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

                          E U R O P E

          Monday, February 9, 2026, Vol. 27, No. 28

                           Headlines



G E R M A N Y

KING HOLDCO: S&P Assigns 'B+' ICR on Acquisition by Apollo


I R E L A N D

ARINI EUROPEAN VIII: S&P Assigns B-(sf) Rating on Class F Notes


I T A L Y

OMNIA TECHNOLOGIES: S&P Affirms 'B' ICR & Alters Outlook to Neg.


L U X E M B O U R G

GARFUNKELUX HOLDCO 2: S&P Cuts ICR to SD on Missed Interest Payment


N E T H E R L A N D S

PIA GROUP: S&P Assigns 'B' LT Issuer Credit Rating, Outlook Stable


S P A I N

AEDAS HOMES: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
BBVA CONSUMER 2026-1: Fitch Gives BB-(EXP) Rating on Cl. E Notes


U N I T E D   K I N G D O M

AIR (UK) CONSULTANCY: Arafino Advisory Named as Adminitrators
B&M EUROPEAN: S&P Lowers ICR to 'BB' on Lower Earnings Forecast
INSURESTREET LIMITED: RSM UK Restructuring Named as Administrators
NIRVANA SOLUTIONS: Exigen Group Named as Administrators
PEACH PUB PROPERTIES: FTI Consulting Named as Administrators

STALBRIDGE PARK: FRP Advisory Named as Administrators

                           - - - - -


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G E R M A N Y
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KING HOLDCO: S&P Assigns 'B+' ICR on Acquisition by Apollo
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S&P Global Ratings assigned its 'B+' long-term issuer credit rating
to King Holdco Ltd. and its 'B+' issue rating to its senior secured
notes (issued by King US Bidco, its direct subsidiary), with the
recovery rating of '3' (rounded recovery estimate: 50%). S&P
withdrew the ratings on Mangrove LuxCo.

S&P said, "The stable outlook reflects our expectation that King
will continue to benefit from positive demand momentum from its end
markets. We believe that higher volumes, along with implemented
restructuring measures, will result in improved S&P Global
Ratings-adjusted EBITDA margins, above 14% in 2025 and 2026. We
expect that the company will maintain an S&P Global
Ratings-adjusted debt-to-EBITDA ratio below 5x and a funds from
operations (FFO)-cash-interest-coverage ratio of more than 3x over
the next 12 months. Meanwhile, we further expect that the group
will continue to generate positive free operating cash flow (FOCF)
in 2026."

Private equity fund Apollo Global Management has completed the
acquisition of a 68% majority stake in Kelvion (the operating
entity of King Holdco, previously Mangrove LuxCo) from Triton
Partners, which will remain as a minority stakeholder.
Following the transaction, King Holdco has implemented a new
capital structure, including the issuance of approximately EUR750
million of senior secured floating-rate notes, the proceeds of
which were used to refinance existing debt, finance part of the
acquisition, and cover transaction-related fees and expenses.

Under the finalized capital structure, S&P anticipates S&P Global
Ratings-adjusted debt to EBITDA of 3.5x-4.0x in 2025 and less than
3.5x in 2026, with the higher debt quantum offset by higher EBITDA
generation, supported by strong demand in its high-tech and
green-tech segments, especially from booming investments in data
centers.

King has completed setting up a new capital structure to finance
the change in ownership. The total debt amount is in line with the
proposed financing. Apollo Global Management owns a 68% stake in
Kelvion Group, while Triton retains a 32% minority interest through
King Holdco. The capital structure includes EUR750 million of
floating-rate senior secured notes maturing in 2032 and an equity
contribution from Apollo representing about 60% of the total
transaction value. Proceeds were used to fund the acquisition,
refinance the existing EUR525 million senior secured notes, and
cover related transaction costs. S&P said, "The super senior
revolving credit facility (PCF) has been increased to EUR120
million from EUR65 million and matures six months prior to the
notes; we expect the RCF to remain undrawn. Existing guarantee and
factoring facilities remain unchanged. As part of the ownership
change, approximately EUR80 million of preferred equity
certificates previously issued to Triton were redeemed or
converted, removing all interest-bearing shareholder financing
instruments from the capital structure. We expect Kelvion's
leverage to remain below 4x over 2025-2026. Furthermore, we
estimate the FFO cash interest coverage ratio will remain above 3x
over the next two years. Our S&P Global Ratings-adjusted debt
figure in 2025 includes the EUR750 million floating-rate notes,
EUR64 million in leases, about EUR29 million in trade receivables,
approximately EUR25 million in pension obligations, and EUR10
million-EUR15 million in litigation and other contingent
liabilities. We do not net cash and short-term investments against
debt, given the financial sponsor ownership."

S&P said, "Kelvion has demonstrated its ability to capture strong
end-market demand in its high-tech and green-tech segments, and we
anticipate this to continue over the forecast period. The company's
top line grew by 25.1% in 2023 and by a further 18.1% in 2024,
reflecting robust market momentum and strong execution across its
core segments. For the forecast period, we expect annual revenue
growth of 6.0%-7.5%, supported primarily by the company's high-tech
segment, particularly the data center end market." This segment now
accounts for about 42% of total revenue and about 50% of company
normalized EBITDA year to date September 2025, driven by continued
expansion in Europe and North America. Demand from data centers
remains elevated, underpinned by significant investment from global
hyperscalers, which are expanding their computing and AI
infrastructure. Industry research indicates that the overall data
center market continues to grow strongly (compound average growth
rate of >11.5% in data center capacity (in kW) between Q3
2025-2030, Source: 451 research), with Kelvion's key customers
among the leading investors in new capacity, supporting sustained
medium-term growth potential. Kelvion is well positioned to capture
this trend through its geographic set up, established client
relationships, and its dry-cooling-centric portfolio, which
addresses water and power scarcity challenges and benefits from a
higher compound growth trajectory than traditional water-cooling
systems. The company's long-term growth trajectory is further
supported by its green-tech end market, which is exposed to
segments with strong structural growth potential, such as heat
pumps and carbon capture solutions, which might also indirectly
benefit from the data center boom, given that data centers consume
high amounts of electricity and require additional investment in
the energy infrastructure. By contrast, growth in the company's
more conventional end markets, particularly those exposed to oil
and gas, remain broadly stable, but this is more than compensated
by the strong and sustained momentum in the high-tech segment,
resulting in continued solid overall revenue expansion.

