.7% in 2025 and declining to 13% in 2026, due
mainly to the dilutive effect of the UVESA acquisition

- Capex of USD220 million-250 million a year to 2028

- Working capital returning to positive at about USD7 million in
2025, before turning negative in 2026 at about USD35 million

- No dividends

Corporate Rating Tool Inputs and Scores

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

The business and financial profile factors are assessed (in the
format of the 'assessment', followed by relative importance) as
follows:

Management ('bb+', moderate), sector characteristics ('bb+',
lower), market and competitive positioning ('bb-', moderate),
diversification and asset quality ('bb-', moderate), company
operational characteristics ('bbb', lower), profitability ('bb',
moderate), financial structure ('b', moderate), and financial
flexibility ('ccc-', higher).

The quantitative financial sub-factors are assessed based on custom
CRT financial period parameters of 10% weight for historical 2023
and 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

The 'access to capital' factor is considered the weakest link in
Fitch's analysis. This leads to an adjustment of -2 notches.

'B+' to 'CC' considerations apply in Fitch's analysis and result in
no adjustment.

Governance is assessed as 'some deficiencies' and results in no
adjustment.

The operating environment assessment of 'b' results in no
adjustment.

The SCP is 'cc'.

Recovery Analysis

The recovery analysis assumes that MHP would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated. However, this assumption may be revisited,
depending on how the conflict evolves.

Fitch has assumed a 10% administrative claim. Fitch's assumption of
MHP's USD245 million GC EBITDA reflects the potential disruptions
to exports and local operations resulting from Russia's invasion,
and vulnerability to FX risks and to the volatility of poultry,
grain, sunflower seeds prices and some other raw-material costs.
Fitch also takes into account the complexity of senior noteholders
accessing cash proceeds amid high transfer and convertibility
risks. The GC EBITDA estimate reflects Fitch's view of the
strategic importance of MHP in providing food to the Ukrainian
population and its ability to continue to operate, rather than
focusing on the sustainability of its capital structure.

Fitch said, "We used an enterprise value (EV)/EBITDA of 3.5x to
calculate a post-reorganisation valuation and to reflect the
heightened operating risks in the region and a mid-cycle multiple.

"We do not assume MHP's pre-export financing (PXF) facility is
fully drawn in our analysis. Unlike a revolving credit facility, a
PXF facility has several drawdown restrictions, and the
availability window is limited to part of the year. PXF facilities
are treated as prior-ranking debt in our waterfall analysis."

Fitch said, "The principal waterfall analysis generates a ranked
recovery for the senior unsecured debt in the 'RR5' category,
leading to a 'C' rating for senior unsecured bonds. In the debt
hierarchy we have considered its bilateral financing of USD492
million as senior secured, which ranks ahead of MHP's senior
unsecured notes, and pari passu with PXF facilities."

RATING SENSITIVITIES

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

A default or default-like event including entering into a grace
period, a temporary waiver or standstill following non-payment of a
financial obligation, announcement of a distressed debt exchange or
uncured payment default would be negative for ratings.

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

The resolution of the RWP is subject to the successful placement of
the new USD450 million bond and concurrent repayment of the
existing notes due in April 2026.

Liquidity and Debt Structure

As of end-September 2025, MHP had about USD438million of cash,
including Fitch's adjustment for USD25 million for trade working
capital. About 80% of its cash was in hard currencies, of which 40%
was held outside Ukraine, which the company can use for its
agricultural operations and to service its debt. Fitch expect MHP
to generate positive free cash flow over 2025-2028, assuming no
business disruption from external factors.

Fitch said, "We continue to assess refinancing risks as high given
MHP's weak access to external financing, which is captured by the
IDR."

Issuer Profile

MHP is the largest poultry producer and exporter in Ukraine, with
meat processing operations in eastern Europe and Spain.

RATING ACTIONS

Entity/Debt                   Rating                      Prior  
-----------                   ------                      -----

MHP SE

                     LT IDR       CC     Rating Watch On      CC

                     LC LT IDR    CC     Rating Watch On      CC

MHP Lux S.A.

  senior unsecured   LT           C      Rating Watch On  RR5 C

Private Joint-Stock Company MHP

                     LT IDR      CC      Rating Watch On      CC

                     LC LT IDR   CC      Rating Watch On      CC

                     Natl LT     CC(ukr) Rating Watch On


MHP SE: Moody's Affirms 'Caa3' CFR, Outlook Remains Stable
----------------------------------------------------------
Moody's Ratings affirmed MHP SE's (MHP or the company) Caa3
long-term corporate family rating and the Caa3-PD probability of
default rating. Moody's also affirmed the national scale rating
(NSR) long-term corporate family rating of MHP at Caa3.ua. The
outlook remains stable.

The rating action follows the announcement that MHP Lux S.A., a
subsidiary of the company, will issue new $450 million Notes due
2029 (the new Notes). Subsequently, the company also announced a
tender offer to purchase for cash all of the outstanding $550
million aggregate principal amount of MHP's 6.95% Senior Notes due
April 2026 (2026 Notes) and issued a notice of redemption to redeem
any outstanding 2026 Notes not tendered and accepted for purchase
in the tender offer. The company will use the net proceeds from the
new Notes offering, together with an upfront cash amount of at
least $100 million, to finance the tender offer and to redeem in
full the outstanding $550 million Notes due 2026.

RATINGS RATIONALE

"The rating action reflects MHP's improved maturity profile pro
forma for the issuance of the new Notes, the proceeds of which will
support the refinancing of its $550 million Notes with upcoming
maturity in April 2026", says Sebastien Cieniewski, a Moody's
Ratings Vice President – Senior Credit Officer and lead analyst
for MHP. Moody's expects that MHP will maintain an adequate
liquidity profile for the next 12-18 months supported by its large
cash balance and undrawn credit lines, part of which are committed
on a multi-year basis.

MHP's CFR remains nevertheless constrained by the government of
Ukraine's (Ca stable) local- and foreign-currency ceilings, and the
challenges resulting from the ongoing invasion of Ukraine by the
Russian Federation, including damage to infrastructure and
logistics. Although MHP has further expanded its operations outside
of Ukraine through the acquisition of a 92% stake in Grupo UVESA in
July 2025, a Spanish poultry and pork producer with a vertically
integrated model, the company's operations remain concentrated in
its domestic market.

Despite the operational resilience demonstrated by MHP over the
last three years in the context of challenging geopolitical and
market environments, the company remains exposed to an inherently
volatile industry as well as industry-specific event risks.

ESG CONSIDERATIONS

Governance considerations were a key driver for the rating action
reflecting mainly MHP's proactive engagement with debt capital
markets to support the refinancing of maturing notes in 2026 in a
challenging geopolitical environment. It also reflects cash
preservation measures implemented by the company to support the
servicing of the company's debt while maintaining an adequate
liquidity position.

LIQUIDITY PROFILE

MHP's cash and cash equivalents amounted to $463 million as of
September 30, 2025, of which $185 million was held by the company's
subsidiaries outside Ukraine – or a maximum of $363 million pro
forma for the use of at least $100 million of cash to support the
refinancing of the $550 million Notes due April 2026. The company
also had undrawn facilities of $319 million as of the same date,
part of which were committed on a multi-year basis expiring through
to March 2030. However Moody's projects the cash balance to
decrease in 2026 and 2027 despite Moody's projected positive
Moody's adjusted free cash flow (FCF) generation due to the
scheduled amortization with the largest part being for the credit
facilities from international and development financial
institutions (IFIs, linear amortization of around $80 million per
annum). MHP has shown a good track record of renewing short-term
local credit facilities part of which are used to fund working
capital movements.

Because the bulk of MHP's debt is euro- and US dollar-denominated,
any sharp depreciation of the hryvnia will weaken its debt-related
credit metrics. While there are currency control restrictions
imposed by the National Bank of Ukraine limiting the ability of
companies, including MHP, to upstream cash outside of the country,
Moody's assumes that the company will be able to service interest
under the new Notes with cash from its subsidiaries in Ukraine.

OUTLOOK

The stable outlook reflects MHP's improved maturity profile
following the refinancing of the 2026 Notes demonstrating access of
the company to debt capital markets. Additionally the stable
outlook reflects Moody's assumptions that the company will maintain
an adequate liquidity position over the next 18 months supported by
a resilient operating performance.

