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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

          Friday, February 13, 2026, Vol. 27, No. 32

                           Headlines



B O S N I A   A N D   H E R Z E G O V I N A

REPUBLIKA SRPSKA: S&P Affirms 'B' ICR, Outlook Remains Negative


F I N L A N D

PURMO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative


G R E E C E

NATIONAL BANK OF GREECE: Moody's Rates New AT1 Notes 'Ba3 (hyb)'


I R E L A N D

ARES EUROPEAN X: Moody's Affirms B1 Rating on EUR13.5MM F Notes
ARINI EUROPEAN VIII: Fitch Rates Class F Notes 'B-sf'
AVOCA CAPITAL X: Moody's Affirms B3 Rating on EUR12MM F-R-R Notes
BLACKROCK EUROPEAN VII: Moody's Ups Rating on Cl. E Notes to 'Ba1'
BNPP AM EURO 2017: Moody's Cuts Rating on Class F Notes to B2

G.O.N CLEANING: Begbies Traynor Named as Administrator
MADISON PARK VI: Moody's Cuts Rating on EUR12.8MM F Notes to Caa1
PALMER SQUARE 2023-2: Moody's Ups EUR16.3MM E-R Notes Rating to Ba1
PENTA CLO 11: S&P Assigns B-(sf) Rating on Class F-R-R Notes
TORO EUROPEAN 2: Moody's Cuts Rating on EUR10.3MM F Notes to Caa1



I T A L Y

IMMOBILIARE GRANDE: S&P Affirms 'BB' ICR & Alters Outlook to Pos.
MARINAGRI COMPANY: Court Puts Assets Up for Sale


L A T V I A

AS INDUSTRA BANK: Moody's Assigns First Time 'Ba2' Deposit Ratings


L U X E M B O U R G

GARFUNKELUX HOLDCO 2: Moody's Cuts CFR to Caa3, Outlook Negative


R U S S I A

UZBEKNEFTEGAZ JSC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


S P A I N

JOYE MEDIA: Moody's Withdraws 'Caa1' Corporate Family Rating


S W E D E N

CUBE SAFETY: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable


U N I T E D   K I N G D O M

DUCTU PORTAL: Antony Batty & Company Named as Administrators
EVOKE PLC: Moody's Downgrades CFR to 'B3', Outlook Remains Stable
REVEL COLLECTIVE: Statement of Proposals Available Upon Request
[] Fitch Affirms Ratings on Five EMEA Consumer Products Companies
[] Fitch Affirms Ratings on Four EMEA Food Retail Companies

[] Fitch Affirms Ratings on Three EMEA Leisure Companies


X X X X X X X X

[] BOOK REVIEW: PANIC ON WALL STREET

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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REPUBLIKA SRPSKA: S&P Affirms 'B' ICR, Outlook Remains Negative
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S&P Global Ratings, on Feb. 6, 2026, affirmed its 'B' long-term
issuer credit rating on Republika Srpska (RS). The outlook remains
negative.

S&P also affirmed its 'B' senior unsecured issue rating.

Outlook

The negative outlook reflects S&P's view that there are heightened
risks associated with implementation of RS' financial plans amid
the political turbulence and lax control over financial obligations
and contingent liabilities.

Downside scenario

S&P could lower the rating if, over the next 12 months, RS' access
to funding tightens again, for instance due to geopolitical
tensions or rising contingent liabilities having repercussions for
the entity's ability to execute its financial policy. This could
make timely debt refinancing less certain and force the government
to contain budget spending, creating further risks for RS' budget
policy ahead of the upcoming general election.

Upside scenario

S&P could revise the outlook to stable over the next 12 months if
RS arranges funding as envisaged, thanks to its regained access to
international capital markets and banks. This should help avoid the
need for budget cuts to preserve a moderate liquidity position.

Rationale

The affirmation reflects S&P's view that, thanks to improved access
to domestic and international capital markets, it is now easier for
RS to mobilize sufficient resources to honor its debt obligations
coming due in 2026. Nevertheless, the political turbulence that
started in the third quarter of 2025, when then president Milorad
Dodik stepped down from his office, will likely persist until after
the general election in October 2026. Combined with recently
revealed deficiencies in debt management, these developments
continue to constrain the rating.

S&P said, "We expect that relatively sound economic growth will
contribute to the budget revenue growth and mitigate pressures from
a pre-election increase in social spending. Combined with RS'
limited investment plan, budget deficits will likely remain modest
over the next two to three years. As a result, we project RS'
relative debt burden will steadily decrease, even though contingent
liabilities, including borrowing by state-owned enterprises and
payments for off-balance-sheet obligations, may increase. More
precisely, we think RS' tax-supported debt will drop to a moderate
90% of consolidated operating revenue in 2027-2028."

Persistent political tensions inhibit RS' economic development,
constrain fiscal flexibility, and pose long-term risks to financial
sustainability

S&P said, "We assess the institutional framework, under which the
constituent entities of Bosnia and Herzegovina (BiH; B+/Stable/B)
operate, as volatile and unbalanced. We view RS' political and
financial arrangements with the central government of BiH and the
country's other relevant constituent entity, Federation of Bosnia
and Herzegovina, as very complex." Constant political tensions and
lax oversight from the state authorities test the fragile balance
of power between the different actors that is specified in the
Dayton Peace Accord and the constitution.

Although all three governments broadly agree on the need for
institutional and economic reforms, including the transition to EU
membership, implementation is frequently interrupted. RS' political
leadership regularly uses secessionist rhetoric in relation to
state-level institutions and challenges decisions made by the
Office of the High Representative, the UN-backed arbitrator in BiH
internal affairs. However, S&P continues to believe that concrete
steps toward RS' secession are unlikely. Its long-term economic
development depends heavily on the availability of international
financing, which could be jeopardized in a secession scenario.

The weaknesses of the institutional framework are partially offset
by the constitutional entities' strong ability to manage their own
fiscal policies and an established framework to fund a large
portion of external debt service. RS sets the rate and base for
about 60% of its revenue, including direct taxes and social
security contributions. Moreover, a special mechanism ensures
timely repayment of about 45% of RS' debt, mostly owed to
multilateral institutions via BiH. The central government receives
payment to serve such debt directly from its Indirect Tax Authority
(ITA), which collects value-added tax and excise taxes across the
country. ITA first allocates the proceeds to finance central
government institutions and service external debt raised via BiH.
It only then transfers the residual amount to the constituent
entities and local governments for further use in their individual
budgets.

That said, S&P continues to observe weaknesses in RS' financial
management due to ongoing political volatility, lack of effective
control of government-related entities, and inconsistent disclosure
standards. RS has a track record of loosening its fiscal policy
prior to elections, which, in our view, further constrains the
entity's financial flexibility.

RS is currently in the midst of political transformation that will
continue at least until the end of 2026, when new regional
authorities will emerge from the October general election. Last
September, longstanding RS president Milorad Dodik stepped down,
honoring decisions by the Court of BiH and the BiH Central Election
Commission to revoke his mandate. Simultaneously, the U.S. Treasury
lifted sanctions on Mr. Dodik, his allies, family members, and
related companies. Since then, Ana Trisic-Babic serves as acting
president, but will be replaced by an elected president once the
currently ongoing interim election is finalized. The legitimacy of
the government of Prime Minister Savo Minic has previously been
disputed. Following the upcoming general election in October a new
parliament and president will be elected.

The observable political volatility has coincided with an increase
in RS' contingent liabilities related to off-balance-sheet
activities, especially at state-owned enterprises, and relaxed
control over the repayment of its debt obligations:

-- In 2025, RS had to honor two large liabilities--a payment to
BiH related to the halted construction of hydropower plants by
international contractors (known as the Viaduct court case) and a
repayment to Comsar, a partner of state-owned electricity producer
Elekrtoprivreda Republike Srpske a.d., in the Ugljevik coal mine
project. While the total liabilities of about konvertibilna marka
(BAM) 400 million involved are moderate compared with RS' budget,
regular crystallization of such contingent liabilities poses risks
to performance.

-- In November-December 2025, RS missed a payment on its war
damage obligation by more than 25 days. S&P views this as an
administrative error and don't consider this delay a case of
default. The payment was minor, at about BAM1.9 million (0.03% of
RS' operating revenue), and RS made it immediately after the error
became apparent. This case, however, reveals weaknesses in RS'
treasury system.