S&P said, "Given the top-line expansion, favorable product mix, and
continued cost discipline, we anticipate further improvements in
S&P Global Ratings-adjusted EBITDA resulting in sound cash flow
generation in 2025 and 2026. We expect S&P Global Ratings-adjusted
EBITDA of about EUR250 million in 2025 and EUR270 million in 2026,
corresponding to an EBITDA margin of 14.2%-15.2% compared with
11.8% in 2024. The expected margin expansion reflects a combination
of operating leverage, ongoing cost-optimization initiatives, and
favorable pricing dynamics, particularly in the data center end
market, where strong demand has allowed Kelvion to secure pricing
improvements as customers prioritize supply reliability amid
capacity expansion. In addition, the shift toward the high-tech
segment, which carries structurally higher margins than the
conventional portfolio, further supports profitability gains. On
the other hand, this will lead to an increasing concentration of
its high-tech segment and individual customers, because we
understand that within the high-tech segment, the customer
concentration is relatively high. In terms of cash flow, we
anticipate annual capital expenditure (capex) of about EUR55
million-EUR60 million over 2025-2026, as well as working capital
outflows of about EUR45 million in 2025 and EUR25 million in 2026
to support growth and backlog execution. As a result, we forecast
positive FOCF of EUR30 million-EUR40 million in 2025 and EUR65
million-EUR75 million in 2026.

"Liquidity remains solid, with about EUR100 million in cash on
hand. We note that Kelvion does not face any short-term maturities
and will have full availability under its EUR120 million super
senior RCF. Furthermore, we do not expect any further shareholder
distributions in 2025 and 2026."

The 'B+' rating reflects Kelvion's financial policy and ownership
structure following the transaction. S&P's assessment takes into
account the company's S&P Global Ratings-adjusted leverage of
3.0x-4.0x in 2025 and 2026, supported by solid earnings and FOCF
generation. At the same time, the rating also reflects the
financial sponsor ownership, which constrains the rating, given the
limited track record of maintaining leverage at such low levels
under the new ownership structure and the flexibility to incur
additional indebtedness under the debt documentation.

S&P said, "The stable outlook reflects our expectation that Kelvion
will continue to benefit from positive demand momentum from its end
markets. We believe that higher volumes, along with implemented
restructuring measures, will result in improved S&P Global
Ratings-adjusted EBITDA margins, above 14% in 2025 and 2026. We
expect that the company will maintain an S&P Global
Ratings-adjusted debt-to-EBITDA ratio below 5x and an
FFO-cash-interest-coverage ratio greater than 3x over the next 12
months. Meanwhile, we further expect that the group will continue
to generate positive FOCF in 2025."

S&P could lower the rating if Kelvion underperformed its base case,
translating into:

-- Debt to EBITDA at around 5x;

-- FFO cash interest coverage falling below 3x; and

-- Negative or only slightly positive FOCF generation.

This could materialize if the order flow dries up, leading to lower
volumes and pressure on EBITDA margins. Albeit not expected in the
next 18 months, S&P could lower the rating if the group's liquidity
cushion substantially deteriorated.

Currently S&P sees only limited ratings upside, reflecting the
financial sponsor ownership. Over the long term, it would consider
a positive rating action if the company establishes a track record
of low leverage, supported by a conservative financial policy and
sound operating performance including the reduction of the
volatility in margins and FOCF generation.




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I R E L A N D
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ARINI EUROPEAN VIII: S&P Assigns B-(sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Arini European
CLO VIII DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 4.50 years
after closing. Under the transaction documents, the rated notes
will pay quarterly interest unless there is a frequency switch
event. Following this, the notes will switch to semiannual
payment.

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,581.57
  Default rate dispersion                                 653.76
  Weighted-average life (years)                             5.06
  Obligor diversity measure                               184.67
  Industry diversity measure                               25.22
  Regional diversity measure                                1.33

  Transaction key metrics

  Total par amount (mil. EUR)                                500
  Defaulted assets (mil. EUR)                                  0
  Number of performing obligors                              203
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           0.60
  Target 'AAA' weighted-average recovery (%)               36.72
  Target weighted-average spread net of floors (%)          3.58
  Target weighted-average coupon (%)                        3.19

S&P said, "In our cash flow analysis, we modeled the EUR500 million
target par amount, the covenanted weighted-average spread of 3.45%,
the covenanted weighted-average coupon of 3.00%, and the target
weighted-average recovery rate at all rating levels (36.72% at the
'AAA' level). We applied various cash flow stress scenarios, using
four different default patterns, in conjunction with different
interest rate stress scenarios for each liability rating category.

"Following the application of our structured finance sovereign risk
criteria, we expect the transaction's exposure to country risk to
be sufficiently limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria (see "Counterparty Risk
Methodology," July 25, 2025).

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our ratings are
commensurate with the available credit enhancement for the class A
to F notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to E notes is commensurate with
higher ratings than those we have assigned. However, as the CLO
will have a reinvestment period, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on these notes.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses
commensurate with a lower rating. However, we have applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes."

The ratings uplift for the class F notes reflects several key
factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.30% (for a portfolio with a weighted-average
life of 5.05 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 5.05 years, which would result
in a target default rate of 16.16%.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.

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

Environmental, social, and governance

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

Arini European CLO VIII is a European cash flow CLO securitization
of a revolving pool, comprising euro-denominated senior secured
loans and bonds issued mainly by speculative-grade borrowers. Arini
Capital Management US LLC is the collateral manager.




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I T A L Y
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OMNIA TECHNOLOGIES: S&P Affirms 'B' ICR & Alters Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Italy-based beverage
bottling and processing machine manufacturer Omnia Technologies SpA
to negative from stable and affirmed its 'B' long-term issuer
credit and issue rating on the company and its senior secured
notes. The recovery rating on the notes is '4'.

The negative outlook indicates reduced headroom under the rating
and the possibility of a downgrade within the next 12 months in
case of slower-than-expected deleveraging or prolonged weak free
cash flow.

Despite profitability gains and revenue expansion, Omnia
Technologies SpA's deleveraging is now projected to be delayed by a
year versus our previous expectations, because we now forecast
leverage will remain above 7.0x at year-end 2025 before converging
toward 6.0x only in 2026. This revision reflects downward
adjustments to our revenue projections and higher-than-expected
one-off costs.