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

MHP's CFR is at the level of Ukraine's local and foreign currency
country ceiling, making an upgrade of ratings unlikely absent a
change in the sovereign ratings or ceilings. A downgrade could be
driven by a sovereign downgrade or a weakening in MHP's credit
profile and recovery expectations, as a result of pronounced
physical damage to assets, market and logistics disruptions,
negative FCF generation and impaired liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Protein and
Agriculture published in October 2025.

MHP's Caa3 CFR is 5 notches below the scorecard indicated outcome.
The difference reflects the constraint from Ukraine's local- and
foreign-currency ceilings and financial and operational challenges
stemming from the invasion of Ukraine by Russia.

Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and issuers
within a country, enabling market participants to better
differentiate relative risks.

COMPANY PROFILE

MHP, domiciled in Cyprus, is one of Ukraine's leading food and
agrotech companies. The company's operations include the production
of poultry and sunflower oil, and the production and sale of
convenience foods. MHP has also strong presence in the poultry
production and meat processing in the Balkans through its Perutnina
Ptuj operations and entered recently the Spanish market through the
acquisition of Grupo UVESA. In the LTM period to September 30,
2024, the company's total revenue and Moody's-adjusted EBITDA
amounted to $3,419 million and $647 million, respectively.




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

AVOCA CLO XXI: Fitch Assigns B-sf Rating on Class F-R Debt
----------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXI DAC Reset final ratings.

RATING ACTIONS

Entity/Debt           Rating                Prior  
-----------           ------                -----
Avoca CLO XXI DAC

X-R XS3246263282  LT    AAAsf   New Rating

A-1 XS2126166722  LT    PIFsf   Paid In Full   AAAsf

A-2 XS2126167027  LT    PIFsf   Paid In Full   AAAsf

A-R XS3246263365  LT    AAAsf   New Rating

B-1 XS2126167373  LT    PIFsf   Paid In Full   AAAsf

B-2 XS2126167530  LT    PIFsf   Paid In Full   AAAsf

B-R XS3246263449  LT    AAsf    New Rating

C XS2126167886    LT    PIFsf   Paid In Full   AA-sf

C-R XS3246263795  LT    Asf     New Rating

D XS2126167969    LT    PIFsf   Paid In Full   BBB+sf

D-R XS3246263878  LT    BBB-sf  New Rating

E XS2126168009    LT    PIFsf   Paid In Full   BB+sf

E-R XS3246263951  LT    BB-sf   New Rating

F XS2126168421    LT    PIFsf   Paid In Full   B+sf

F-R XS3246264090  LT    B-sf    New Rating

Transaction Summary

Avoca CLO XXI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
were used to fund a portfolio with a target par of EUR400 million.
The portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company. The CLO has a 4.5-year reinvestment period and
an 8.5-year weighted average life test (WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor of the identified
portfolio is 25.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 60.1%.

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

Portfolio Management (Neutral): The transaction includes three sets
of matrices: A, B and C. There are six matrices in total as each
set comprises two matrices with fixed-rate limits of 5% and 12.5%.
All the matrices have a top 10 obligor concentration limit of 20%.
Set A applies at closing and is tied to an 8.5-year WAL test
covenant; set B applies 12 months post-closing with a 7.5-year WAL
test covenant; and set C applies 18 months post-closing with a
7.0-year WAL test covenant.

Switching to the forward matrices is contingent on the aggregate
collateral balance (with defaults measured at Fitch collateral
value) being at least equal to the reinvestment target par balance
otherwise a Rating Action Commentary may be issued by Fitch. The
transaction's reinvestment criteria are similar to those in other
European transactions. Fitch's analysis relies on a stressed-case
portfolio to test the robustness of the structure against its
covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
stress portfolio analysis has been reduced by one year, down to 7.5
years. This accounts for the strict reinvestment conditions
envisaged by the transaction after its reinvestment period. These
conditions include passing both the coverage tests and the Fitch
'CCC' maximum limit, together with a WAL covenant that gradually
steps down before and after the end of the reinvestment period.
Fitch believes these conditions would reduce the effective risk
horizon of the portfolio during the stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would lead to downgrades of one notch for
the class B-R and D-R notes, two notches for the class C-R and E-R
notes and to below 'B-sf' for the class F-R notes. There is no
rating impact on the class A-R and X-R notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B-R to F-R notes have
cushions of up to two notches while the class X-R and A-R 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
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of up to
four notches for the notes.

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

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

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


HENLEY CLO XV: Fitch Assigns 'B-sf' Rating on Class F Debt
----------------------------------------------------------
Fitch Ratings has assigned Henley CLO XV DAC final ratings.

RATING ACTIONS

Entity / Debt           Rating  
-------------           ------

Henley CLO XV DAC

A XS3233871253      LT   AAAsf   New Rating

B XS3233871410      LT   AAsf    New Rating

C XS3233871683      LT   Asf     New Rating

D XS3233871840      LT   BBB-sf  New Rating

E XS3233872061      LT   BB-sf   New Rating

F XS3233872491      LT   B-sf    New Rating

Subordinated Notes
XS3233872657        LT   NRsf    New Rating

Transaction Summary

Henley CLO XV DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the notes have been used to
fund a portfolio with a target par of EUR400 million. The portfolio
is actively managed by Napier Park CMV LLC. The transaction has a
five-year reinvestment period and an 8.5-year weighted average life
(WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
24.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 59.9%.

Diversified Asset Portfolio (Positive): The transaction has various
concentration limits, including a maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction includes six
matrices, all corresponding to a top 10 obligor concentration limit
at 18%. Two matrices are effective at closing and correspond to two
fixed-rate asset limits of 3.5% and 12.5% and an 8.5-year WAL test.
The other four matrices can be selected by the manager any time
from 12 months and 18 months after closing and correspond to the
same two fixed-rate asset limits and 7.5-year and seven-year WAL
tests, respectively.

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by six months on the step-up date, which is six months after
closing. The WAL extension is subject to conditions including the
satisfaction of collateral quality tests and the collateral balance
(defaults at Fitch-calculated collateral value) being no less than
the reinvestment target par balance.

Cash Flow Modelling (Positive): The WAL Fitch modelled in the
transaction's stressed portfolio and matrices analysis is 12 months
less than the WAL test covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing both the coverage tests
and the Fitch 'CCC' maximum limit, as well as a WAL test covenant
that progressively steps down, both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B,
D, E and F notes each have a rating cushion of two notches and the
class C notes have a cushion of one notch, due to the better
metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio. The class A notes do not have any rating
cushion as they are already at the highest achievable rating.

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

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to four notches each for the rated notes, except for the 'AAAsf'
rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from a stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.


OCP EURO 2017-1: Fitch Assigns 'B-sf' Rating on Class F-R-R Notes
-----------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2017-1 DAC (reset) notes
final ratings.

RATING ACTIONS

Entity/Debt              Rating  
-----------              ------

OCP Euro CLO 2017-1 DAC

A-R-R XS3247633335     LT  AAAsf   New Rating

B-R-R XS3247633509     LT  AAsf    New Rating

C-R-R XS3247633764     LT  Asf     New Rating

D-R-R XS3247633921     LT  BBB-sf  New Rating

E-R-R XS3247634143     LT  BB-sf   New Rating

F-R-R XS3247634499     LT  B-sf    New Rating

Subordinated Notes
XS3249926265           LT  NRsf    New Rating

Transaction Summary

OCP EURO CLO 2017-1 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 were used to redeem all the
existing notes, except for the subordinated notes, and to fund the
portfolio with a target par of EUR400 million.

The portfolio is actively managed by Onex Credit Partners Europe
LLP. The collateralised loan obligation (CLO) has an approximately
4.5-year reinvestment period and 8.5 years weighted average life
(WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-weighted
average rating factor (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-weighted
average recovery rate of the identified portfolio is 62.3%.

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

Portfolio Management (Neutral): The transaction has two matrices
effective at closing with fixed-rate limits of 5% and 12.5%. Two
are effective six months after closing and two will be effective 18
months after closing with the same fixed-rate limits, provided the
collateral principal amount (defaults at Fitch collateral value) is
above the reinvestment target par balance. All six matrices are
based on a top 10 obligors concentration limit of 20%. The closing
matrices correspond to a 8.5-year WAL covenant, while the forward
matrices correspond to an eight-year and an eight-year WAL covenant
respectively.