S&P takes a positive view of the well-structured budgeting process
compared with those of regional peers, along with the cap on the
government's permissible debt burden, the annual deficit, and solid
debt management. RS' debt must not exceed 60% of its GDP and the
deficit should stay within 3% of GDP.

In general, RS' economy is relatively weak in an international
context and faces significant structural challenges. S&P said,
"While we project sound GDP growth of about 2.8% annually in
2026-2028, GDP per capita will remain below a modest $11,000 until
2027. Several substantial risks to economic development remain. A
declining population, reduced investor appetite, elevated public
spending ahead of the next election, and sluggish economic
development in the EU and neighboring countries are factors that
may inhibit local economic growth but push inflation up. We
anticipate inflation will remain above the central bank forecast at
about 2.5%-3.0% in 2026-2028. Furthermore, we project the
population will shrink by about 0.5% annually in the medium term."
A significant proportion of the working-age population has migrated
to more developed economies in Europe.

Better access to capital markets will help refinance debts coming
due and increase investments in the medium term
Access to the domestic and international debt market has improved
since the U.S. Treasury lifted its sanctions on Mr. Dodik and his
associates. S&P said, "RS has managed to increase the issuance of
domestic bonds, and we understand it is considering returning to
the international capital markets. However, RS' capacity to cover
debt repayments with existing reserves remains weak. We estimate
that available cash will cover only about 35% of its debt service
over the next 12 months. The upcoming large repayment of its EUR300
million bond, due in April 2026, represents a significant liquidity
challenge to the entity. We currently believe that RS can refinance
this with a combination of domestic bonds and bilateral loans,
without requiring a new Eurobond placement strictly before the
maturity date of the existing one. Furthermore, we assume that
payments to multilateral institutions are made promptly via the ITA
arrangement."

S&P said, "In our view, sound revenue growth will likely help to
gradually improve the budgetary performance of RS after the general
election, but it will remain structurally weak. In 2024 and 2025,
the government raised the minimum wage in the local economy to
boost personal income tax and contributions to social security
funds, which together account for nearly 40% of operating revenue.
Due to ongoing political pressure to increase social spending, we
expect RS' operating balance to turn only marginally positive in
2028 after two years of operating deficits. Political volatility
will likely inhibit implementation of budget-financed investment
projects, resulting in moderate deficits after capital accounts
over the next two to three years.

"As a consequence, we anticipate that RS' tax-supported debt, which
includes direct government debt, social security fund debt, and the
debt of several public institutions and state-owned enterprises
(including those managing highways and motorways, a large resort,
and a local airport), will fall below a moderate 100% of
consolidated operating revenue by 2027. About 60% of tax-supported
debt is external, while most of the full amount carries fixed
interest rates. Given lower-than-expected borrowing, we anticipate
interest spending will remain below 5% of operating revenue.

"In our view, RS still has moderate, but growing, contingent
liabilities. In particular, we anticipate that outstanding debt of
state-owned enterprises will increase. Elektroprivreda is embarking
on several debt-funded hydropower projects, which are guaranteed by
RS. In general, RS' power sector requires significant investment to
replace coal-fired generation with renewable energy sources. Its
railway company is being restructured and may require additional
subsidies. Furthermore, there are a few court cases, including
intergovernmental claims, which may increase RS' debt
obligations."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Rating Component Scores above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  Ratings List

  Ratings Affirmed  

  Republika Srpska  

   Issuer Credit Rating    B/Negative/--
   Senior Unsecured        B




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PURMO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
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Moody's Ratings has affirmed the long-term corporate family rating
and probability of default rating of Purmo Group Holdings Limited
(Purmo) at B2 and B2-PD, respectively. Concurrently, Moody's have
affirmed the instrument rating of Project Grand (UK) Plc's EUR430
million backed senior secured notes at B3. The outlook on both
entities has been changed to negative from stable.

RATINGS RATIONALE

"The rating action reflects Purmo's weaker than expected operating
performance driven by delayed demand recovery from new construction
activities which accounts for around 40% of the company's
end-sales" says Jay Parekh, Moody's Ratings lead analyst for
Purmo.

For the twelve months ending September 2025, Purmo reported sales
of EUR713 million, which was in line with the sales reported in
2024. Purmo's flat sales development reflects largely stable market
developments in most of the company's core markets. Whilst the
company experienced some declines from changes in government
incentives which subdued demand in Italy and tough competition and
imports from Turkey, leading to pricing pressure in Eastern Europe,
it was offset by improving development in other countries. The
company's adjusted EBITDA stood at EUR89 million for the twelve
months ending September 2025 and includes adjustments for delisting
costs and restructuring costs related to the company's value
creation plan. Moody's gives credit for the company's delisting
costs, as these are truly one-off but not for the value creation
plan, which has been ongoing since 2022. Hence, Moody's adjusted
debt/EBITDA and EBITA interest coverage stood at 8.5x and 0.7x
respectively for the twelve months ending September 2025, which is
well outside of Moody's guidance set for maintenance for the B2
rating.

Moody's expects some uptick in demand coming from new construction
markets, especially in Germany and the UK, which are key markets
for Purmo during the second half of 2026. This should result in a
low single digit revenue growth during the year although there is
still significant uncertainty on the strength and the timing of the
recovery in European construction markets (both new construction
and renovation). Moody's expects the company's value creation plan,
which focuses on overhead cost reductions, pricing and productivity
measures to be the main driver of EBITDA improvement in 2026 and to
support deleveraging towards levels around 6x-6.5x and therefore
more commensurate with expectations for the B2 rating. However, the
measures undertaken are likely to incur restructuring costs of
around EUR15-20 million. The restructuring costs coupled with a
high interest burden from the company's debt is likely to yield
near break-even free cash flow 2026.  The company aims to diversify
its product offerings away from radiators, which could result in
additional M&A.

More generally, Purmo's credit profile benefits from: (1) its
leading market position in radiators market in Europe with
long-standing customer relationships, with expansion strategy into
the heating solutions business; (2) positive underlying
fundamentals in the intermediate term, supported by regulation that
encourages boiler-to-heat pump upgrades; (3) 60% revenue exposure
to more stable renovation and diversified geographic exposure in
Europe; (4) potential for increase in profitability fueled by
strategic initiatives and (5) good liquidity which is supported by
a EUR120 million undrawn revolving credit facility (RCF).

Conversely, the rating is constrained by: (1) the company's weak
point-in-time credit metrics, with leverage at 8.5x and
EBITA/interest coverage at 0.7x for the twelve months ending
September 2025 (2) exposure to cyclical residential new
construction market (around 40% of revenue), although with gradual
recovery expected in 2026, (3) execution risks related to the
company's value creation plan; (4) lack of track record of positive
FCF in recent years, expectation that high restructuring items will
dampen FCF also in 2026; and (5) event risk of debt-funded
acquisitions and shareholder distribution.

LIQUIDITY

Purmo's liquidity is adequate. The liquidity sources include cash
balance of around EUR55 million as of September 2025, an upsized
and undrawn EUR120 million Revolving Credit Facility (RCF) due
2028, and Moody's forecasts of Moody's adjusted Funds from
Operations (FFO) of around EUR40 million in 2026.

Moody's expects these sources of liquidity to provide headroom to
cover intra-year working capital swings, and annual capital
spending of around EUR20-25 million and annual lease payment of
EUR10-12 million over the next 12 months. Moody's notes positively
that Purmo has the ability to flex its capital spending should it
be required. Purmo also has access to uncommitted overdraft and
factoring facilities. While Moody's expects the facilities to be
renewed annually, a sudden withdrawal could prompt the company to
draw on its RCF.

The RCF has one springing maintenance covenant tested only if 40%
or more of the RCF is drawn. Moody's forecasts the company will
maintain ample headroom under this covenant over the next 12-18
months.