S&P said, "We also estimate free operating cash flow (FOCF) was
negative by almost EUR30 million in 2025 largely due to high
reported capital expenditure (capex) of about EUR60 million,
resulting in an estimated capex-to-revenue ratio higher than 8% for
fiscal 2025.

"At the same time, we expect expansionary capex to moderate in
2026, considering that the company recorded a one-off investment in
its new Italy headquarters in 2025, now completed, and, coupled
with management's initiatives to optimize working capital, this
should support Omnia's FOCF turning positive from 2026.
Furthermore, we anticipate that volume expansion and reduced
one-off costs associated with synergy development will facilitate
further deleveraging toward 6.0x.

"In our estimation, Omnia's debt-to-EBITDA ratio and free cash flow
remained weak for the rating in 2025. We estimate the company's
debt to EBITDA remained above 7.0x in 2025 (versus 10.3x in 2024)
and forecast it will converge toward 6.0x in 2026, one year later
than our previous forecasts. The slower deleveraging primarily
reflects downward revisions to our 2025-2026 revenue and EBITDA
forecasts, which continue to indicate volume growth and improving
profitability, albeit more slowly than assumed. We also expect
Omnia's FOCF to have remained negative in 2025 by almost EUR30
million, versus negative EUR86 million in 2024. This is largely
driven by elevated capex requirements, which we expect to ease over
2026. We view 2026 as a pivotal year in our base-case scenario,
with the majority of synergies expected in the year supporting
profitability improvement and further deleveraging, while working
capital optimization and lower growth-related capex should allow
FOCF to turn positive, also underpinned by stronger earnings.

"We expect Omnia's revenue in 2026 to be supported by a solid
backlog, although we have slightly lowered our forecast. We now
forecast 2025 revenue will be about EUR760 million, including the
pro forma contribution from acquisitions completed during the year.
This is about 4% lower than previously expected, reflecting a
slight push-out of orders into 2026 and a reduced contribution from
mergers and acquisitions (M&A), as the company completed four
acquisitions with an expected revenue contribution of about EUR20
million, compared to six and about EUR40 million, respectively, in
our previous forecasts. In 2026-2027, we project revenue will grow
by 3%-4% per year. Growth should benefit from the backlog
visibility and increased penetration in the Life Science and other
segments (like personal care and home care), which we expect will
offset more disciplined capex spending across beverage players amid
subdued end-consumer demand, particularly in wine. On this basis,
we expect revenue to reach EUR785 million-EUR790 million in 2026
and more than EUR800 million in 2027. Our forecast does not
incorporate additional contribution from potential acquisitions,
although we understand the company might have appetite to pursue
further bolt-on transactions as part of its consolidation,
diversification, and expansion strategy."

Omnia's profitability should continue to improve, supported by
higher volumes and the progressive realization of synergies,
although additional one-off costs represents a potential risk to
our base-case scenario. Since the mid-2024 closing of the
acquisition of ACMI and SACMI (now ACMI Beverage and Labelling
Group), Omnia incurred significant nonrecurring costs, primarily
related to M&A transaction costs, integration activities,
nonrecurring consultancy fees, and one-off costs associated with
synergy development. One-off items peaked at approximately EUR35
million in 2024, and have since gradually declined on a rolling
12-month basis throughout 2025. However, they have remained higher
than what S&P had initially expected. Despite the still-elevated
nonrecurring items, profitability improvements have become visible,
with pro forma company-estimated EBITDA margins increasing to 12.6%
for the 12 months ended Sept. 30, 2025, compared with 11.2% in
fiscal 2024. S&P said, "We expect the improvement to continue in
2026, on a further reduction in nonrecurring costs (to EUR5
million-EUR10 million per year from about EUR20 million estimated
for 2025 and about EUR35 million in 2024), ongoing execution on
identified unrealized synergies, and operating leverage from rising
volumes. As a result, we forecast S&P Global Ratings-adjusted
EBITDA to increase to EUR105 million in 2026 from estimated EUR86.7
million in 2025, corresponding to an adjusted EBITDA margin of
13.3%, compared with 11.4% in 2025 and 8.5% in 2024."

S&P said, "We estimate Omnia's FOCF for 2025 to be negative by
almost EUR30 million, amid higher-than-anticipated capex needs, but
expect the company to deliver improving results in 2026 thanks to
decreasing growth capex and working capital optimization. Omnia
reported negative cash flow from operations and investments of
approximately EUR77 million in the first nine months of 2025,
including EUR28 million of interest paid and excluding EUR33
million of payments in connection with business combinations. This
was mainly driven by a EUR75 million negative change in working
capital, reflecting both seasonal and structural factors, due to
the impact of larger, longer, and more complex projects on
receivable collection periods; and by EUR39 million of capex,
partly linked to one-off investments. However, we forecast a
significant release of working capital of about EUR55 million in
fourth-quarter 2025, driven mostly by the completion and billing of
large projects, along with the normalization of supplier payables.
For 2026-2027, we expect working capital needs remaining near EUR20
million per year, supported by inventory management programs, and
production lead time optimization. One-off large project
downpayments could also provide relief, although these are
nonrecurring.

"We expect capex requirements to have peaked in 2025, with reported
capex estimated at about EUR60 million for the full year, or 8.1%
of reported revenue. This includes one-off investments, namely the
construction of a new headquarter, the acquisition of ACMI Beverage
& Labelling's building, and selective manufacturing footprint
optimization. We expect growth-related capex to decrease in
2026-2027, limited mainly to those related to footprint
optimization, as the company consolidates smaller plants into
larger manufacturing hubs, such that the reported capex-to-revenue
ratio should gradually decline to 4.4% in 2026 and 3.7% in 2027.
Overall, we expect stronger earnings and lower capex requirements
will enable the company to generate positive FOCF of EUR10
million-EUR15 million in 2026, rising above EUR25 million from
2027.

"Our rating on Omnia is constrained by the group's private equity
ownership. Although we forecast that adjusted debt to EBITDA will
improve further toward 6.0x in 2026, we also consider that the
group is owned by a financial sponsor. As such, we cannot rule out
potential incremental debt, given the company's demonstrated
appetite for further consolidation through mergers and acquisitions
(the company has completed more than 25 acquisitions since the
beginning of 2021). We expect Omnia may pursue additional bolt-on
acquisitions, and that in 2026 we estimate it could spend EUR15
million-EUR20 million on M&A, in addition to the repayment of
earn-outs and deferred consideration. A more
aggressive-than-anticipated financial policy, reflected in a
further increase in debt or in a higher tolerance for leverage,
would put downward pressure on our rating.