The transaction has a reinvestment period of approximately 4.5
years, which is governed by reinvestment criteria similar to those
of other European transactions. Fitch's analysis is based on a
stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include, among others, passing both the coverage tests and
the Fitch 'CCC' limit post-reinvestment as well as a WAL covenant
that gradually steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during stress
periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
As the current portfolio has better metrics and a shorter life than
the stressed-case portfolio, the class C notes show a rating
cushion of three notches, the B, D, E and F notes have a rating
cushion of two notches, and the class A notes have no rating
cushions as they are already at the highest achievable rating.

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

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

A 25% reduction in the RDR across all the ratings and a 25%
increase in the RRR across all ratings of the stressed-case
portfolio would lead to upgrades of up to four notches for the
rated notes, except for the 'AAAsf' rated notes.

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

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may occur if there is stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread being available to cover losses in the remaining
portfolio.


ROUNDSTONE SECURITIES 2: Fitch Hikes Class F Notes Rating to BB-sf
------------------------------------------------------------------
Fitch Ratings has upgraded Roundstone Securities No.2 DAC's class
C, D, E and F notes and affirmed the others.

RATING ACTIONS

Entity/Debt         Rating             Prior  
-----------         ------             -----

Roundstone Securities No.2 DAC

A XS2779836308    LT  AAAsf  Affirmed  AAAsf  
B XS2779836480    LT  AAsf   Affirmed  AAsf
C XS2779836647    LT  A+sf   Upgrade   Asf
D XS2779836993    LT  BBB+sf Upgrade   BBBsf
E XS2779837025    LT  BB+sf  Upgrade   BBsf
F XS2779837298    LT  BB-sf  Upgrade   B+sf

Transaction Summary

The transaction is a securitisation of first-lien Irish residential
owner occupied (OO; 80%) and buy-to-let (BTL; 20%) mortgage assets
originated prior to 2010 by Bank of Scotland Ireland. The pool was
previously securitised in Roundstone No.1 DAC, which was not rated
by Fitch.

KEY RATING DRIVERS

Rising CE: The upgrades and Positive Outlooks reflect the increase
in available credit enhancement (CE) across the capital structure.
Fitch expects CE to continue increasing in the short to medium term
given the sequential amortisation of the notes. CE is sufficient to
withstand the rating stresses commensurate with the rating actions:
36.6% for class A, 29.5% for class B, 23.5% for class C, 18.5% for
class D, 15.5% for class E and 13.9% for class F. On average, CE
has risen by about 20% across the capital structure compared with
closing.

Stable to Slightly Improved Asset Performance: At end-November
2025, loans more than 90 days past due represented about 17.5% of
the outstanding portfolio - slightly below 18% a year before,
reflecting a supportive macroeconomic environment and lower
interest rates. The overall high arrears are due to the sizable
proportion of restructured loans (about 21% of the current balance
as of September 2025) in the securitised portfolio.

Non-Liquidity Reserves Drawings: Since closing, there have been
draws on the non-liquidity reserve funds, which stand at around
94%, leading to an uncleared principal deficiency ledger of about
EUR37.3 million (27% of class Z notes). This is mainly due to past
pool underperformance and limited excess spread. In the expected
case scenario, the non-liquidity reserves will be fully depleted by
year five, when the class C notes will be outstanding, causing the
lack of structural liquidity coverage for payment interruption
risk. For this reason, the rating of the class C notes is limited
to the 'Asf' rating category.

High Portion of Restructured Loans: The portfolio contains a
material proportion of loans subject to forbearance and
restructuring arrangements (around 20%) as well as high arrears,
which led to higher 'Bsf' foreclosure frequency (FF) assumptions.
For borrowers with a restructuring arrangement and a date last in
arrears in the last 12 months that demonstrated 100% payment
history in the last 12 months (against the amounts due under the
applicable restructuring plan), Fitch has applied a FF adjustment
of 1.5x to the base loan-level FF (rather than being treated as
arrears).

High Interest Only Exposure: The pool contains around 60% (by
current balance) of interest-only (IO) loans, split by 40% OO and
20% BTL loans of the total pool balance. Fitch believes there is a
material risk of prolonged forbearance being offered to OO
borrowers where bullet payments are not met at loan maturity. Fitch
believes this is most likely to materialise for older borrowers
with higher loan-to-value ratios (LTV), and have therefore assumed
OO IO loans with an indexed current LTV greater than 60% and
borrowers aged 60 years or older at loan maturity will produce no
yield in the analysis, in line with closing.

Unhedged Basis Risk: Close to 100% of the loans are floating: 81%
are linked to the ECB rate and 17% are linked to the standard
variable rate (SVR; which tracks the ECB rate) and the weighted
average margin of around 1.1%. There is no swap in place to hedge
the mismatch between the ECB and SVR-linked assets and the
Euribor-based notes, exposing the transaction to potential basis
risk. Fitch has therefore applied its basis risk assumptions for
this exposure in line with the European RMBS Rating Criteria.

RATING SENSITIVITIES

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

The transaction's performance may be affected by changes in market
conditions and the economic environment. Weakening economic
performance is strongly correlated to increasing levels of
delinquencies and defaults that could reduce funds available to
repay the notes. In addition, unanticipated declines in recoveries
could result in lower net proceeds, which may make certain notes
susceptible to negative rating action depending on the extent of
the decline in recoveries. Fitch found that a 15% increase in the
weighted average (WA) FF and a 15% decrease in the WA recovery rate
(RR) indicate downgrades of one notch for the class A and B notes
and up to two notches for the remaining notes from current
ratings.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE and upgrades. Fitch found
a decrease in the WAFF of 15% and an increase in the WARR of 15%
indicate upgrades of one notch for the class B notes, up to three
notches for the class C notes, four notches for the class D notes
and up to five notches for the class E and F notes from current
ratings.




=========
S P A I N
=========

ABANCA CORP: Fitch Hikes Jr. Subordinated Rating to 'BB'
--------------------------------------------------------
Fitch Ratings has upgraded ABANCA Corporacion Bancaria, S.A.'s
(Abanca) Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'BBB'
and its Viability Rating (VR) to 'bbb+' from 'bbb'. The Outlook on
the Long-Term IDR is Stable. A full list of rating actions is
below.

The upgrade mainly reflects an improvement in Abanca's asset
quality and capitalisation, after absorbing the impacts of its
acquisition of Portuguese bank Banco BIC Portugues S.A. (EuroBic),
and exceeding Fitch's forecasts in its problem assets clean-up,
resulting in asset quality metrics that are stronger than the
sector average. The bank has restored its capitalisation through
robust internal capital generation and it will be further aided by
the recent implementation of internal models for calculating
risk-weighted assets.

Key Rating Drivers

Iberian Franchise, Strengthened Financials: Abanca's ratings
balance the group's moderate risk appetite, underpinned by
better-than-sector average asset quality, with growing franchise
and scale in Spain and Portugal. Profitability and revenue
diversification are weaker than peers, but are improving. Fitch
also recognises Abanca's adequate capitalisation and stable deposit
franchise.

Good Environment for Banking Business: Fitch expects Spanish banks'
operating conditions to benefit from Spain's resilient medium-term
economic growth potential, robust labour market and improved credit
profile. These factors should continue to support banks' business
models, asset quality, profitability and investor confidence.
Improving macroeconomic trends in Portugal should benefit Abanca's
Portuguese business prospects.

Strong Regional Franchise: Abanca is a medium-sized retail bank
with small nationwide market shares, but a leading position in its
home region of Galicia. Recent organic growth and selective
acquisitions of smaller banks have reinforced its business profile
and earnings. The integration of EuroBic, completed in November
2025, moderately strengthened Abanca's business profile, while
Fitch expects the group to focus on organic growth to further
consolidate its market position in Iberia.

Strategic Focus on SMEs: Abanca's has higher share of loans to SMEs
and corporates than domestic peers (around 40% of gross loans at
end-September 2025); however, strong underwriting standards
underpin its moderate risk profile, resulting in sound
asset-quality metrics. Loan growth accelerated in 2025 amid more
favourable conditions in Spain and Portugal, while it maintains
disciplined underwriting. The sizeable debt securities (about 3x
the bank's common equity Tier 1 (CET1) at end-September 2025),
result in risk concentration. Overall market risk management,
particularly interest rate sensitivities, is adequate, in Fitch's
view.

Improved Asset Quality: Abanca's has maintained its asset quality
through the cycle despite multiple acquisitions. The impaired loan
ratio was 2.2% at end-September 2025, outperforming the sector
average, while coverage by loan loss allowances improved to about
82%. Fitch expects the impaired loan ratio to stay stable, largely
because of Spain and Portugal's sound economic prospects, and
disciplined underwriting.