STRUCTURAL CONSIDERATIONS

The EUR430 million backed senior secured notes issued at Project
Grand (UK) Plc, a subsidiary of Purmo Group Holdings Limited, are
rated B3, one notch below the current CFR, which reflects
structural subordination of the bonds relative to the super senior
RCF. The capital structure consists of an upsized EUR120 million
super senior RCF, EUR430 million backed senior secured notes, and
other operating liabilities including EUR81 million trade payables
(as of September 2025). In Moody's LGD waterfall model, Moody's
rank the super senior RCF at the highest level. The trade payables
are ranked pari passu with the RCF, in line with the material most
senior piece of debt in the capital structure, as per Moody's
standard approach. The senior secured notes are ranked behind the
RCF and in line with the EUR12 million lease rejection claims and
EUR15 million pensions.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Purmo's weak rating positioning and
Moody's expectations of credit metrics outside of the B2 rating
over the next 12-18 months. Moody's expects EBITDA growth through
gradual market recovery and realized cost savings in 2026,
supporting deleveraging towards 6.0-6.5x, while the company
maintains adequate liquidity by a largely break-even free cash flow
generation.

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

While unlikely at this time, upward pressure on the rating could
develop if Moody's adjusted EBITA margins increase above 12% on a
sustained basis, and debt/EBITDA reduces below 4.5x on a sustained
basis, and FCF/debt moves to the high-single digits in percentage
terms, while liquidity remains good. In addition, financial policy,
including the sponsor commitment to maintaining lower leverage, is
also an important consideration for a higher rating.

Downward pressure on the rating could develop if Moody's adjusted
debt/EBITDA remains sustainably well above 5.5x, or if Moody's
adjusted EBITA/Interest expense remains sustainably below 1.7x, or
Moody's adjusted FCF remaining negative, leading to a deterioration
in the company's liquidity. The rating would also come under
pressure if the company exhibits a more aggressive financial policy
such as embarking in large debt-funded acquisitions or shareholder
distributions.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Purmo is an indoor climate comfort solution manufacturer. The group
mainly manufactures radiator and radiant heating and cooling
products, water distributions systems, and system components and
controls under its Climate Products and Systems division.
Additionally, the group offers integrated solutions as part of its
Climate Solutions division.

Purmo reported a revenue of EUR713 million and company adjusted
EBITDA of EUR89 million for the twelve months ending September
2025. The group is owned by a consortium of Apollo (ca 80%
ownership of the group) and Finnish family-owned investment company
Rettig (ca 20%), after a successful public tender offer in 2024.




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NATIONAL BANK OF GREECE: Moody's Rates New AT1 Notes 'Ba3 (hyb)'
----------------------------------------------------------------
Moody's Ratings has assigned Ba3 (hyb) rating to National Bank of
Greece S.A.'s (NBG) proposed Euro-denominated Additional Tier 1
(AT1) perpetual capital instrument with non-viability loss
absorption features. The AT1 notes include a call option for the
issuer after five-and-a-half years and the principal will be
written down should the bank's Common Equity Tier 1 (CET1) ratio
fall below 5.125%. Any interest payments may be cancelled in full
or in part on a non-cumulative basis at the issuer's discretion or
mandatorily, in the case of insufficient "available distributable
items". Concurrently, Moody's also upgraded NBG's outstanding
subordinated (Tier 2) debt to Baa3 from Ba1, as well as its
subordinated MTN program ratings to (P)Baa3 from (P)Ba1.

In addition, Moody's affirmed the bank's Baa1 long-term deposit and
senior unsecured debt ratings, as well as its standalone Baseline
Credit Assessment (BCA) and Adjusted BCA at baa3. The bank's long-
and short-term Counterparty Risk Ratings (CRR) were also affirmed
at Baa1/P-2 and its long- and short-term Counterparty Risk
Assessments (CR Assessment) at Baa2(cr)/P-2(cr). The bank's
short-term deposit ratings were affirmed at P-2. NBG's long-term
senior unsecured MTN program ratings were affirmed at (P)Baa1, as
well as its junior senior unsecured (senior non-preferred) MTN
program ratings at (P)Baa3. The outlook for the long-term senior
unsecured debt and deposit ratings remains stable.

The AT1 rating is subject to the receipt of final documentation,
the terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's have reviewed.

RATINGS RATIONALE

BASELINE CREDIT ASSESSMENT (BCA)

The bank's BCA of baa3 takes into consideration its significantly
reduced nonperforming exposures (NPEs) to 2.5% of gross loans as of
September 2025 from 3.3% in September 2024 and its strong core
profitability. It also reflects NBG's high level of regulatory
capital, with a CET1 capital ratio of 19% as of September 2025.
However this includes a high proportion of deferred tax credits
(DTCs), which although are expected to reduce gradually over the
next few years as organic capital generation increases, they still
limit the bank's tangible loss-absorbing buffer.

Moody's assessments for NBG's standalone credit profile also
reflects its ability to book new profitable business, while
maintaining solid financial fundamentals, in particular, the bank's
efforts to enhance its fee and commission income that will
diversify its earning streams. However, NBG's domestic focus
entailing high direct and indirect exposures to the Greek
government (Baa3 stable) constrains its BCA at baa3.

LOSS GIVEN FAILURE (LGF) ANALYSIS

NBG's long-term deposit and senior unsecured debt ratings of Baa1,
are positioned two notches above its BCA indicating very low losses
in a resolution scenario. The bank has issued substantial
bail-in-able instruments and already meets its minimum requirement
for own funds and eligible liabilities (MREL) of 26.8% at the end
of 2025 (28.5% at the end of September 2025), which provide ample
loss absorbing cushion to senior creditors and depositors.

The bank's subordinated (Tier 2) debt rating upgrade to Baa3 from
Ba1 is mainly driven by the issuance of the more junior AT1
instrument, which would lead to lower credit losses for Tier 2
holders in the case of failure. The AT1 notes increase the level of
loss absorbing buffers, reducing the level of credit losses that
would have to be absorbed by more senior instruments, including the
subordinated Tier 2 creditors.

ADDITIONAL TIER 1 (AT1) NOTES

The expected EUR500 million of AT1 notes that NBG will issue, are
contractual non-viability preferred securities. In a bank
resolution they rank senior only to the most junior obligations,
including ordinary shares and common equity Tier 1 capital.

The assigned Ba3 (hyb) reflects: (1) the bank's BCA and Adjusted
BCA of baa3; (2) Moody's Advanced LGF analysis, resulting in a
position that is three notches below the bank's Adjusted BCA of
baa3; and (3) Moody's assumptions of a low probability of
government support for loss-absorbing instruments, resulting in no
rating uplift. This positioning takes into account the elevated
credit risks associated to this type of debt class, given the
relatively low cushion available for absorbing losses before the
AT1 creditors are impacted in a bank resolution scenario.

RATING OUTLOOK

The outlook for NBG's long-term deposit and senior unsecured
ratings is stable, in line with the Greek government's rating
outlook, balancing the bank's relatively strong financial
fundamentals with its high sovereign and DTC exposure.

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

The bank's BCA is currently capped by the sovereign rating and can
only be upgraded if the Government of Greece's rating (Baa3 stable)
is further upgraded. Should this occur upward pressure on the
deposit and senior unsecured debt ratings could arise.

Conversely, NBG's long-term ratings could be downgraded in the
event that there is any significant deterioration in the new NPE
levels or recurring profitability. Any material weakening in the
operating environment and funding conditions could have a negative
effect on the bank's ratings. Any reduction in the bank's loss
absorbing buffer, could also exert downward pressure on the bank's
senior unsecured debt ratings.

The principal methodology used in these ratings was Banks published
in November 2025.

NBG's Assigned BCA of baa3 is positioned three notches below its
initial Financial Profile score of a3, reflecting some credit
concentrations and the sovereign constraint.




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ARES EUROPEAN X: Moody's Affirms B1 Rating on EUR13.5MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO X DAC:

EUR25,750,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa1 (sf); previously on Jul 21, 2025
Upgraded to A1 (sf)

EUR26,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa3 (sf); previously on Jul 21, 2025
Upgraded to Ba1 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR274,500,000 (Current outstanding balance EUR41,974,062) Class A
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jul 21, 2025 Affirmed Aaa (sf)

EUR30,250,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 21, 2025 Affirmed Aaa
(sf)

EUR17,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Jul 21, 2025 Affirmed Aaa (sf)

EUR31,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Aaa (sf); previously on Jul 21, 2025
Upgraded to Aaa (sf)

EUR13,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B1 (sf); previously on Jul 21, 2025
Affirmed B1 (sf)

Ares European CLO X DAC, issued in September 2018 and refinanced in
June 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP ("AELM").
The transaction's reinvestment period ended in April 2023.