"The negative outlook indicates reduced headroom under the rating
and the possibility of a downgrade within the next 12 months in
case of slower-than-expected deleveraging or prolonged weak free
cash flow.

"We could lower our ratings on Omnia if the company continues to
underperform our expectations, with debt to EBITDA not approaching
6.0x, still-negative free operating cash flow, or deteriorated
liquidity position." This could stem from:

-- Demand being weaker than expected;

-- Larger than expected one-off cost or slower than expected
synergies realization affecting EBITDA growth;

-- Elevated capex and working capital needs; or

-- An unexpected and material increase in debt to fund
acquisitions or pay dividends.

S&P could revise the outlook to stable if debt to EBITDA converges
toward 6.0x and remains below that level thereafter, accompanied by
FOCF turning positive and a funds from operations (FFO) interest
coverage ratio comfortably above 2.0x.




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L U X E M B O U R G
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GARFUNKELUX HOLDCO 2: S&P Cuts ICR to SD on Missed Interest Payment
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
debt collector Garfunkelux Holdco 2 S.A. (Lowell) to 'SD' from
'CCC+' and the issue rating on its EUR467 million senior secured
floating-rate note to 'D' from 'CCC+'.

S&P said, "We also lowered the issue rating on its EUR968 million
fixed-rate senior secured note to 'CC' from 'CCC+'. We view default
on this note to be a virtual certainty, based on the agreed
interest payment extension and deferral, and within the context of
a wider restructuring plan."

Lowell has missed the coupon payment on its outstanding
floating-rate note due 2029.

This is part of a wider effort to preserve its liquidity as it
negotiates a broader restructuring, expected in March 2026.

S&P said, "The downgrades reflect that Lowell missed a coupon
payment on its EUR467 million senior secured floating-rate note. We
believe this constitutes a default on the note, and a selective
default of the issuer, in line with our ratings definitions. Lowell
announced yesterday that most beneficial noteholders had agreed to
miss and defer coupon payments on its floating-senior secured
notes. This is to preserve liquidity as the group and its creditors
consider a wider restructuring plan. Lowell has launched a consent
solicitation asking for the same interest payment deferral to apply
to the rest of its senior notes.

"We expect Lowell to miss the upcoming coupon payment on its EUR968
million senior secured fixed-rate note. Although this payment is
not until May, we view default on these notes to be a virtual
certainty. Under the terms of Lowell's consent solicitation, we
assess that interest nonpayment on the fixed-rate note in May is
highly probable. In addition, in the context of broader
restructuring, we expect a restructuring of these instruments that
is tantamount to default. Consequently, we lowered the rating on
these instruments to 'CC'.

"We understand that Lowell continues to pay all interest on its
revolving credit facility and term loan facility. Although the debt
restructuring in July 2025 enabled Lowell to reduce and extend its
debt maturity profile by roughly three years, the company and
creditors are in discussions to finalize a further restructuring by
March 2026."




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PIA GROUP: S&P Assigns 'B' LT Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit ratings
to PIA Group International N.V. and PIA Group Internationaal Beheer
B.V. At the same time, S&P assigned its 'B' issue-level rating and
'3' recovery rating to the proposed EUR502 million TLB and the
EUR50 million delayed-draw term loan. The '3' recovery rating
indicates its expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) for lenders in the event of a payment default.

S&P said, "The stable outlook reflects our expectation that PIA
Group International will continue to deliver sound organic and
inorganic revenue growth that will boost EBITDA in the next 12
months thanks to the recurring nature of accounting services and
the group's leading positions in its markets. This will support
FOCF of at least EUR25 million (excluding transaction costs in
2026), funds from operations (FFO) cash interest coverage above
2.0x, and leverage declining below 6.0x in the next 12 months."

PIA Group, a Belgium-based accounting, audit and advisory services
provider, is refinancing its existing debt with a new seven-year
EUR502 million senior secured term loan B (TLB) to be issued by
core subsidiary PIA Group Internationaal Beheer B.V. The debt
package will also include a EUR50 million delayed-draw term loan
for acquisitions and a EUR100 million revolving credit facility
(RCF) that will be undrawn at closing.

S&P said, "Post-transaction, we expect S&P Global Ratings-adjusted
debt to EBITDA to be about 6.2x at the end of 2026 decreasing to
about 5.8x in 2027, with the company maintaining positive free
operating cash flow (FOCF) thanks to organic revenue growth of
about 3% per year and about EUR35 million of estimated annualized
revenue from acquisitions.

"Our 'B' rating captures the refinancing of PIA Group's debt, with
continued support from financial sponsor Baltisse. PIA Group
intends to raise a new EUR502 million senior secured TLB to
refinance its existing debt amounting to about EUR400 million,
repay a EUR10 million shareholder loan, pre-fund acquisitions in
Germany, and pay for transaction costs. The debt package will also
include a EUR50 million delayed draw term loan and a EUR100 million
RCF.

"Our assessment reflects PIA Group's small scale, narrow business
focus, and operations in highly fragmented markets with low
barriers to entry. PIA Group provides accounting, audit, tax and
advisory services to small and midsize companies (SMEs) in Belgium,
Luxembourg, and the Netherlands. Our rating is constrained by the
company's limited scale and low geographic diversity, as it
generates most of its revenue from countries with highly correlated
economies: Belgium and Luxembourg (56% of revenue) and the
Netherlands (44% of revenue). Although PIA Group has built leading
positions (No. 1 position in Belgium and No. 3 in the Netherlands),
acting as a national consolidator and leveraging its strong
customer relationships, there are no tangible barriers to entry and
the group has only 4% of market share in Belgium and 2% in the
Netherlands. In our view, the group's limited scale does not create
a significant deterrent against local competition and potential new
entrants. Nevertheless, despite the fragmented nature of the
market, strong offer demand imbalance coming from talent scarcity
supports PIA Group's pricing power. We estimate S&P Global
Ratings-adjusted revenue at about EUR350 million in 2025. PIA Group
is among the smallest companies we rate in business and consumer
services, and its revenue base is concentrated on core accountancy
services (accounting, audit and tax), representing 89% of revenue.
PIA Group has limited diversification toward adjacent services
(human resources, legal, corporate finance, M&A, digital) that
offer higher margins, but aims to increase its revenue from these
adjacent services in the coming years. That said, PIA Group
benefits from low client concentration with a broad base of small
clients active in diversified verticals, which limits downside risk
despite the group's small size."