Improving Profitability: Profitability has improved in recent years
due to higher interest rates, business growth, including
acquisitions, and contained loan impairment charges. Fitch expects
operating profit/RWAs to remain just above 2.5% in the medium term,
as Abanca's greater scale will support higher business volumes and
rising fee income. Synergies from EuroBic's integration in
2026-2027 will improve cost-efficiency.

Adequate Capital Buffers: Improving earnings and asset-quality
clean-up underpin capitalisation. Fitch expects Abanca to maintain
its CET1 ratio above its medium-term target of 13%, as its improved
earnings generation will cushion the return of the payout ratio to
the previous levels of 40%. Abanca recently received approval to
implement internal ratings-based (IRB) models to calculate RWAs,
which will also ultimately benefit the bank's risk-weighted capital
ratios.

Deposit-funded, Strong Liquidity Position: Funding benefits from a
large, stable and granular customer deposit base, which fully funds
the loan book and results in a good loans-to-deposits ratio at
about 84% at end-September 2025. This is also reflected in a strong
liquidity position. Abanca has adequate access to wholesale funding
markets, although it taps them less frequently than some
higher-rated domestic peers.

Rating Sensitivities

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

The bank could be downgraded if its impaired loans ratio
deteriorates to above 3%, operating profit structurally decreases
below 1.5% of RWAs and the CET1 ratio falls below 13% on a
sustained basis.

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

An upgrade would require a stronger business model manifested in
greater revenue diversification without structurally altering the
bank's current conservative risk appetite. An upgrade would also
require reaching an operating profit at about 3% of RWAs, a CET1
ratio sustainably above 16% and an impaired loan ratio sustainably
below 2%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Short-Term IDR

Abanca's 'F2' Short-Term IDR is the lower of two options
corresponding to a 'BBB+' Long-Term IDR on Fitch's rating scale,
reflecting the 'bbb+' assessment of Abanca's funding and liquidity
profile.

Senior Preferred Debt

Abanca's senior preferred (SP) debt is rated in line with the
bank's Long-Term IDR, and reflects Fitch's expectation that it will
use SP debt to meet its minimum requirement for own funds and
eligible liabilities, and that the buffer of senior non-preferred
(SNP) and more junior debt will not exceed 10% of the bank's RWAs.

Subordinated Debt

Subordinated Tier 2 debt is rated two notches below the VR for loss
severity, reflecting poor recoveries arising from its subordinated
status.

AT1 debt is rated four notches below Abanca's VR, which is the
baseline notching for this type of debt under Fitch's criteria.
This notching reflects loss severity, due to the notes' deep
subordination (two notches) as well as incremental non-performance
risk relative to the VR (two notches), given fully discretionary
coupon payments and a write-down trigger.

Government Support Rating

Abanca's Government Support Rating (GSR) of 'no support' (ns)
reflects Fitch's belief that senior creditors cannot rely on
receiving full extraordinary support from the sovereign if Abanca
becomes non-viable. The EU's Bank Recovery and Resolution Directive
and the Single Resolution Mechanism for eurozone banks provide a
framework for resolving banks that are likely to require senior
creditors to participate in losses ahead of a bank receiving
sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Short-Term IDR

Abanca's Short-Term IDR is primarily sensitive to changes in the
bank's Long-Term IDR and its funding and liquidity score.

Senior Preferred Debt

The SP debt rating is primarily sensitive to a change in the bank's
Long-Term IDR. The rating is also sensitive to a change in the
bank's strategy to meet its resolution buffer requirements.
Although currently not expected, the rating could be upgraded by
one notch if the size of the combined buffer of SNP and more junior
debt is expected to exceed 10% of RWAs on a sustained basis or if
resolution requirements are expected to be met only with SNP debt
and more junior instruments.

Subordinated Debt

Subordinated Tier 2 and AT1 debt ratings are primarily sensitive to
a change in Abanca's VR. The ratings of AT1 debt could also be
downgraded if non-performance risk increases relative to the risk
captured in the bank's VR. This could reflect, for example, a
material erosion of capital buffers over regulatory requirements.

GSR

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support its banks. Although not
impossible, this is highly unlikely, in Fitch's view.

VR ADJUSTMENTS

The operating environment score of 'a' is below the 'aa' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The funding and liquidity score of 'bbb+' is below the 'a' category
implied score due to the following adjustment reason: non-deposit
funding (negative).

RATING ACTIONS

  Entity / Debt                  Rating            Prior
  -------------                  ------            -----

ABANCA Corporacion
Bancaria, S.A.

                     LT IDR        BBB+   Upgrade   BBB

                     ST IDR        F2     Affirmed  F2

                     Viability     bbb+   Upgrade   bbb

                     Gov't Support ns     Affirmed  ns

   subordinated      LT            BBB-   Upgrade   BB+

   junior
   subordinated      LT            BB     Upgrade   BB-

   Senior preferred  LT            BBB+   Upgrade   BBB


BANCO DE CREDITO SOCIAL: Fitch Affirms 'BB+' Sub. Debt Rating
-------------------------------------------------------------
Fitch Ratings has upgraded Grupo Cooperativo Cajamar's (GCC)
Short-Term Issuer Default Rating (IDR) to 'F2' from 'F3'. Fitch has
also affirmed GCC's Long-Term IDR at 'BBB' with a Stable Outlook
and Viability Rating (VR) at 'bbb'.

The upgrade reflects the improvement in the group's funding and
liquidity profile to 'bbb+' from 'bbb', driven by a sustainable
sound liquidity position and stable, granular and balanced
funding.

Key Rating Drivers

Nationwide Cooperative Bank: GCC's ratings reflect its strong
footprint in the agribusiness sector, an adequate national retail
franchise as the largest cooperative bank in Spain, improved
capitalisation and asset quality metrics that compare well with
domestic and Southern European peers, and a stable and granular
deposit base benefiting from its cooperative status. Fitch also
considers weaker revenue diversification compared with similarly
sized peers, which results in structurally lower operating
profitability.

Cooperative Structure, Group Ratings: GCC is a cooperative banking
group, not a legal entity. Its 18 credit cooperatives and Banco de
Credito Social Cooperativo, S.A. (BCC) are bound by a mutual
support mechanism, under which members mutualise 100% of their
profits and have a cross-support mechanism for capital and
liquidity. Fitch judges this mechanism as sufficiently cohesive to
substantially equalise the default risk of group entities and as a
result assigns group ratings. GCC's, BCC's and Cajamar Caja Rural,
Sociedad Cooperativa de Credito's IDRs are therefore aligned.

Lending to Businesses, High Sovereign Exposure: GCC has a combined
higher share of loans to SMEs and corporates and the agribusiness
sector than domestic peers, at 49% of gross loans at end-September
2025. The balance is largely made of retail mortgages. GCC's
sizeable debt securities portfolio (mainly Spanish and Italian
debt, the bulk at amortised cost) at 3.4x its common equity Tier 1
(CET1) at end-September 2025 leads to risk concentration. The bank
has reduced its interest rate risk sensitivity, which in Fitch's
view is adequate.

Strengthened Risk Management: GCC's completion of its problem
assets de-risking and tightened risk underwriting and monitoring
should limit inflows of impaired loans. GCC's asset quality
metrics, including coverage levels, have improved and compare well
with domestic peers. However, the bank's high exposure to business
lending makes it more vulnerable to cyclical performance swings.
Fitch expects GCC to maintain its impaired loans ratio at around 2%
in 2026-2027. Fitch's view is also influenced by Spain's favourable
economic environment.

Improved Profitability: Profitability has benefited from
structurally lower loan impairment charges, more sustainable income
sources, with healthy growth in lending and fee-generating business
from asset management and to a lesser extent, insurance products.
GCC's large debt securities portfolio has been supportive of net
interest income but results in some revenue gap relative to peers
that have a more balanced business mix between interest-bearing and
fee generating activities. Fitch expects the operating
profit/risk-weighted assets (RWAs) ratio to remain stable at close
to 2% in 2026-2027, but it will still lag domestic and
international peers.

Adequate Capitalisation: GCC's fully loaded CET1 ratio of 14.2% at
end-September 2025 compares well with peers. Fitch expects it to
grow towards 15% by end-2026 supported by low capital distributions
as a cooperative bank, improved profitability, portfolio clean-up
and moderate loan growth. Fitch's capitalisation assessment also
considers high capital encumbrance to sovereign exposure.