RATINGS RATIONALE

The rating upgrades on the Class D and Class E notes are primarily
a result of the deleveraging of the senior notes following
amortisation of the underlying portfolio since the last rating
action in July 2025.

The affirmations on the ratings on the Class A, Class B-1, Class
B-2, Class C and Class F notes are primarily a result of the
expected losses on the notes remaining consistent with their
current rating levels, after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralisation ratios.

The Class A notes have paid down by approximately EUR81.2 million
(29.6%) since the last rating action in July 2025 and EUR232.5
million (84.7%) since closing. As a result of the deleveraging,
over-collateralisation (OC) has increased across the capital
structure. According to the trustee report dated January 2026[1]
the Class A/B, Class C, Class D and Class E OC ratios are reported
at 182.8%, 149.8%, 130.6% and 115.6% compared to July 2025[2]
levels of 167.1%, 142.6%, 127.3% and 114.9%, respectively. Moody's
notes that the January 2026 note principal payments are not
reflected in the reported OC ratios.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR207.7 million

Defaulted Securities: None

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3152

Weighted Average Life (WAL): 2.75 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.88%

Weighted Average Coupon (WAC): 3.86%

Weighted Average Recovery Rate (WARR): 44.10%

Par haircut in OC tests and interest diversion test: None

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the debt's exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Structured Finance Counterparty Risks"
published in May 2025. Moody's concluded the ratings of the debt
are not constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


ARINI EUROPEAN VIII: Fitch Rates Class F Notes 'B-sf'
-----------------------------------------------------
Fitch Ratings has assigned Arini European CLO VIII DAC's notes
final ratings.

   Entity/Debt                            Rating           
   -----------                            ------           
Arini European CLO VIII DAC

   Class A XS3253380755              LT   AAAsf   New Rating
   Class B XS3253380912              LT   AAsf    New Rating
   Class C XS3253381134              LT   Asf     New Rating
   Class D XS3253381308              LT   BBB-sf  New Rating
   Class E XS3253381647              LT   BB-sf   New Rating
   Class F XS3253381993              LT   B-sf    New Rating
   Subordinated Notes XS3253382298   LT   NRsf    New Rating

Transaction Summary

Arini European CLO VIII DAC is a European cash flow CLO backed
predominantly (at least 90%) by senior secured obligations, with a
component of senior unsecured obligations, second-lien loans,
mezzanine obligations and high-yield bonds. Net proceeds from the
issuance of the notes have been used to fund a portfolio with a
target par amount of EUR500 million. The portfolio is actively
managed by Arini Loan Management US LLC. The CLO has a 4.5-year
reinvestment period, and a starting 7.5-year weighted average life
(WAL) test covenant.

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 22.3.

High Recovery Expectations (Positive): At least 90% of the
identified portfolio comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favorable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate of the identified portfolio is
61.8%.

Diversified Portfolio (Positive): The transaction sets out various
portfolio concentration limits, including a cap of 20% for the top
10 largest obligors, and a maximum exposure to the three largest
Fitch-defined industries of 40%. These covenants help ensure the
portfolio is not excessively concentrated.

WAL Test Step-Up Feature (Neutral): The WAL test covenant may be
extended by 12 months on or after the WAL test step-up
determination date on 4 February 2027 (i.e. 12 months after the
issue date). The extension is permitted if the WAL test step-up
condition is satisfied, including that each of the Fitch collateral
quality tests is satisfied and the collateral principal amount
(measured with defaults at Fitch collateral value) is equal to or
exceeds the reinvestment target par balance.

Portfolio Management (Neutral): The transaction features a 4.5-year
reinvestment period, scheduled to expire on 4 August 2030 and
reinvestment criteria broadly consistent with other European CLOs.
The legal documents include two sets of matrices (set A and set B).
Each set contains two matrices with fixed-rate limits of 5% and
10%, for a total of four matrices. All matrices correspond to a top
10 largest obligor concentration limit at 20%.

Set A applies at the effective date and is linked to a 7.5-year WAL
test covenant. Beginning 18 months after the closing date, the
collateral manager may switch to set B (forward matrices), which
references a seven-year WAL test covenant, subject to the Fitch
collateral quality tests being satisfied and the collateral
principal amount (measured with defaults at Fitch collateral value)
meeting or exceeding the reinvestment target par balance.

Cash Flow Modelling (Positive): Fitch's analysis relies on a
stressed-case portfolio to test the robustness of the structure
against its covenants and portfolio guidelines. The WAL used for
the transaction's Fitch-stressed portfolio analysis was reduced by
12 months to reflect the strict post-reinvestment period
conditions, which include passing all coverage tests, passing the
Fitch 'CCC' obligations portfolio profile test, which is capped at
7.5%, and a WAL test covenant that progressively steps down. In
Fitch's opinion, these conditions 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) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no rating impact on the class
A, B, C and D notes, and lead to downgrades of one notch for the
class E notes and to below 'B-sf' for the class F notes.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio, the class B, D, E and F notes display
rating cushions of two notches and the class C notes of three
notches. The class A notes are at the highest achievable rating and
therefore have no rating cushion.

Should the cushion between the identified 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
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would lead to downgrades of three
notches for the class A, C and D notes, four notches for the class
B 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 of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would result in upgrades of two notches for the class B,
C, D, E and F notes. The 'AAAsf' notes 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 covenant, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction. After the end of the
reinvestment period, upgrades may result from stable portfolio
credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

ESG Considerations

Fitch does not provide ESG relevance scores for Arini European CLO
VIII DAC.

In cases where Fitch does not provide ESG relevance scores in
connection with the credit rating of a transaction, programme,
instrument or issuer, Fitch will disclose any ESG factor that is a
key rating driver in the key rating drivers section of the relevant
rating action commentary.

AVOCA CAPITAL X: Moody's Affirms B3 Rating on EUR12MM F-R-R Notes
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Avoca Capital CLO X Designated Activity Company:

EUR24,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2035, Upgraded to Aaa (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2-R-R Senior Secured Fixed Rate Notes due
2035, Upgraded to Aaa (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR26,750,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2035, Upgraded to Aa3 (sf); previously on Mar 31, 2021
Definitive Rating Assigned A2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR249,000,000 Class A-R-R Senior Secured Floating Rate Notes due
2035, Affirmed Aaa (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Aaa (sf)

EUR27,500,000 Class D-R-R Deferrable Mezzanine Floating Rate Notes
due 2035, Affirmed Baa3 (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Baa3 (sf)

EUR20,250,000 Class E-R-R Deferrable Junior Floating Rate Notes
due 2035, Affirmed Ba3 (sf); previously on Mar 31, 2021 Definitive
Rating Assigned Ba3 (sf)

EUR12,000,000 Class F-R-R Deferrable Junior Floating Rate Notes
due 2035, Affirmed B3 (sf); previously on Mar 31, 2021 Definitive
Rating Assigned B3 (sf)

Avoca Capital CLO X Designated Activity Company, originally issued
in November 2013 and reset in December 2016 and March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European and US loans. The
portfolio is managed by KKR Credit Advisors (Ireland) Unlimited
Company. The transaction's reinvestment period ended in January
2026.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R-R, B-2-R-R and C-R-R notes
are primarily a result of the benefit of the transaction having
reached the end of the reinvestment period in January 2026.