The accounting market offers favorable growth prospects, driven by
regulatory tailwinds, outsourcing trends, and a growing SME
customer base. The company's addressable core accounting services
market, including Germany and France where PIA Group intends to
expand, is estimated at EUR95.5 billion. When including adjacent
services, market size reaches EUR230 billion. The nondiscretionary
nature of the business, combined with increased compliance
requirements, support market growth, driven by outsourcing trends,
given the scarcity of in-house expertise to complete increasingly
complex accounting tasks. Furthermore, PIA Group's is well
positioned to benefit from this growth, given its focus on the
growing SME segment, which has historically displayed growth rates
in line with GDP."

In S&P's view, PIA Group benefits from predictable revenue because
of its highly recurring business and long-term customer
relationships. Although most of the contracts are short term
(one-year term), 80% of the group's revenue stems from contracts
with a tacit renewal mechanism, leading to predictable revenue.
These contracts reduce the risk of client churn, as demonstrated by
the group's customer retention rate above 96%. The nondiscretionary
nature of accounting services, the subscription-like revenue model,
and the strong relationships PIA Group has built with its customers
over time also contribute to revenue stability. The group's local
service delivery, service quality, and tech-enabled platform also
support stable revenues.

PIA Group's has a track record of mergers and acquisitions (M&A)
and intends to expand to address a broader market. PIA Group has
integrated more than 65 acquisitions since its acquisition by
Baltisse in 2019, thanks to a disciplined M&A strategy, maintaining
local brands and presence while bringing tailored support and
focusing on pricing optimization. Integrations have been
successful, with high partner retention and improved margins for
targets. PIA Group aims to become a pan-European SME advisory
champion, its entry into Germany and France is already in-progress
with two dedicated teams for M&A. PIA Group aims to become a
one-stop-shop and expand into adjacent services to gain market
shares in the addressable market encompassing core and adjacent
services in Western Europe.

S&P views PIA Group's profitability as solid and stable and it
forecasts it will maintain S&P Global Ratings-adjusted EBITDA
margins above 20.5% over 2026-2027, which is higher than peers.
Despite strong M&A and organic growth, PIA Group was able to
maintain stable and solid margins over the past three years. PIA
Group is able to increase billing rates every year and contracts
include indexation clauses enabling it to pass through wage
inflation. It also demonstrated its ability to apply value-based
pricing, in particular with long-standing customers, instead of
pricing based on time and materials. It relies on service quality
and a loyal customer base to support price increases. However, the
large fixed-cost base consisting of employees and partners'
remuneration is largely inflexible, which could materially
deteriorate EBITDA in case of significant revenue decline.

PIA Group has invested in artificial intelligence (AI) initiatives
to target further earnings enhancements but AI adoption also
presents some risks. With AI solutions, PIA Group intends to
achieve productivity improvements and capture market share by
addressing the needs of digital native entrepreneurs through Pia
Go, a subscription-based platform for accounting. S&P said,
"Although we acknowledge AI can lead to productivity gains, we also
consider AI adoption creates a risk for revenue growth: either by
the insourcing of basic tasks by customers with self-service
software or by cost savings which should be shared with customers.
Therefore, we do not project any material improvement in EBITDA
margins over our forecast horizon through 2027."

S&P said, "PIA Group's financial sponsor ownership and leverage
tolerance constrain the rating. We forecast PIA Group's adjusted
debt to EBITDA at 6.2x at year-end 2026, decreasing to about 5.8x
by the end of 2027, driven by organic growth and contribution from
acquisitions. That said, moderate capital expenditure requirements
of 1.5%-2.0% of revenue and limited working capital requirements
support FOCF of about EUR15 million in 2026 (after transaction
costs) and EUR38 million in 2027. In addition, we project that FFO
cash interest coverage will be at least 2.0x over the period. Our
financial risk profile assessment also considers the group's
private equity ownership and its tolerance for high leverage, in
the context of its acquisitive growth strategy. Although PIA Group
has a track record of prudent and successful M&A, the pace of
acquisitions has accelerated in recent years. Therefore, our
assessment of the company's financial risk profile as highly
leveraged reflects the company's appetite for external growth, the
potential for M&A opportunities in a fragmented market, and the
financial sponsors' leverage tolerance reflected in estimated
closing leverage above 5.0x.

"The stable outlook reflects our view that PIA Group will continue
to deliver good organic revenue and EBITDA growth in the next 12
months, supported by favorable trends in addressable markets,
driven by regulatory tailwinds, outsourcing trends, a growing SME
customer base, and the full-year impact of 2025 acquisitions. This
will allow for S&P Global Ratings-adjusted debt to EBITDA of about
6.2x at year-end 2026, with positive FOCF and FFO cash interest
coverage above 2.0x."

S&P could consider taking a negative rating action on PIA Group
if:

-- It undertook aggressive transactions, such as a large
debt-funded acquisitions, or paid cash returns to shareholders,
resulting in substantial and sustained leveraging to 7.0x and
above;

-- FOCF deteriorated and became minimal or negative on a sustained
basis.

-- FFO cash interest coverage declined sustainably and materially
below 2.0x.

S&P could consider taking a positive rating action on PIA Group
if:

-- It outperformed our forecasts, such that adjusted debt to
EBITDA fell below 5.0x and FFO to debt increased above 12% on a
sustained basis, combined with sustained solid FOCF.

-- Shareholders committed to demonstrate and sustain a prudent
financial policy that supported maintenance of these credit
metrics.




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

AEDAS HOMES: S&P Withdraws 'B+' LongTerm Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings withdrew its 'B+' long-term issuer credit rating
on Aedas Homes S.A., at the issuer's request. At the time of the
withdrawal, the outlook on our issuer credit rating was positive.


BBVA CONSUMER 2026-1: Fitch Gives BB-(EXP) Rating on Cl. E Notes
----------------------------------------------------------------
Fitch Ratings has assigned BBVA Consumer 2026-1 FT expected
ratings.