Stable Customer Deposits: GCC's large, stable and granular customer
deposit base fully funds its loan book and benefits from its status
as a cooperative bank. Recourse to capital-market funding is
largely to meet its minimum requirement for own funds and eligible
liabilities (MREL) and is less frequent than at higher-rated peers.
Regulatory liquidity ratios are comfortably above minimum
requirements.

Rating Sensitivities

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

GCC's ratings have solid rating headroom and could withstand a
moderate deterioration in its credit profile. Negative pressure
could arise from a weakening of its risk profile and durable
deterioration in the impaired loans ratio to above 3% coupled with
operating profit falling below 1% of RWAs, resulting in persistent
capital erosion.

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

An upgrade would require a significantly stronger business model,
manifested in greater revenue diversification and operating profit
durably above 2.5% of RWAs. An upgrade would also require an
impaired loans ratio sustainably around 2% and a CET1 ratio above
14%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS
Short-Term IDR

GCC's 'F2' Short-Term IDR is the higher of two options
corresponding to a 'BBB' Long-Term IDR on Fitch's rating scale.,
due to GCC's funding and liquidity profile profile of 'bbb+'.

Senior Debt

BCC's senior preferred (SP) debt is rated in line with the bank's
Long-Term IDR and reflects Fitch's expectation that it will use SP
debt to meet MREL and that the buffer of senior non-preferred (SNP)
and more junior debt will not exceed 10% of the bank's RWAs.

Subordinated Debt

Subordinated Tier 2 debt is rated two notches below the VR for loss
severity, reflecting poor recoveries arising from its subordinated
status.

Government Support Rating

GCC's Government Support Rating of 'no support' reflects Fitch's
belief that senior creditors cannot rely on receiving full
extraordinary support from the sovereign if GCC becomes non-viable.
The EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that is likely to require senior creditors to
participate in losses ahead of a bank receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES
Short-Term IDR

GCC's Short-Term IDR is primarily sensitive to changes in the
bank's Long-Term IDR and its funding and liquidity score.

Senior Debt

The SP debt rating is primarily sensitive to a change in the
Long-Term IDR. The rating is also sensitive to a change in the
bank's strategy to meet its resolution buffer requirements.
Although currently not expected, the rating could be upgraded by
one notch if Fitch expects the combined buffer of SNP and more
junior debt to exceed 10% of RWAs on a sustained basis or if the
bank meets its resolution requirements only with SNP debt and more
junior instruments.

Subordinated Debt

BCC's subordinated Tier 2 debt rating is primarily sensitive to a
change in the bank's VR.

GSR

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support its banks. Although not
impossible, this is highly unlikely, in Fitch's view.

VR ADJUSTMENTS
The operating environment score of 'a' is below the 'aa' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The capitalisation and leverage score of 'bbb+' is below the 'a'
category implied score due to the following adjustment reason:
capital flexibility and ordinary support (negative).

The funding and liquidity score of 'bbb+' is below the 'a' category
implied score due to the following adjustment reason: non-deposit
funding (negative).

RATING ACTIONS

  Entity/Debt                  Rating           Prior  

Grupo Cooperativo Cajamar (GCC)

                  LT IDR          BBB    Affirmed   BBB

                  ST IDR          F2     Upgrade    F3

                  Viability       bbb    Affirmed   bbb

                  Govt Support    ns     Affirmed   ns

Cajamar Caja Rural,
Sociedad Cooperativa
de Credito

                   LT IDR         BBB   Affirmed   BBB

                   ST IDR         F2    Upgrade    F3

Banco de Credito
Social Cooperativo,
S.A.

                   LT IDR         BBB   Affirmed   BBB

                   ST IDR         F2    Upgrade    F3

                   Govt Support   ns    Affirmed   ns

   subordinated    LT             BB+   Affirmed   BB+


IM CAJAMAR 5: Fitch Affirms 'CCsf' Rating on Class E Debt
---------------------------------------------------------
Fitch Ratings has taken multiple rating actions on two Spanish
Cajamar RMBS transactions, upgrading one tranche and affirming the
rest. The Outlooks are Stable.

RATING ACTIONS

Entity/Debt                  Rating             Prior  
-----------                  ------             -----

IM Cajamar 4, FTA

   A ES0349044000        LT   AAAsf   Affirmed   AAAsf
   B ES0349044018        LT   AAAsf   Upgrade    AA+sf
   C ES0349044026        LT   AA-sf   Affirmed   AA-sf
   D ES0349044034        LT   AA-sf   Affirmed   AA-sf
   E ES0349044042        LT   CCCsf   Affirmed   CCCsf

IM Cajamar 5, FTA

   Class A ES0347566004  LT   A+sf    Affirmed   A+sf
   Class B ES0347566012  LT   A+sf    Affirmed   A+sf
   Class C ES0347566020  LT   A+sf    Affirmed   A+sf
   Class D ES0347566038  LT   A+sf    Affirmed   A+sf
   Class E ES0347566046  LT   CCsf    Affirmed   CCsf

Transaction Summary

The static Spanish RMBS transactions comprise fully amortising
residential mortgages originated and serviced by Cajamar Caja
Rural, Sociedad Cooperativa de Credito (BBB/Stable/F3). The current
portfolio balances of the two transactions is currently about 10%
of the initial portfolio balances.

KEY RATING DRIVERS

Credit Enhancement Protection: The rating actions reflect Fitch's
view that the notes are sufficiently protected by credit
enhancement (CE) to absorb the projected losses commensurate with
the ratings. Fitch expects CE ratios for both deals to continue
increasing, driven by their reserve funds being at the floor levels
and the upcoming sequential amortisation of the notes when the
respective portfolio balances fall below the contractually defined
10% limit.

Stable Asset Performance Outlook: The rating actions reflect the
transactions' broadly stable asset performance outlook, in line
with Fitch's neutral asset performance outlook for eurozone RMBS.
The transactions have a low share of loans in arrears over 90 days
(below 0.4% of the outstanding pool balances as of December 2025
excluding defaults), and the level of gross cumulative defaults
(defined as loans in arrears over 12 months) are 4.1% and 5.9% of
the initial portfolio balances for Cajamar 4 and Cajamar 5,
respectively.

Fitch has applied 1.0x and 1.25x transaction adjustments to the
portfolios' foreclosure frequency (FF) rates for Cajamar 4 and
Cajamar 5, respectively, to reflect their historical performance
data. Both transactions have ample seasoning of the securitised
portfolios of more than 19 years, with a weighted average
non-indexed current loan-to-value of less than 30% as of the latest
reporting date. As a result, the portfolio credit analysis remains
driven by the criteria's minimum loss (eg 5% at 'AAAsf').

Ratings Capped by Counterparty Risks: The maximum achievable rating
of Cajamar 5 remains at 'A+sf' due to the transaction account bank
(TAB) minimum eligibility ratings being set at 'BBB+' and 'F2',
which are not compatible with 'AAsf' or 'AAAsf' rating categories
under Fitch's Structured Finance and Covered Bonds Counterparty
Rating Criteria.

The maximum achievable ratings for Cajamar 4's class C and D notes
and Cajamar 5's class D notes are equivalent to the respective TAB
deposit ratings (BNP Paribas SA; A+/Stable/F1, long-term deposits
'AA-' for Cajamar 4 and Banco Santander SA; A/Stable/F1, long-term
deposits 'A+' for Cajamar 5). This is because the cash reserve fund
held at the TAB represents a material source of CE for the notes,
and simulating the sudden loss of these funds would imply a
model-implied downgrade of 10 or more notches, in accordance with
Fitch's criteria.

Regional Concentration Risk: The portfolios are exposed to
geographical concentration in the regions of Murcia and Andalucía.
In line with Fitch's European RMBS Rating Criteria, higher rating
multiples are applied to the base FF assumption to the portion of
the portfolios that exceeds 2.5x the population share of these
regions relative to the national count.

Cajamar 5 has a high ESG Relevance Score for 'Transaction Parties &
Operational Risk' due to the modification of TAB replacement
triggers after transaction closing and excessive reliance on
transaction counterparties, which has a negative impact on the
credit profile, and is highly relevant to the rating.

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
the weighted average FF and 15% decrease in the recovery rates
would lead to a one-notch downgrade for Cajamar 4's class B notes
only.