The affirmations of the ratings on the Class A-R-R, D-R-R, E-R-R
and F-R-R notes are primarily a result of the expected losses on
the notes remaining consistent with their current rating levels,
after taking into account the CLO's latest portfolio, its relevant
structural features and its actual over-collateralisation ratios.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR394.63m

Defaulted Securities: EUR3.00m

Diversity Score: 65

Weighted Average Rating Factor (WARF): 2950

Weighted Average Life (WAL): 4.41 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.56%

Weighted Average Coupon (WAC): 5.97%

Weighted Average Recovery Rate (WARR): 44.62%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BLACKROCK EUROPEAN VII: Moody's Ups Rating on Cl. E Notes to 'Ba1'
------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by BlackRock European CLO VII Designated Activity Company:

EUR7,000,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Jul 9, 2025
Upgraded to Aa1 (sf)

EUR20,000,000 Class C-2-R Senior Secured Deferrable Fixed Rate
Notes due 2031, Upgraded to Aaa (sf); previously on Jul 9, 2025
Upgraded to Aa1 (sf)

EUR23,000,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Jul 9, 2025
Upgraded to A3 (sf)

EUR22,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Ba1 (sf); previously on Jul 9, 2025
Affirmed Ba2 (sf)

Moody's have also affirmed the ratings on the following debts:

EUR240,000,000 (Current outstanding balance EUR40,404,182) Class
A-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Jul 9, 2025 Affirmed Aaa (sf)

EUR30,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 9, 2025 Affirmed Aaa
(sf)

EUR18,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Affirmed Aaa (sf); previously on Jul 9, 2025 Affirmed Aaa
(sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jul 9, 2025
Affirmed B2 (sf)

BlackRock European CLO VII Designated Activity Company, issued in
December 2018 and subsequently refinanced in March 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured/mezzanine European loans. The
portfolio is managed by Blackrock Investment Management (UK)
Limited. The transaction's reinvestment period ended in July 2023.

RATINGS RATIONALE

The rating upgrades on the Class C-1-R, Class C-2-R, Class D-R and
Class E-R notes are primarily a result of the deleveraging of the
Class A-R notes following amortisation of the underlying portfolio
since the last rating action in July 2025.

The affirmations on the ratings on the Class A-R, Class B-1-R,
Class B-2-R and Class F notes are primarily a result of the
expected losses on the notes remaining consistent with their
current rating levels, after taking into account the CLO's latest
portfolio, its relevant structural features and its actual
over-collateralisation ratios.

The Class A-R notes have paid down by approximately EUR109.3
million (45.5%) since the last rating action in July 2025 and
EUR199.6 million (83.2%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the collateral administrator's
report dated January 2026[1] the Class A/B, Class C, Class D, Class
E and Class F OC ratios are reported at 178.61%, 147.47%, 128.40%,
114.26% and 107.79% compared to June 2025[2] levels of 152.57%,
134.24%, 121.77%, 111.84% and 107.07%, respectively. Moody's notes
that the January 2025 principal payments are not reflected in the
reported OC ratios.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In its base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR188,720,850

Defaulted Securities: EUR3,568,814

Diversity Score: 38

Weighted Average Rating Factor (WARF): 3102

Weighted Average Life (WAL): 3.09 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.67%

Weighted Average Coupon (WAC): 4.10%

Weighted Average Recovery Rate (WARR): 42.03%

Par haircut in OC tests and interest diversion test: 0.0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into its cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
Collateral administrator-reported defaulted assets and those
Moody's assumes have defaulted can result in volatility in the
deal's over-collateralisation levels. Further, the timing of
recoveries and the manager's decision whether to work out or sell
defaulted assets can also result in additional uncertainty.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BNPP AM EURO 2017: Moody's Cuts Rating on Class F Notes to B2
-------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following notes
issued by BNPP AM Euro CLO 2017 DAC:

EUR9,450,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2031, Downgraded to B2 (sf); previously on Mar 29, 2022
Affirmed B1 (sf)

Moody's has also affirmed the ratings on the following notes:

EUR215,250,000 (Current outstanding balance EUR 174,912,173) Class
A-R Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Mar 29, 2022 Affirmed Aaa (sf)

EUR38,500,000 Class B Senior Secured Floating Rate Notes due 2031,
Affirmed Aa1 (sf); previously on Mar 29, 2022 Upgraded to Aa1 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A1 (sf); previously on Mar 29, 2022
Upgraded to A1 (sf)

EUR17,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa1 (sf); previously on Mar 29, 2022
Upgraded to Baa1 (sf)

EUR22,850,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Mar 29, 2022
Affirmed Ba2 (sf)

BNPP AM Euro CLO 2017 DAC, issued in September 2017 and refinanced
in October 2019, is a collateralised loan obligation (CLO) backed
by a portfolio of mostly high-yield senior secured European loans.
The portfolio is managed by BNP Paribas Asset Management France
SAS. The transaction's reinvestment period ended in October 2021.

RATINGS RATIONALE

The rating downgrade on the Class F Notes is primarily a result of
the deterioration of the key credit metrics of the underlying pool
since the payment date in October 2025.

The affirmations on the ratings on the Class A-R, Class B, Class C,
Class D and Class E notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated January
2026[1], the WARF was 3,584, compared with 3,275 in the January
2025[2] report. Securities with ratings of Caa1 or lower currently
make up approximately 8.0% of the underlying portfolio, versus 6.3%
in January 2025.

The over-collateralisation ratios of the rated notes have also
deteriorated compared to 1 year ago. According to the trustee
report dated January 2026[1] the Class A/B, Class C, Class D, Class
E and Class F OC ratios are reported at 134.7%, 124.3%, 116.6%,
107.9% and 104.6% compared to the January 2025[2] trustee report
where ratios were reported at 136.8%, 126.4%, 118.7%, 110.0% and
106.8%, respectively.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR299,711,237

Defaulted Securities: EUR0

Diversity Score: 41

Weighted Average Rating Factor (WARF): 3406

Weighted Average Life (WAL): 3.1 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.74%

Weighted Average Coupon (WAC): 0.10%

Weighted Average Recovery Rate (WARR): 45.3%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


G.O.N CLEANING: Begbies Traynor Named as Administrator
------------------------------------------------------
G.O.N Cleaning Services Limited was placed into administration
proceedings in the High Court of Justice in Northern Ireland,
Chancery Division (Company Insolvency), under the Insolvency
(Northern Ireland) Order 1989.  George Lafferty of Begbies Traynor
(Central) LLP was appointed as administrator on February 3, 2026.

G.O.N Cleaning Services Limited engaged in the general cleaning of
buildings.

The company's registered office is at Arnott House, 3rd Floor,
12–16 Bridge Street, Belfast, County Antrim, Northern Ireland,
BT1 1LU.

The administrator can be reached at:

     George Lafferty
     Begbies Traynor (Central) LLP
     Scottish Provident Building
     7 Donegall Square West
     Belfast, County Antrim, BT1 6JH


MADISON PARK VI: Moody's Cuts Rating on EUR12.8MM F Notes to Caa1
-----------------------------------------------------------------
Moody's Ratings has downgraded the rating on the following notes
issued by Madison Park Euro Funding VI DAC:

EUR12,800,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2030, Downgraded to Caa1 (sf); previously on Jun 20, 2025
Affirmed B3 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR237,300,000 (Current outstanding balance EUR226,123,040) Class
A Senior Secured Floating Rate Notes due 2030, Affirmed Aaa (sf);
previously on Jun 20, 2025 Affirmed Aaa (sf)

EUR34,800,000 Class B-1 Senior Secured Floating Rate Notes due
2030, Affirmed Aaa (sf); previously on Jun 20, 2025 Affirmed Aaa
(sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2030,
Affirmed Aaa (sf); previously on Jun 20, 2025 Affirmed Aaa (sf)

EUR25,400,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Aa3 (sf); previously on Jun 20, 2025
Affirmed Aa3 (sf)

EUR22,400,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed A3 (sf); previously on Jun 20, 2025
Upgraded to A3 (sf)

EUR29,400,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Jun 20, 2025
Affirmed Ba2 (sf)

Madison Park Euro Funding VI DAC, issued in June 2015 and
refinanced in both August 2017 and April 2021, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by Credit
Suisse Asset Management Limited. The transaction's reinvestment
period ended in October 2021.

RATINGS RATIONALE

The rating downgrade on the Class F notes is primarily a result of
the deterioration in the credit quality of the underlying
collateral pool since the last rating action in June 2025.

The affirmations on the ratings on the Class A, B-1, B-2, C, D and
E notes are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated January
2026[1], the WARF was 2,976, compared with 2776 in the May 2025[2]
report as of the last rating action. Securities with ratings of
Caa1 or lower currently make up approximately 6.62% of the
underlying portfolio, versus 4.41%.