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

   Entity/Debt                Rating           
   -----------                ------           
BBVA Consumer 2026-1 FT

   Class A ES0306017007    LT AA-(EXP)sf  Expected Rating
   Class B ES0306017015    LT A(EXP)sf    Expected Rating
   Class C ES0306017023    LT BBB(EXP)sf  Expected Rating
   Class D ES0306017031    LT BB+(EXP)sf  Expected Rating
   Class E ES0306017049    LT BB-(EXP)sf  Expected Rating
   Class F ES0306017056    LT NR(EXP)sf   Expected Rating
   Class Z ES0306017064    LT A(EXP)sf    Expected Rating

Transaction Summary

BBVA Consumer 2026-1 FT is a static securitisation of a portfolio
of fully amortising general-purpose consumer loans originated in
Spain by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA; A-/Stable/F1)
for Spanish residents. The portfolio includes pre-approved loans
(about 80% of the portfolio balance) and on-demand loans, the
former being underwritten to existing BBVA customers mainly based
on borrower credit profile and transaction records with the
lender.

KEY RATING DRIVERS

Asset Assumptions for Static Pool: Fitch has used base-case
lifetime default and recovery rates of 5.5% and 30% for the total
portfolio, respectively, reflecting the historical data provided by
BBVA, Spain's macroeconomic outlook, plus the originator's
underwriting and servicing strategies. The transaction has no
revolving period and, therefore, has no risk of portfolio migration
to weaker features, nor a loosening of underwriting standards.

Pro Rata Note Amortisation: The class A to F notes will be repaid
pro rata from the first payment date unless a sequential
amortisation event occurs, mainly defined in relation to
performance metrics on the portfolio. Fitch views the switch to
sequential amortisation as unlikely during the first few years
after closing, given the portfolio's performance expectations
compared with defined triggers. Moreover, the tail risk posed by
the pro rata paydown is reduced by the mandatory switch to
sequential amortisation when the portfolio balance falls below 10%
of its initial balance.

Counterparty Arrangements Cap Ratings: The maximum achievable
rating on the transaction is 'AA+sf', in line with Fitch's
Structured Finance and Covered Bonds Counterparty Rating Criteria.
This is due to the minimum eligibility rating thresholds defined
for the transaction account bank (TAB) of 'A-' and for the hedge
provider of 'A-' or 'F1', which are insufficient to support 'AAAsf'
ratings.

Excess Spread-Dependent Note: The class Z notes' 'A(EXP)sf' rating
is five notches higher than the 'BB+sf' cap defined by Fitch's
Global Structured Finance Criteria, even though they are only
protected by excess spread (see criteria variation section).

RATING SENSITIVITIES

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

- Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/D/E/Z)

Increase default rates by 10%:
'A+(EXP)sf'/'A-(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B+(EXP)sf'/'A(EXP)sf'

Increase default rates by 25%:
'A(EXP)sf'/'BBB(EXP)sf'/'BB+(EXP)sf'/'BB-(EXP)sf'/'B-(EXP)sf'/'A(EXP)sf'

Increase default rates by 50%:
'BBB+(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B-(EXP)sf'/'NR(EXP)sf'/'A(EXP)sf'

Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/D/E/Z)

Reduce recovery rates by 10%:
'A+(EXP)sf'/'BBB+(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B+(EXP)sf'/'A(EXP)sf'

Reduce recovery rates by 25%:
'A+(EXP)sf'/'BBB+(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B(EXP)sf'/'A(EXP)sf'

Reduce recovery rates by 50%:
'A(EXP)sf'/'BBB(EXP)sf'/'BB+(EXP)sf'/'BB-(EXP)sf'/'CCC(EXP)sf'/'A(EXP)sf'

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

Increase default rates by 10% and reduce recovery rates by 10%:
'A+(EXP)sf'/'BBB+(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B(EXP)sf'/'A(EXP)sf'

Increase default rates by 25% and reduce recovery rates by 25%:
'A-(EXP)sf'/'BBB-(EXP)sf'/'BB(EXP)sf'/'B(EXP)sf'/'NR(EXP)sf'/'A(EXP)sf'

Increase default rates by 50% and reduce recovery rates by 50%:
'BBB(EXP)sf'/'BB(EXP)sf'/'B-(EXP)sf'/'NR(EXP)sf'/'NR(EXP)sf'/'A(EXP)sf'

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

- For the senior notes, modified TAB and derivative provider
minimum eligibility rating thresholds compatible with 'AAAsf'
ratings in accordance with Fitch's Structured Finance and Covered
Bonds Counterparty Rating Criteria

- Increasing credit enhancement ratios as the transaction
deleverages to fully compensate for the credit losses and cash flow
stresses commensurate with higher ratings

CRITERIA VARIATION

The class Z notes are only protected by excess spread and their
'A(EXP)sf' rating is five notches higher than the 'BB+sf' cap
defined by Fitch's Global Structured Finance Criteria. This
criteria variation is justified as Fitch expects the class Z note
to be fully repaid by the transaction's excess spread during the
first two quarterly interest payment dates driven by the small
class Z balance, its turbo amortisation and ample excess spread.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

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




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

AIR (UK) CONSULTANCY: Arafino Advisory Named as Adminitrators
-------------------------------------------------------------
Air (UK) Consultancy Services Ltd was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies, Court Number
CR-2026-000603, and James Varney and Simon Bonney of Arafino
Advisory Limited were appointed as joint administrators on Jan. 27,
2026.

The Company's registered office is c/o Arafino Advisory Limited, 25
Southampton Buildings, London, WC2A 1AL.

Its principal trading address is 2 Chiltern Bank, Peppard Common,
Henley-on-Thames, Oxfordshire, RG9 5HU.

The joint administrators can be reached at:

    James Varney (IP No. 27950)
    Simon Bonney (IP No. 9379)
    Arafino Advisory Limited
    Central Court
    25 Southampton Buildings
    London, WC2A 1AL

For further information contact Archie Edmonds at the offices of
Arafino Advisory Limited or archie.edmonds@arafino.com


B&M EUROPEAN: S&P Lowers ICR to 'BB' on Lower Earnings Forecast
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
B&M European Value Retail S.A. (B&M) and the issue ratings on its
senior secured debt to 'BB' from 'BB+'.

S&P said, "The stable outlook reflects our view that B&M, after
softness in like-for-like trading and profitability in fiscal
2026-2027, will structurally recover earnings momentum in fiscal
2028 thanks to its turnaround plans, continually opening new
stores, and improving working capital management. We note that the
earnings recovery is still reined in by some execution risk, tight
consumer spending, and fierce competition in the U.K., resulting in
our forecast of FFO to debt reaching above 25% only by fiscal
2028."