For Cajamar 4's class C and D notes and Cajamar 5's class D notes,
a downgrade of the TAB provider's deposit rating, will result in a
corresponding action as the notes are rated at their maximum
achievable rating due to excessive counterparty risk exposure.

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

Notes rated at 'AAAsf' are at the highest level on Fitch's scale
and cannot be upgraded.

Increases in CE ratios as the transactions deleverage to fully
compensate the credit losses and cash flow stresses commensurate
with higher ratings may result in upgrades.

For the class C and D notes of Cajamar 4, an upgrade of the TAB
provider's deposit rating may result in a corresponding action, as
the notes are rated at their maximum achievable rating due to
excessive counterparty risk exposure.


UNICAJA BANCO: Fitch Hikes Jr. Subordinating Debt Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Unicaja Banco S.A.'s Long-Term Issuer
Default Rating (IDR) to 'BBB+' from 'BBB' and its Viability Rating
(VR) to 'bbb+' from 'bbb'. The Outlook on the Long-Term IDR is
Stable.

The upgrade mainly reflects a structural improvement in Unicaja's
profitability and a significant asset quality clean-up. Improved
profitability stems from stronger revenue generation and
diversification under the bank's new strategic plan, a stable and
low-cost deposit franchise and a better economic environment in
Spain, which Fitch expects to provide opportunities for
banking-business growth. The bank outperformed Fitch's impaired
loan ratio expectations due to additional disposals and contained
new inflows of impaired loans.

Key Rating Drivers

Healthy Financial Profile: Unicaja's ratings are underpinned by its
strengthened profitability leveraging its strong regional retail
franchise, moderate risk, satisfactory capitalisation and improved
asset-quality metrics. The ratings also factor in Unicaja's good
regional franchise, which results in a stable deposit base and
sound liquidity position.

Good Environment for Banking Business: Fitch expects Spanish banks'
operating conditions to benefit from the country's resilient
medium-term economic growth potential, robust labour market and
Spain's improved credit profile. This should continue supporting
banks' business models, asset quality, profitability and investor
confidence in an environment of external geopolitical challenges.

Good Regional Franchise, Retail-Focused: Unicaja is a medium-sized
retail bank with a small nationwide market share. Its strong
regional roots provide it with a large, stable and low-cost deposit
base. Its revenue is less diversified than that of higher-rated
domestic peers, although this is improving under the bank's current
strategic plan.

Moderate Risk Profile: Unicaja's risk profile benefits from a large
proportion of low-risk residential mortgage loans on the balance
sheet. Its sizeable sovereign debt securities portfolio (about 5x
of the bank's common equity Tier 1 (CET1), mainly Spanish sovereign
bonds) results in high concentrations. Overall market risk
management, particularly interest rate sensitivities, is adequate.

Improved Asset Quality: Unicaja's asset quality is supported by a
high share of resilient residential mortgages, adequate loan loss
coverage of impaired loans at above 70% and contained loan
impairment charges (LICs). The bank's impaired loans ratio fell to
2.2% at end-September 2025, which compares well with the sector's.
Fitch expects the ratio to marginally improve due to loan growth
and contained defaults amid a favourable economic environment and a
stable labour market.

Structural Profitability Improvements: Unicaja's profitability has
structurally improved in recent years, benefiting from higher
interest rates, contained funding cost and the asset-quality
clean-up. Fitch expects operating profit/risk-weighted assets
(RWAs) to remain at 3% in 2025-2027 (9M25: 3.2%) due to
stabilisation of interest rates, mild credit expansion, growing
fee-related businesses, alongside low LICs and other provisions.

Satisfactory Capital Buffers: Capitalisation is underpinned by
improved earnings and asset-quality clean-up. Unicaja's CET1 of
16.2% at end-September 2025 provides a comfortable buffer above
regulatory requirements and compares well with domestic and
international peers'. Fitch expects the ratio to fall in 2026-2027
due to capital distributions and loan growth, but to remain above
the bank's medium-term guidance of 14%.

Deposit-funded, Sound Liquidity Buffer: Funding benefits from a
large, stable and granular customer deposit base, which fully funds
the loan book and results in a better loans-to-deposits ratio than
peers' at about 70%. Fitch expects this structural strength to
support the bank's sound liquidity buffers. Unicaja has adequate
access to wholesale funding markets, although it taps them less
frequently than some higher-rated domestic peers, to maintain the
resolution buffers.

Rating Sensitivities

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

The bank could be downgraded if its impaired loans ratio
deteriorates to above 3%, operating profit structurally decreases
below 1.5% of RWAs and the CET1 ratio falls below 13% on a
sustained basis.

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

An upgrade would require a stronger business model manifested in
greater revenue diversification without structurally altering the
bank's moderate risk appetite. It would also require a longer
record of operating profit at about 3% of RWAs, a CET1 ratio
sustainably above 16% and an impaired loan ratio durably below 2%.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Short-Term IDR

Unicaja's 'F2' Short-Term IDR is the lower of two options
corresponding to a 'BBB+' Long-Term IDR on Fitch's rating scale,
reflecting Fitch's 'bbb+' assessment of Unicaja's funding and
liquidity profile.

Senior Debt

Unicaja's senior preferred (SP) debt is rated in line with the
bank's Long-Term IDR and its senior non-preferred (SNP) debt is one
notch below the Long-Term IDR. It reflects Fitch's expectation that
it will use SP debt to meet its minimum requirement for own funds
and eligible liabilities and that the buffer of SNP and more junior
debt will not exceed 10% of the bank's RWAs.

Subordinated Debt

Subordinated Tier 2 debt is rated two notches below the VR for loss
severity, reflecting poor recoveries arising from its subordinated
status.

Additional Tier 1 debt is rated four notches below Unicaja's VR,
which is the baseline notching for this type of debt under Fitch's
criteria. This notching reflects loss severity, due to the notes'
deep subordination (two notches) as well as incremental
non-performance risk relative to the VR (two notches), given fully
discretionary coupon payments and a write-down trigger.

Government Support Rating (GSR)

Unicaja's GSR of 'no support' (ns) reflects Fitch's belief that
senior creditors cannot rely on full extraordinary support from the
sovereign if Unicaja becomes non-viable. The EU's Bank Recovery and
Resolution Directive and the Single Resolution Mechanism for
eurozone banks provide a framework for resolving banks that is
likely to require senior creditors to participate in losses ahead
of a bank receiving sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Short-Term IDR

Unicaja's Short-Term IDR is primarily sensitive to changes in the
bank's Long-Term IDR and its funding and liquidity score.

SP and SNP Debt

The SP and SNP debt ratings are primarily sensitive to a change in
the bank's Long-Term IDR. The ratings are also sensitive to a
change in the bank's strategy to meet its resolution buffer
requirements. The ratings could be upgraded by one notch if Fitch
expects the combined buffer of SNP and more junior debt to exceed
10% of RWAs on a sustained basis or if the bank meets its
resolution requirements only with SNP debt and more junior
instruments, although Fitch currently does not expect this.

Subordinated Debt

Subordinated Tier 2 and additional Tier 1 debt ratings are
primarily sensitive to a change in Unicaja's VR. The ratings of
additional Tier 1 debt could also be downgraded if non-performance
risk increases relative to the risk captured in the bank's VR. This
could reflect, for example, a material erosion of capital buffers
over coupon omission triggers.

GSR

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support its banks. Although not
impossible, this is highly unlikely, in Fitch's view.

VR ADJUSTMENTS

The operating environment score of 'a' is below the 'aa' category
implied score due to the following adjustment reason: sovereign
rating (negative).

The capitalisation and leverage score of 'bbb+' is below the 'a'
category implied score due to the following adjustment reason: risk
profile and business model (negative).

The funding and liquidity score of 'bbb+' is below the 'a' category
implied score due to the following adjustment reason: non-deposit
funding (negative).


RATING ACTIONS

Entity/Debt                         Rating          Prior  

Unicaja Banco, S.A.
                        LT IDR        BBB+  Upgrade   BBB
                        ST IDR        F2    Affirmed  F2
                        Viability     bbb+  Upgrade   bbb
                        Gov't Support ns    Affirmed  ns
  subordinated          LT            BBB-  Upgrade   BB+
  junior subordinated   LT            BB    Upgrade   BB-
  Senior preferred      LT            BBB+  Upgrade   BBB
  Senior non-preferred  LT            BBB   Upgrade   BBB-




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

TAKASBANK: Fitch Affirms 'BB-' LongTerm IDRs, Outlook Stable
------------------------------------------------------------
Fitch Ratings has upgraded Istanbul Takas ve Saklama Bankasi A.S.'s
(Takasbank) Viability Rating (VR) to 'bb-' from 'b+'. It has also
affirmed its Long-Term Foreign-Currency (FC) and Local-Currency
(LC) Issuer Default Ratings (IDRs) at 'BB-'. The Outlooks on the
Long-Term IDRs are Stable.