Furthermore, Moody's notes that the portion of long-dated assets,
those assets that have a scheduled maturity date after the maturity
date of the rated notes on October 15, 2030, increased to EUR53m
(representing 14.7% of performing par as of January 2026 according
to Moody's own calculations) up from EUR17.5m (representing 4.7% of
performing par as per last rating action in June 2025). These
long-dated assets impose market value risk to the transaction that
is linked to the liquidation of these assets at the notes' maturity
date. As per Moody's methodologies Moody's considers this market
value risk with stressed liquidation values depending on the extent
to which such assets are scheduled to mature after the rated
notes.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR382,207,813

Defaulted Securities: EUR7,446,897

Diversity Score: 49

Weighted Average Rating Factor (WARF): 3156

Weighted Average Life (WAL): 3.21 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.89%

Weighted Average Coupon (WAC): 4.63%

Weighted Average Recovery Rate (WARR): 42.9%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


PALMER SQUARE 2023-2: Moody's Ups EUR16.3MM E-R Notes Rating to Ba1
-------------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Palmer Square European Loan Funding 2023-2 Designated
Activity Company:

EUR17,700,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aaa (sf); previously on Jun 2, 2025
Upgraded to Aa1 (sf)

EUR17,200,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Aa3 (sf); previously on Jun 2, 2025
Upgraded to A3 (sf)

EUR16,300,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2033, Upgraded to Ba1 (sf); previously on Jun 2, 2025
Upgraded to Ba2 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR185,862,526 (Current outstanding amount EUR34,149,695) Class
A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf);
previously on Jun 2, 2025 Affirmed Aaa (sf)

EUR31,700,000 Class B-R Senior Secured Floating Rate Notes due
2033, Affirmed Aaa (sf); previously on Jun 2, 2025 Upgraded to Aaa
(sf)

Palmer Square European Loan Funding 2023-2 Designated Activity
Company, originally issued in August 2023 and later refinanced in
August 2024, is a static collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is serviced by Palmer Square Europe Capital
Management LLC. The servicer may sell assets on behalf of the
Issuer during the life of the transaction. Reinvestment is not
permitted and all sales and unscheduled principal proceeds received
will be used to amortize the notes in sequential order.

RATINGS RATIONALE

The rating upgrades on the Class C-R, D-R and E-R notes are
primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in June 2025.

The affirmations on the ratings on the Class A-R and B-R  notes are
primarily a result of the expected losses on the notes remaining
consistent with their current rating levels, after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The Class A-R notes have paid down by approximately EUR82.7 million
(44.5% of original balance) since the last rating action in June
2025. As a result of the deleveraging, over-collateralisation (OC)
has increased across the capital structure. According to the
trustee report dated January 2026[1] the Class A/B, Class C, Class
D and Class E OC ratios are reported at 179.53%, 151.75%, 131.91%
and 117.37% compared to May 2025[2] levels of 153.16%, 136.85%,
124.02% and 113.90%, respectively.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR141,049,482

Defaulted Securities: EUR660,940

Diversity Score: 35

Weighted Average Rating Factor (WARF): 3124

Weighted Average Life (WAL): 3.11years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.71%

Weighted Average Coupon (WAC): 4.68%

Weighted Average Recovery Rate (WARR): 44.3%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the servicer or be delayed
by an increase in loan amend-and-extend restructurings. Fast
amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the servicers's track record and the potential for
selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


PENTA CLO 11: S&P Assigns B-(sf) Rating on Class F-R-R Notes
------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 11
DAC's class X-R-R, A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R
notes. At closing, the issuer issued unrated class Z notes. The
issuer had EUR36.0 million of outstanding unrated subordinated
notes and issued an additional EUR16.8 million of subordinated
notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans and bonds. The
portfolio's reinvestment period will end approximately 4.7 years
after closing.

This transaction is a reset of the already existing transaction
that closed in July 2024. The existing classes of notes were fully
redeemed with the proceeds from the issuance of the replacement
notes on the reset date. S&P has withdrawn its ratings on the
original notes.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will switch to semiannual payments.

The ratings assigned to Penta CLO 11's notes reflect S&P's
assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,799.81
  Default rate dispersion                                  448.49
  Weighted-average life (years)                              4.49
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             4.69
  Obligor diversity measure                                165.40
  Industry diversity measure                                21.48
  Regional diversity measure                                 1.30

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            2.26
  Target 'AAA' weighted-average recovery (%)                36.16
  Target weighted-average spread (net of floors, %)          3.54
  Target weighted-average coupon (%)                         4.02

Rationale

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

S&P said, "In our cash flow analysis, we modeled a target par of
EUR550 million. We also modeled the covenanted weighted-average
spread (3.50%), the covenanted weighted-average coupon (4.00%), and
the actual weighted-average recovery rates calculated in line with
our CLO criteria for all classes of notes. 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.

"Until the end of the reinvestment period on Oct. 15, 2030, the
collateral manager may substitute assets in the portfolio as long
as our CDO Monitor test is maintained or improved in relation to
the initial ratings on the notes." This test looks at the total
amount of losses that the transaction can sustain--as established
by the initial cash flows for each rating--and compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

Under S&P's structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned.

S&P said, "The transaction's documented counterparty replacement
and remedy mechanisms adequately mitigate its exposure to
counterparty risk under our counterparty criteria.

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

"Partners Group CLO Advisers LP manages the CLO, and the maximum
potential rating on the liabilities is 'AAA' under our operational
risk criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe the assigned ratings are
commensurate with the available credit enhancement for the class
X-R-R to F-R-R notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B-R-R to E-R-R
notes could withstand stresses commensurate with higher ratings
than those assigned. However, as the CLO will be in its
reinvestment phase starting from closing--during which the
transaction's credit risk profile could deteriorate--we have capped
our ratings on the notes.

"For the class F-R-R notes, our credit and cash flow analysis
indicate 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-R-R notes reflects several key
factors, including:

-- The class F-R-R notes' available credit enhancement, which is
in the same range as that of other CLOs S&P has 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 25.60% (for a portfolio with a weighted-average
life of 4.7 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.7 years, which would result
in a target default rate of 15.04%.

-- 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-R-R notes is commensurate with
the assigned 'B- (sf)' rating.

Given S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes its ratings are
commensurate with the available credit enhancement for all the
rated classes of notes.

S&P said, "In addition to our standard analysis, to indicate how
rising pressures among speculative-grade corporates could affect
our ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class X-R-R to E-R-R 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-R-R notes."

Environmental, social, and governance

S&P said, "We regard the transaction's exposure to environmental,
social, and governance (ESG) credit factors as broadly in line with
our benchmark for the sector. Primarily due to the diversity of the
assets within CLOs, the exposure to environmental and social credit
factors is viewed as below average, while governance credit factors
are average. For this transaction, the documents prohibit or limit
certain assets from being related to certain activities.
Accordingly, since the exclusion of assets from these activities
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."

Penta CLO 11 is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO managed by
Partners Group CLO Advisers LP.

  Ratings

                    Amount                              Credit
  Class  Rating*  (mil. EUR)     Interest rate§    enhancement
(%)

  X-R-R   AAA (sf)    2.600    Three/six-month EURIBOR   38.00
                               plus 0.85%

  A-R-R   AAA (sf)  341.000    Three/six-month EURIBOR   38.00
                               plus 1.27%

  B-R-R   AA (sf)    57.750    Three/six-month EURIBOR   27.50
                               plus 1.65%

  C-R-R   A (sf)     31.625    Three/six-month EURIBOR   21.75
                               plus 2.00%

  D-R-R   BBB- (sf)  41.250    Three/six-month EURIBOR   14.25
                               plus 2.70%

  E-R-R   BB- (sf)   26.125    Three/six-month EURIBOR    9.50
                               plus 4.65%

  F-R-R   B- (sf)    17.875    Three/six-month EURIBOR    6.25
                               plus 8.00%

  Z       NR          5.000    N/A                         N/A

  Sub notes   NR     52.800    N/A                         N/A

*The ratings assigned to the class X-R-R, A-R-R, and B-R-R notes
address timely interest and ultimate principal payments. The
ratings assigned to the class C-R-R, D-R-R, E-R-R, and F-R-R notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