On Jan. 22, 2026, B&M shared its trading results for the third
quarter of fiscal 2026 (year ending March 31) and noted the
completion of the third-party review of its IT systems and balance
sheet controls, revealing no further accounting discrepancies other
than the overseas freight costs systems issue announced on Oct. 20,
2025.

The group also lowered its guidance range for the company-adjusted
EBITDA for fiscal 2026 by the average of GBP37.5 million, while
noting a good seasonal range sell-through in the quarter and a
change to positive like-for-like sales growth in the U.K. in
December 2025 and early January 2026 from the negative dynamics of
recent quarters, and releasing no updates to its financial policy.

S&P expects the group's earnings and credit metrics to commensurate
with a BB rating, as the new management executes turnaround
strategy to bring back sustainable like-for-like growth, amid
competitive operating environment and cost inflation in the U.K. At
its third quarter trading update, the group reported GBP4.5 billion
revenue in the first nine months of fiscal 2026 (period ending Dec.
27, 2025), with like-for-like sales declining by 0.2% in B&M U.K.
Notably, the consecutive softness in like-for-like volume and value
growth in fast-moving consumer goods (FMCG; which makes up about
half of group sales) was not fully compensated with the growth in
general merchandise ranges. The group further revised its
profitability guidance for the management-adjusted (pre-IFRS 16)
EBITDA to GBP440 million-GBP475 million for fiscal 2026, from the
GBP470 million-GBP520 million announced at the release of interim
results, mostly driven by the new management's plan to deepen
clearance activities to support the reduction of SKU count. Under
the new CEO, Tjeerd Jegen, who officially joined in June 2025, the
group's "Back To B&M Basics" initiatives include:

-- New price benchmarking approach and investments, especially
among B&M's FMCG key value items, to maintain attractive price gap
with the big grocers;

-- More customer-tailored promotional strategy at store level;

-- Reduction in SKU count to sharpen operational efficiency and
support margins; and

-- Better stock availability control and replenishment processes.

S&P said, "We revised down our full-year revenue forecast to about
GBP5.7 billion in fiscal 2026 and GBP5.9 billion in 2027, driven by
new store openings while like-for-like growth will remain
suppressed as the group rolls out its turnaround strategy across
its products and stores amid fierce competition from major grocers.
We think that the initiatives to tighten its pricing and promotion
strategy and in-store inventory control will be beneficial to the
like-for-like volume growth, which will likely return to
structurally positive in fiscal 2028. We assume that the group will
be more cautious in new store openings and overall profitability
control across its estate through strategic closures and
relocations, after the new leadership confirmed the annual opening
of 40-45 gross new stores and the long-term goal of reaching 1,200
stores in the U.K. The group's return to a more cost-focused
approach with SKU rationalization and ongoing labor productivity
improvement would offset some of the operating cost inflation and
extended producer responsibility fees. Therefore, we revised down
our adjusted EBITDA to about GBP715 million for fiscal 2026 and
GBP757 million for fiscal 2027, about 10%-15% lower than our
previous forecast published in March 2025. This will result in an
adjusted net debt to EBTIDA of about 3.0x in fiscal 2026-2027 (up
from our previous forecast of 2.5x), and FFO to debt of about
20%-25% in 2026-2027 (down from our previous forecast of about
30%). Our forecast considers that the group has no further
accounting errors or internal control issues that would prompt
further profit warnings (other than from its organic trading
performance), as concluded by the third-party audit review.

"Execution risk related to turnaround plans, amid fierce
competition and macroeconomic uncertainty, will weigh on
medium-term earnings recovery. We think that the new leadership's
"Back To B&M Basics" initiatives will be beneficial to boosting
basket value and organic revenue growth in the medium term, yet
full recovery is subject to execution risk. The trial and rollout
of SKU optimization and availability work streams across its
product categories and its store network takes time. Navigating
through supplier relationships, in the process of restructuring its
product mix and range life, also takes time. Notably, with general
merchandise, the current spring and summer assortment is already
bought, and it will take at least the second half of fiscal 2027
for the next buying cycle to roll out in stores before the full
effect becomes clear on customer perception of the group's value,
ranges, and availability. We note that the group is transitioning
to new benchmarking methodologies for its pricing strategy and new
analytical approach in leveraging customer transaction data, which
would be helpful in sharpening its value proposition. Yet overall
revenue growth will still be reined in by ongoing competition from
major grocers with their value ranges, careful pricing strategy,
and established loyalty program to retain budget-conscious
consumers. We see some risk in B&M's concentration in the U.K.,
compared with more diversified European discounters, since its
revenue growth will likely be overshadowed by prolonged
macroeconomic weakness in the U.K., softening of the labor market,
and still cautious consumer sentiment.

"We also see risk of prolonged pressure on gross margin if volume
traction does not pick up as quickly as management expectations, as
the group reprices its FMCG key value items to restore strong price
gaps with major grocers and exit less popular ranges by increasing
its discounting of old stock. Under its new Trading Director Simon
Hathaway, who joined in November 2025, the group's ability to
further expand general merchandise margins on its direct sourcing
model and manufacturing relationships in China will be key in
absorbing the price investments in FMCG and facilitating overall
earnings recovery. We now forecast S&P Global Ratings-adjusted
EBITDA margins of about 13% in fiscal 2027-2028, down from 15% in
fiscal 2025.

Operating cash flow is still robust, supporting B&M's adequate
liquidity and overall creditworthiness. S&P expects FOCF after
leases of about GBP180 million in fiscal 2026 and more than GBP200
million in fiscal 2027-2028, after annual lease payments of about
GBP260 million-GBP280 million and ordinary dividends of about
GBP120 million-GBP130 million. This speaks to the cash generative
nature of the business. B&M's adequate liquidity is supported by
about GBP170 million cash, GBP220 million undrawn availability
under the GBP250 million revolver due March 2030 (upsized from
GBP225 million and extended from March 2029 in July 2025), and our
estimate of GBP300 million-GBP350 million cash FFO. The group's
liquidity benefits from a lack of near-term maturity, the next
maturity being GBP250 million high yield notes due November 2028.