The upgrade of the VR reflects improvement in Fitch's assessment of
the operating environment in Turkiye, alongside continued reduction
in Takasbank's key counterparty credit risks and its sound
financial-profile metrics.

Fitch has withdrawn the bank's Long- and Short-Term IDRs(xgs) as
the IDRs are no longer driven by government support.

Key Rating Drivers

IDRs Driven by VR: Takasbank's Long-Term IDRs and Outlooks are
driven by its standalone credit profile as reflected in its VR of
'bb-'. The IDRs and Outlooks are also underpinned by its Government
Support Rating (GSR), reflecting Fitch's view of expected support
from the Turkish sovereign. Its 'AAA(tur)' National Long-Term
Rating reflects Fitch's view of Takasbank's strong creditworthiness
relative to other domestic issuers'.

Systemically Important Turkish Clearing House: Takasbank's GSR is
in line with other commercial systemically important domestic
banks. In Fitch's opinion, Takasbank has exceptionally high
systemic importance for the Turkish financial sector. Contagion
risk from Takasbank's default would be significant, given the
bank's interconnectedness with the wider Turkish financial sector
as Turkiye's only central counterparty clearing house (CCP). Fitch
believes that, even in quite extreme scenarios, Takasbank's foreign
currency support needs should be manageable for the sovereign,
given the bank's adequate liquidity position and very short-term
assets.

Dominant Local Franchise: Takasbank's VR is underpinned by the
bank's dominant franchise as the country's only clearing
houseTakasbank's VR is supported by sound counterparty risk
management, limited direct credit risk in its CCP activities, low
market risk and a liquid balance sheet, despite its small size by
international standards.

Concentrated Exposures to State Banks: Takasbank's counterparty and
market risks in its core clearing activities are well managed and
segregated from its non-CCP activities, supporting a VR at the same
level as the operating environment score for large Turkish banks.
Turkiye's major state banks are consistently the largest
counterparties in Takasbank's liquidity placements, making it
sensitive to a deterioration of the credit quality of commercial
banks.

Strong Core Profitability: Takasbank's substantial liquidity
placements lead to materially larger net interest income as a share
of revenue than at many other CCPs. Core business revenue is strong
and comfortably covers operating expenses, indicating a
self-sufficient business profile, even without interest income from
bank placements and securities. Growth and profitability indicators
are distorted by the high inflation in Turkiye, but Fitch expects
core profitability to remain strong in 2026.

Adequate Capitalisation: Takasbank is subject to Banking Regulation
and Supervision Agency capital requirements, and Fitch uses its
"Bank Criteria" as a complementary criterion to assess the bank's
capitalisation. Its core capital ratio was sound at 28% at the
end-3Q25, and comfortably above the regulatory minimum. Fitch
believes the regulator would provide forbearance should the need
arise to protect the payment and clearance infrastructure in the
country.

RATING SENSITIVITIES

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

A downgrade of Takasbank's IDRs and National Rating would require
both a downgrade its VR and GSR.

Substantial deterioration in the operating environment or credit
profiles of Takasbank's main commercial bank counterparties, a
material operational loss or a materially increased risk appetite
would pressure Takasbank's VR.

A downgrade of Turkiye's sovereign rating or deterioration in the
sovereign's propensity to provide support, due to an adverse change
in Takasbank's systemic importance or reduced government ownership
through privatisation, would be reflected in its GSR.

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

Positive action on Turkiye's sovereign rating would be mirrored in
Takasbank's IDRs.

A further improvement in Fitch's assessment of the operating
environment in Turkiye, along with a continued improvement in
Takasbank's key counterparty credit risks and improving
financial-profile metrics, could lead to an upgrade of Takasbank's
VR, although Fitch does not expect this to happen in the short term
given the Stable Outlook.

ADJUSTMENTS

The 'bb-' sector risk operating environment score is below the
'bbb' implied score due to the following adjustment reasons:
macroeconomic stability (negative), sovereign rating (negative).

The 'bb-' business profile score is above the 'b' implied score due
to the following adjustment reason: market position (positive).

The 'bb-' earnings and profitability score is below the 'bbb'
implied score due to the following adjustment reason: adjusted
profitability (negative).

The 'bb-' capitalisation and leverage score is below the 'bbb'
implied score due to the following adjustment reason: risk profile
and business model (negative).

The 'bb-' funding, liquidity and coverage score is below the 'bbb'
implied score due to the following adjustment reason: business
model/funding market convention (negative).

Public Ratings with Credit Linkage to other ratings

Takasbank's GSR is driven by Turkiye's sovereign IDRs.

RATING ACTIONS

Entity/Debt                        Rating              Prior  

Istanbul Takas ve
Saklama 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         AAA(tur) Affirmed  AAA(tur)

                      Viability       bb-      Upgrade   b+

                      Govt. Support   bb-      Affirmed  bb-

                      LT IDR (xgs)    WD       Withdrawn B+(xgs)

                      ST IDR (xgs)    WD       Withdrawn B(xgs)

                      LC LT IDR (xgs) WD       Withdrawn B+(xgs)

                      LC ST IDR (xgs) WD       Withdrawn B(xgs)




=============
U K R A I N E
=============

UKRAINIAN RAILWAYS: Fitch Cuts IDRs to C on Missed Coupon Payment
-----------------------------------------------------------------
Fitch Ratings has downgraded JSC Ukrainian Railways' (UR) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'C'
from 'CC' after a missed coupon payment. Fitch has also downgraded
the long-term rating to 'C' from 'CC' of the senior unsecured
USD703.2 million 8.250% loan participation notes (LPNs) due 2026,
the USD351.9 million 7.875% LPNs due 2028 and the LPNs issued by
UR's wholly owned UK-based special-purpose vehicle, Rail Capital
Markets Plc. No Outlooks are assigned as defaulted ratings do not
carry Outlooks as per Fitch's Rating Definitions.

Fitch has also downgraded UR's National Long-Term rating to
'C(ukr)' from 'CC(ukr)'. Under Fitch's Ratings Definitions a 'C'
level rating on both international and national scales reflects
that the default of an issue is imminent. As a result, a 'C' rating
on one scale is equal to a 'C' rating on the other. Fitch has also
lowered its SCP to 'c' from 'cc' as a default or default-like
process has begun in line with the guidelines under the 'Lower
Speculative Grade' section of the Public Policy Revenue-Supported
Entities Rating Criteria.

The downgrades reflect UR's missed interest payment due on 9
January 2026 on the LPNs due in 2026 and the company has entered a
grace period.

Key Rating Drivers

Missed Interest Payment: UR has not paid the interest payment
scheduled for 9 January 2026 on its LPN due 2026 and, UR entered
the contractual grace period of five business days. The start of a
grace or cure period following non-payment of a material financial
obligation is commensurate with a 'C' IDR, which indicates 'Near
Default' under Fitch's ratings definitions.

Interest Payments Suspended: UR publicly announced the suspension
of the payment of interests on the 2026 and 2028 LPNs on 9 January
2026. The company also signalled its intention to engage with
holders of the 2026 and 2028 LPNs to pursue a broader restructuring
of these instruments, in hiring financial and legal advisors.

Potential Event of Default: Failure to cure the missed interest
payment within the grace period would be an event of default and
result in a further downgrade of the IDRs to 'RD'. Alternatively,
any changes agreed with bondholders resulting in a deterioration of
terms that would constitute a distressed debt exchange under
Fitch's rating definitions would result in a downgrade to 'RD'.
Fitch will monitor the progress of the consent solicitation and
suspension of the coupons.

For issuers with a lower-speculative-grade Standalone Credit
Profile (SCP) of 'cc' or below that are facing distress, the
potential for extraordinary government support to uplift the SCP is
no longer relevant for ratings. Under Fitch's Government-Related
Entities Rating Criteria, these considerations also become
irrelevant for government-related entities facing a heightened
likelihood of near-term default and ratings are instead determined
under Fitch's Public Policy Revenue-Supported Entities Rating
Criteria. UR's Long-Term Local-Currency IDR is equal to its
Long-Term Foreign-Currency IDR, as both are aligned with the SCP
and not notched from the sovereign.