TORO EUROPEAN 2: Moody's Cuts Rating on EUR10.3MM F Notes to Caa1
-----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes:

EUR33,400,000 Class B-1 Secured Floating Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Aug 6, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Aug 6, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR10,300,000 Class F Secured Deferrable Floating Rate Notes due
2034, Downgraded to Caa1 (sf); previously on Aug 6, 2021 Definitive
Rating Assigned B3 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR244,000,000 Class A Secured Floating Rate Notes due 2034,
Affirmed Aaa (sf); previously on Aug 6, 2021 Definitive Rating
Assigned Aaa (sf)

EUR26,900,000 Class C Secured Deferrable Floating Rate Notes due
2034, Affirmed A2 (sf); previously on Aug 6, 2021 Definitive Rating
Assigned A2 (sf)

EUR25,700,000 Class D Secured Deferrable Floating Rate Notes due
2034, Affirmed Baa3 (sf); previously on Aug 6, 2021 Definitive
Rating Assigned Baa3 (sf)

EUR21,700,000 Class E Secured Deferrable Floating Rate Notes due
2034, Affirmed Ba3 (sf); previously on Aug 6, 2021 Definitive
Rating Assigned Ba3 (sf)

Toro European CLO 2 Designated Activity Company, originally issued
in September 2016 and refinanced in October 2018 and August 2021,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Chenavari Credit Partners LLP. The transaction's
reinvestment period ended in January 2026.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1 and B-2 notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in January 2026.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The downgrade to the rating on the Class F notes is due to the
deterioration in over-collateralisation ratios since the payment
date in January 2025.

The over-collateralisation ratios of the rated notes have
deteriorated over the last year. According to the trustee report
dated January 2026[1] the Class A/B, Class C, Class D, Class E and
Class F OC ratios are reported at 135.88%, 124.25%, 114.86%,
107.97% and 104.98% compared to January 2025[2] levels of 138.58%,
126.72%, 117.14%, 110.12% and 107.07%, respectively.

The affirmations on the ratings on the Class A, C, D and E notes
are primarily a result of the expected losses on the notes
remaining consistent with their current rating levels, after taking
into account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR387.8m

Defaulted Securities: EUR6.1m

Diversity Score: 55

Weighted Average Rating Factor (WARF): 3041

Weighted Average Life (WAL): 3.97 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.00%

Weighted Average Coupon (WAC): 4.02%

Weighted Average Recovery Rate (WARR): 43.48%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability Moody's are analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as the account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Recoveries higher
than Moody's expectations would have a positive impact on the
notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.




=========
I T A L Y
=========

IMMOBILIARE GRANDE: S&P Affirms 'BB' ICR & Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Immobiliare Grande
Distribuzione SIIQ S.p.A. (IGD) to positive from stable and
affirmed its 'BB' long-term issuer credit rating on the company.

The positive outlook indicates S&P could raise the ratings in the
next 12 months if IGD's EBITDA to interest coverage moves closer to
our upside threshold of 2.4x and the company maintains a prudent
capital structure, with a debt-to-debt-plus-equity well below 50%.

Over the past few months, refinancing transactions led Immobiliare
Grande Distribuzione SIIQ S.p.A.'s (IGD's) average cost of debt to
decrease to approximately 5.0% at Jan. 31, 2026, from 6.0% at
year-end 2024, while its debt load slightly decreased following its
asset disposals.

S&P said, "We project IGD's EBITDA-to-interest coverage ratio to
strengthen to about 2.2x over 2026 from 1.5x as of June 30, 2025,
supported by lower interest expense, potential further asset
disposals, and sustained like-for-like growth in rental income.

"We forecast that adjusted EBITDA interest coverage will recover to
2.2x-2.5x over the next 12-24 months due to improving funding
costs. Following two major liability management exercises over the
past 12 months, IGD's average cost of debt declined to about 5.1%
at year-end 2025 from 5.5% in June 30, 2025, and we understand the
company will likely improve it over the coming 12 months through
additional refinancing transactions. The November 2025 issuance of
a EUR300 million senior unsecured bond with a 4.45% coupon
supported this. Bond proceeds repaid about EUR285 million of IGD's
EUR600 million secured facilities, which were signed earlier in
2025, maturing in 2029 and 2031 with an average cost of 5.5%.
Consequently, we now expect S&P Global Ratings-adjusted EBITDA
interest coverage to improve to 2.2x-2.3x in 2026, approaching our
rating upside threshold of 2.4x within the next 12 months, and we
expect further improvement to 2.4x or above in 2027. Our
calculations assume financial expense related to noncash debt
amortization costs and one-off refinancing fees of EUR3
million-EUR4 million for 2026, down from EUR11 million-EUR12
million a year for 2024-2025, and which we expect to decrease
materially from 2027 as refinancing transaction volume would likely
normalize.

"We anticipate IGD's leverage will decrease over the next 12-24
months, allowing the company to improve its debt to debt plus
equity to 41%-42% in the wake of further asset disposals. As of
June 30, 2025, S&P Global Ratings-adjusted debt to debt plus equity
was 45.3%, slightly lower than 45.5% at year-end 2024. This level
corresponds to a reported loan-to-value (LTV) of 44.4%. The
improvement in these ratios primarily reflects the execution of
IGD's asset disposal program, focused on noncore assets, partially
offset by a modest positive 0.5% revaluation of the core Italian
portfolio in first-half 2025. Management intends to further
deleverage over the next 12-24 months with a targeted LTV of close
to 40% by 2027, and we anticipate IGD will generate EUR70
million-EUR80 million in net proceeds from asset sales, including
the planned divestiture of the majority its Romanian portfolio,
valued at EUR105 million as of June 2025. In addition, IGD holds a
portfolio of development properties comprising commercial and
residential assets that we assume it will sell over the coming
12-24 months. Consequently, we project IGD's
debt-to-debt-plus-equity ratio will improve to 41%-42% in 2026 and
40%-42% in 2027. Our base-case scenario incorporates neutral fair
value adjustments, reflecting relatively high valuations yield for
Italian shopping malls (a 7.3% net exit yield as of June 2025),
which should mitigate the risk associated with potential increases
in government bond yields or credit spreads, for example, stemming
from geopolitical uncertainty. We also forecast that debt-to-EBITDA
will improve to 7.5x-7.7x in 2026 and 7.0x-7.2x in 2027 (8.8x as of
June 30, 2025). These projections indicate a favorable cushion
relative to our established upside thresholds of well below 50% and
below 9.5x, respectively.

"We expect IGD's liquidity remains adequate supported by a cash
balance and revolving credit facility of close to EUR65 million at
end-2025 and a lack of significant refinancing needs until 2028."
Following refinancing activities in 2025, the company's
weighted-average debt maturity increased to 4.9 years, exceeding
S&P Global Ratings' minimum requirement of 3 years for the real
estate sector. IGD has limited debt maturing over the next 12-24
months, with approximately EUR20 million due in 2026 and close to
EUR30 million in 2027. The next material maturity is scheduled for
2028, when EUR160 million of secured loans originated in 2023 are
due. As of fourth-quarter 2025, IGD maintains a robust liquidity
position, comprising approximately EUR9 million in unrestricted
cash and cash equivalents, alongside EUR54 million in undrawn
credit facilities maturing beyond the next 12 months. Combined with
expected funds from operations (FFO) of about EUR50 million
annually over the next 12 months, the company's liquidity
comfortably supports capital expenditure of EUR20 million-EUR25
million and annual dividend payments of EUR15 million-EUR20
million.

IGD's operating fundamentals are set to be broadly stable in the
coming 12 months, with sustained occupancy rates of about 95% and
1%-3% like for like rental growth. Like-for-like net rental income
increased 3.9% in the first nine months of 2025 (compared with 4.6%
in 2024), driven by indexation, reduced discounts, and a modest
sequential improvement in Italian occupancy to 96.0% from 95.2% at
year-end 2024. These factors have partially offset the loss of
EBITDA from disposals of noncore assets in 2025. IGD's portfolio is
relatively small compared with that of rated retail peers but well
located particularly in Northern and Central Italy, with a sound
supply and demand balance supporting positive footfall and
retailers' sales. S&P assumes like-for-like rental growth of 1%-2%
annually in 2026 and 2027, reflecting its expectations of
moderating inflation, and S&P Global Ratings forecasts eurozone
inflation should stabilize at 1.8%-1.9% in 2026-2027.