Discipline in financial policy, despite recent management changes,
underpins the current rating. In November 2025, B&M appointed Helen
Cowing as interim CFO. This followed the appointment of a new CEO
in June 2025 and the departure of the previous CFO after the
earnings guidance revision on the back of an accounting error
announced on Oct. 20, 2025. S&P said, "Following the changes of
senior leadership, we understand that the group will remain
disciplined in its financial policy by continuing to fund the
maintenance and growth of the estate with internally generated cash
flows, before distributing ordinary dividends to shareholders with
a payout ratio of 40%-50%. Following the group's updated capital
allocation principles, we assume no special dividends or share
buybacks in our forecast, such that the group's reported net
leverage, before International Financial Reporting Standard (IFRS)
16 basis, would sustainably return to its unchanged target range of
1.0x-1.5x by fiscal 2027 (equivalent to our adjusted debt to EBITDA
of 2.5x-3.0x on a post-IFRS 16 basis), supported also by a
stabilization in earnings and working capital flows. This is
compared with GBP151 million special dividends in fiscal 2025 and
GBP200 million annually in 2023-2024. With that, we expect
discretionary cash flow after leases to be positive and to grow in
fiscal 2026 and beyond."

S&P said, "The stable outlook reflects our view that B&M, after
softness in like-for-like trading and profitability in fiscal
2026-2027, will structurally recover earnings momentum by fiscal
2028 and maintain S&P Global Ratings-adjusted FFO to debt of about
20%-25% and debt to EBITDA of about 3.0x in fiscal 2026-2027. We
also forecast that the group will maintain its solid FOCF after
leases and generate more than GBP200 million annually by fiscal
2027."

S&P could downgrade B&M if it thinks the group's turnaround
strategy is unlikely to deliver a sustainable improvement in its
like-for-like growth or profitability by the end of fiscal 2027,
such that any of the following occurs:

-- FOCF after leases significantly weakens with no expectation of
structural improvement;

-- Debt to EBITDA approaching 4.0x; or

-- FFO to debt declining to less than 20%

S&P said, "We could also lower the ratings if the group fails to
adhere to its publicly stated financial policy leading to more
aggressive shareholder returns which could weaken the group's
investment capacity, financial flexibility, and credit metrics.

"We could upgrade B&M if recovery in operating performance is
meaningful and sustainable such that S&P Global Ratings-adjusted
EBITDA margin structurally returns to above 15%, adjusted debt to
EBITDA remains comfortably less than 3.0x and FFO to debt restores
to above 30% sustainably, with continuously strong cash flow
generation." A higher rating will also require a track record of
the group operating within the stated financial policy and leverage
targets and demonstrating that its decisions with regard to
shareholder payouts are consistent and commensurate with a higher
rating.


INSURESTREET LIMITED: RSM UK Restructuring Named as Administrators
------------------------------------------------------------------
Insurestreet Limited was placed into administration proceedings in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), Court Number
CR-2026-222, and Matthew Haw and Graham Bushby of RSM UK
Restructuring Advisory LLP were appointed as joint administrators
on Jan. 27, 2026.

Insurestreet Limited trades as Canopy Rent and specialized in
rental and leasing activities.

The Company's registered office and principal trading address is at
1st Floor One Suffolk Way, Sevenoaks, TN13 1YL.

The joint administrators can be reached at:

     Matthew Haw (IP No. 9627)
     Graham Bushby (IP No. 8736)
     RSM UK Restructuring Advisory LLP
     25 Farringdon Street
     London, EC4A 4AB

For further details, contact:

     Jamie Wilson
     RSM UK Restructuring Advisory LLP
     25 Farringdon Street
     London, EC4A 4AB
     Tel No: 020-3201-8000


NIRVANA SOLUTIONS: Exigen Group Named as Administrators
-------------------------------------------------------
Nirvana Solutions 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 Number CR-2026-000260, and David Kemp and Richard Hunt of
Exigen Group Limited were appointed as joint administrators on Jan.
28, 2026.

Nirvana Solutions Limited specialized in creative production house
activities.

The Company's registered office is at Warehouse W, 3 Western
Gateway, Royal Victoria Docks, London, E16 1BD.

Its principal trading address is Unit 8, 44-48 Wharf Road, London,
N1 7UX.

The joint administrators can be reached at:

    David Kemp (IP No. 24510)
    Richard Hunt (IP No. 21772)
    Exigen Group Limited
    Warehouse W
    3 Western Gateway
    Royal Victoria Docks
    London, E16 1BD

For further details contact:

    Craig Stevens
    Telephone No: 0207 538 2222


PEACH PUB PROPERTIES: FTI Consulting Named as Administrators
------------------------------------------------------------
The Peach Pub Properties Limited was placed into administration
proceedings in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency and Companies List (CHD),
Court Number CR-2026-000567, and Lindsay Kate Hallam, Oliver Stuart
Wright, and Matthew Boyd Callaghan of FTI Consulting LLP were
appointed as joint administrators on Jan. 27, 2026.

The Peach Pub Properties Limited trades as The One Elm and
specialized in activities of business and employers membership
organisations.

The Company's registered office is at 21 Old Street, Ashton Under
Lyne, Tameside, OL6 6LA.

Its principal trading address is 1 Guild Street, Stratford upon
Avon, CV37 6QZ.

The joint administrators can be reached at:

     Lindsay Kate Hallam
     Oliver Stuart Wright
     Matthew Boyd Callaghan
     FTI Consulting LLP
     200 Aldersgate, Aldersgate Street
     London, EC1A 4HD
     Tel No: +44 20 3727 1000

For further details, contact:

     The Joint Administrators
     FTI Consulting LLP
     Email: revelcollectiveadministrators@fticonsulting.com


STALBRIDGE PARK: FRP Advisory Named as Administrators
-----------------------------------------------------
Stalbridge Park Homes Limited was placed into administration
proceedings in the High Court of Justice, Court Number
CR-2026-000585, and Alexander Kinninmonth and James Prior of FRP
Advisory Trading Limited were appointed as joint administrators on
Jan. 26, 2026.

Stalbridge Park Homes Limited specialized in property development.

The Company's registered office is at 3rd Floor, 2 Charlotte Place,
Southampton, SO14 0TB.

Its principal trading address is at7 Wessex House, St. Leonards
Road, Bournemouth, BH8 8QS.

The joint administrators can be reached at:

    Alexander Kinninmonth (IP No. 9019)
    James Prior (IP No. 29250)
    FRP Advisory Trading Limited
    3rd Floor, 2 Charlotte Place
    Southampton, SO14 0TB

For further details, contact:

    Nate Taylor
    FRP Advisory Trading Limited
    Email: cp.southampton@frpadvisory.com



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