UR has close links to the Ukrainian government, which are
underscored by the latter remaining in the lower speculative grade
of 'CCC' indicating substantial credit risk as per Fitch's Ratings
Definitions. The sovereign's weakened finances may weigh on UR's
debt policy, and willingness and ability to service and repay debt,
especially its US dollar LPNs, which comprise a large portion of
UR's debt stock.

Issuer Profile

UR is the national integrated railway company with a natural
monopoly in the Ukrainian rail sector. It is the largest employer
in the country and plays a vital role in Ukraine's economy and
labour market.

RATING SENSITIVITIES

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

Failure to pay the coupon within the grace period or execution of
the proposed debt restructuring would result in a downgrade to
'RD'.

Filing for bankruptcy protection would result in a downgrade to
'D'.

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

The IDRs would be reassessed if the interest payment is made within
the grace period or upon completion of the debt restructuring
process.

RATING ACTIONS

Entity/Debt                   Rating              Prior  
-----------                   ------              -----

Rail Capital Markets Plc

   senior unsecured     LT        C       Downgrade  CC

JSC Ukrainian Railways

                        LT IDR    C       Downgrade  CC

                        ST IDR    C       Affirmed   C

                        LC LT IDR C       Downgrade  CC

                        Natl LT   C(ukr)  Downgrade  CC(ukr)


UKRAINIAN RAILWAYS: S&P Cuts ICR to 'SD' on Missed Coupon Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Ukrainian Railways JSC to 'SD' (selective default) from 'CCC-'.

On Jan. 9, 2026, Ukrainian Railways JSC announced it had suspended
the interest payments on its Eurobonds due in 2026 and 2028.

This follows material weakening in Ukrainian Railways'
debt-repayment capacity, and S&P views the missed payment as a
default under its criteria.

The rating action follows Ukrainian Railways' decision to miss two
coupon payments on its Eurobonds maturing in 2026 and 2028. The
coupon payments on these instruments were due on Jan. 9 and Jan.
15. S&P understands that the company does not intend to pay the
interest within the five-day grace period. As a result, in its view
the company has failed to meet its payment obligation and therefore
S&P considers this tantamount to default.

Ukrainian Railways' liquidity remains constrained amid severe
pressures stemming from the war between Russia and Ukraine. The
company's decision to suspend coupon payments is part of measures
to preserve liquidity, with available cash being redirected toward
maintaining operations. S&P understands that this decision reflects
continuing operational deterioration in 2025, driven by losses from
the passenger segment, the absence of cargo tariff indexation since
2022, and increased attacks on the company's infrastructure.

S&P said, "We believe Ukrainian Railways is likely to restructure
both Eurobonds within the next six months. The next substantial
payment (around $703 million bullet payment) falls due in July
2026, and we expect the company's cash position to be insufficient
to cover ongoing costs and financial obligations without any
additional funding or debt restructuring. We note a high degree of
uncertainty related to the war and its impact on Ukrainian
Railways' freight transportation volumes, and the costs related to
urgent repair of the assets.

"We will reassess our rating on the company once it addresses the
default and we have more information on its liquidity position for
the upcoming $703 million maturity."




===========================
U N I T E D   K I N G D O M
===========================

CONSUMER ENERGY: KR8 Advisory Appointed as Administrators
---------------------------------------------------------
Consumer Energy Solutions Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts Manchester, Insolvency & Companies List (ChD), Court No.
CR-2026-000019, and James Saunders and Michael Lennon of KR8
Advisory Limited were appointed as joint administrators on January
9, 2026.

Consumer Energy Solutions Limited specialized in the activities of
call centres.

Its registered office is c/o KR8 Advisory Limited, The Lexicon,
10-12 Mount Street, Manchester, M2 5NT.

Its principal trading address is Ffynnon Menter, Phoenix Way,
Swansea, West Glamorgan, Wales, SA7 9HZ.

The joint administrators can be reached at:

         James Saunders
         Michael Lennon
         KR8 Advisory Limited
         The Lexicon
         10-12 Mount Street
         Manchester, M2 5NT

For further details, contact:

         The Joint Administrators
         Email: ces@kr8.co.uk


EASY-TRIM ROOFING: Kroll Advisory Appointed as Adminstrators
------------------------------------------------------------
Easy-Trim Roofing and Construction Products Ltd was placed into
administration proceedings in the High Court of Justice, Business
and Property Courts in Leeds, Insolvency & Companies List (ChD),
Court No. CR-2026-000014, and Philip Dakin and Benjamin John Wiles
of Kroll Advisory Ltd were appointed as joint administrators on
January 9, 2026.

Easy-Trim Roofing and Construction Products Ltd specialized in the
manufacture of builders ware of plastic.

Its registered office is at Unit 12b Metcalf Drive, Altham
Industrial Estate, Accrington, Lancashire, BB5 5TU.

The joint administrators can be reached at:

         Philip Dakin
         Benjamin John Wiles
         Kroll Advisory Ltd
         The News Building, Level 6
         3 London Bridge Street
         London, SE1 9SG

For further details, contact:

         Charlie Wootton
         Email: Charlie.Wootton@Kroll.com
         Tel: 0207 089 4700


LIBERTY BAR: Interpath Advisory Appointed as Administrators
-----------------------------------------------------------
Liberty Bar and Restaurant Group 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-2026-000062, and Ryan Grant and William
James Wright of Interpath Advisory Ltd were appointed as joint
administrators on Jan. 13, 2026.

Liberty Bar and Restaurant Group Limited specialized in licensed
restaurants and traded as TGI Fridays.

Its registered office and principal trading address is c/o Cogency
Global (UK) Limited, 6 Lloyds Avenue, Unit 4cl, London, England,
EC3N 3AX.

The joint administrators can be reached at:

         Ryan Grant
         Interpath Advisory Ltd
         2nd Floor, 45 Church Street
         Birmingham B3 2RT

         William James Wright
         Interpath Advisory Ltd
         10 Fleet Place
         London EC4M 7RB

For further details, contact:

         Email: tgisadmin@interpath.com


PLXSUR LIMITED: Kroll Advisory Ltd Appointed as Administrators
--------------------------------------------------------------
PLXSUR 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-2026-000042, and
James Saunders and Mark Blackman of Kroll Advisory Ltd were
appointed as joint administrators on Jan. 12, 2026.

PLXSUR Limited specialized in activities auxiliary to financial
intermediation.

Its registered office is c/o KR8 Advisory Limited, The Lexicon,
10-12 Mount Street, Manchester, M2 5NT.

Its principal trading address is 70 Pall Mall, London, SW1Y 5ES.

The joint administrators can be reached at:

         James Saunders
         Mark Blackman
         Kroll Advisory Ltd
         The Lexicon
         10-12 Mount Street
         Manchester M2 5NT

For further details contact:

         The Joint Administrators
         Email: caseenquiries@kr8.co.uk


SIMPLICITY LIMITED: Interpath Ltd Appointed as Administrators
-------------------------------------------------------------
Simplicity Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Court No. CR-2026-000177, and Natasha Harbinson and
William James Wright of Interpath Ltd were appointed as joint
administrators on Jan. 12, 2026.

Simplicity Limited specialized in the wholesale of household goods
(other than musical instruments).

Its registered office is Interpath Ltd, 10 Fleet Place, London,
EC4M 7RB.

Its principal trading address is 1 Coronation Point, Coronation
Street, Stockport, Cheshire, SK5 7PL.

The joint administrators can be reached at:

    Natasha Harbinson
    William James Wright
    Interpath Ltd
    10 Fleet Place
    London EC4M 7RB

For further details, contact:

    Alessia Solazzo
    Tel: 0121 817 8633


SMOOTH COMMERCIAL: Aurora Recovery Appointed as Administrators
--------------------------------------------------------------
Smooth Commercial Law 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-2025-004694, and Michael Howorth of Aurora Recovery
was appointed as administrator on January 15, 2026.

Smooth Commercial Law Limited are solicitors.

Its registered office and principal trading address is at 104 Mere
Grange Leaside, St. Helens, WA9 5GG.

The administrator can be reached at:

         Michael Howorth
         Aurora Recovery
         42 Leeds and Bradford Road
         Leeds, West Yorkshire LS5 3EG

For further details, contact:

         Lewis Edmond
         Email: le@aurorarecovery.co.uk



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2026.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


                * * * End of Transmission * * *