S&P's positive outlook on IGD reflects that it could raise its
ratings one notch over the next 12 months if IGD's credit metrics
improve to levels that would be consistent with a higher rating.

S&P could revise its outlook to stable on IGD over the next 12
months if, on an S&P Global Ratings-adjusted basis:

-- EBITDA interest coverage does not improve close to 2.4x or
above;

-- Debt to debt plus equity increases to above 50%, for instance,
following unexpected asset devaluations or higher investment
activities than S&P anticipates in its base-case scenario; or

-- Debt to EBITDA stays above 7.5x, for instance due to larger
impact from disposals than S&P anticipate or higher investments, or
a materially weaker operating performance than its base-case
scenario.

S&P could raise the ratings on IGD over the next 12 months if the
company sustains a continued sound operating performance, as well
as the following S&P Global Ratings-adjusted credit metrics:

-- EBITDA interest coverage improving close to 2.4x;
-- Debt to debt plus equity remaining well below 50%; and
-- Debt to EBITDA staying at 7.5x or below.


MARINAGRI COMPANY: Court Puts Assets Up for Sale
------------------------------------------------
The Court of Matera, Bankruptcy no. 4/2020, has put up for sale the
property identified as a single lot consisting of the branches of
the Marinagri company located in Policoro (MT): Marinagri hotel,
marina, restaurant, wine bar, shops, supermarket, caretaker's
accommodation, shipyard.

The base price is set at EUR27,560,439.00.

The minimum bid EUR20,670,329.00 sale on platform
www.garavirtuale.it from March 10, 2026 at 3:00 p.m. to March 12,
2026 at 3:00 p.m.

In the event that no bids have been received for the single lot,
from March 17, 2026 to March 19, 2026 the sale will proceed, via
the platform www.doauction.it , with the sale of the five lots
relating to the business branches. The documentation can be
consulted on the websites www.asteannunci.it and
www.pvp.giustizia.it .

Supervising Judge: Dr. Tiziana Caradonio

Trustees: Attorney Antonio de Notaristefani di Vastogirardi,
          Dr. Cosimo Valentini.

For information and visits, contact:

  Gruppo Edicom Spa
  Tel No: 041-5369911 ext. 429
  Mobile: +39-3757928931
  Email: info@doauction.com




===========
L A T V I A
===========

AS INDUSTRA BANK: Moody's Assigns First Time 'Ba2' Deposit Ratings
------------------------------------------------------------------
Moody's Ratings has assigned first-time ratings to AS Industra Bank
(Industra Bank), assigning Ba2 long-term deposit ratings and Ba3
long-term issuer ratings. At the same time, Moody's assigned a b1
Baseline Credit Assessment (BCA) and Adjusted BCA, Ba1/NP long- and
short-term Counterparty Risk Ratings (CRRs), Ba1(cr)/NP(cr) long-
and short-term Counterparty Risk Assessments (CR Assessments), and
NP short-term deposit and issuer ratings.           

The outlooks on the long-term deposit and issuer ratings are
stable.

RATING(S) RATIONALE

Industra Bank's Ba2 long term deposit and Ba3 long term issuer
ratings reflect Moody's standalone assessment of the bank's credit
profile, captured in the b1 BCA, as well as very low and low loss
given failure assumptions for junior depositors and senior
unsecured creditors, respectively. These assumptions result in a
two notch uplift for the deposit rating and a one notch uplift for
the issuer rating. Moody's assumptions of a low probability of
support from the Government of Latvia (A3, stable) given the bank's
lack of systemic importance, does not result in any further uplift
to the ratings.

The bank's b1 BCA reflects the limited track record under current
ownership and management, an ambitious growth strategy,
concentrated exposures and business operations that are inherently
higher risk with a lending focus on small and medium-sized
enterprises (SME), and payments and daily banking business which
includes servicing non-resident customers. This is balanced against
the bank's strengthened risk management, the resolution of legacy
problem loans, and the stabilisation of financial performance over
the past five years under the new management.

The bank's ownership is highly concentrated, with changes in
ownership and an overhaul of the board in 2018–2020, followed by
a further change in 2022, resulting in the three primary
shareholders now holding more than 90% of total shares. This
transformation led to a rebranding of the bank, the appointment of
an entirely new management team, and a strategic overhaul which,
since 2020, has gradually strengthened risk management and
compliance after earlier financial losses and rising problem loans
caused by poor stewardship and compliance failings in prior years.
However, the significant influence held by a small group of
shareholders means that strategic direction and business operations
can shift quickly, raising governance risks.

The bank faces elevated asset risks as it expands its SME lending
franchise, alongside heightened non financial risks stemming from
its payments business. Its small size and non retail lending focus
create counterparty concentration, its exposure to sectors such as
agriculture adds sectoral concentration risk, and its payments
activities include a sizable share of customers with greater money
laundering, terrorism financing and sanctions risk. The bank has
strengthened its risk management and controls, expanding compliance
and monitoring functions, and has tightened underwriting standards
with a focus on well collateralised lending. These measures partly
mitigate the conduct risks, but Moody's assessments reflects the
potential volatility and uncertainty given the bank's still
developing track record.

Prudent management and fresh capital from new owners have
stabilised the bank and steadily strengthened its financial
position, following net losses in 2018–2020. The bank maintains
robust core capitalisation, with a common equity tier 1 (CET1)
capital ratio of 15.9% as of September 2025. Moody's expects the
bank's CET1 ratio to decline as it pursues strong loan growth, but
to still retain modest capital buffers.

Industra Bank's small size, regulatory burden and operating costs
associated with heightened non financial risks weigh on its cost
efficiency and contribute to profitability that is weaker than its
local competitors. Excluding the potential conduct risks, Moody's
expects earnings volatility to decline as income from the lending
business grows, the bank operates with a more clearly defined risk
appetite in its payments activities, and interest rates stabilise.
Efficiency will improve as the bank scales, however, Moody's
expects its cost to income ratio and overall profitability to
remain weaker than those of rated Baltic peers.

The bank's funding profile is constrained by an undiversified and
relatively concentrated deposit base, characterised by a high share
of non retail and at call deposits and several large individual
depositors, increasing potential outflow risk. These risks are
partly offset by very strong liquidity, with high quality liquid
assets comprising 46% of tangible banking assets at year end 2024.
Moody's expects the bank to increase its share of retail deposits,
improving deposit granularity, while liquid reserves will decline
slightly but will remain strong.

The limited track record, concentrated ownership, and ambitious and
higher risk strategy are key governance considerations in these
ratings, which Moody's evaluates under Moody's General Principles
for Assessing Environmental, Social and Governance Risks
methodology (ESG), which results in Governance Issuer Profile Score
and Credit Impact Score of G-4 and CIS-4, respectively.

OUTLOOK

The stable outlook on Industra Bank's long-term deposit and issuer
ratings reflects Moody's expectations that asset risks will remain
elevated as the bank continues to develop its track record, even as
the share of problem loans continues to decline. Moody's also
expects the bank’s capitalisation to remain solid, with modest
buffers to requirements, net income to tangible assets to stabilise
above 0.75%, and high quality liquid assets to decline slightly but
remain at very high levels relative to its growing balance sheet as
deposit granularity improves.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING(S)

Industra Bank's ratings could be downgraded if its asset quality
deteriorates, reflected in a rising volume of problem loans or
higher early stage delinquencies, or if operational risk related to
its payments business increases substantially, for example, in the
event of material money-laundering incidents. Continued volatility
and weaker profitability, with net income to tangible assets
falling below 0.5%, together with a decline in the tangible common
equity ratio to below 12%, as well as a material weakening in
liquidity, with the bank holding significantly lower liquid buffers
relative to potential deposit outflows, including falling below 30%
of tangible assets, could lead to a downgrade.

Furthermore, the long-term issuer ratings could be downgraded if
there is a material reduction in the volume of junior securities.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING(S)

Industra Bank's ratings could be upgraded following a sustained
track record of improvement in its asset quality and profitability
under the current management. This would include a reduction in
problem loans to below 4% of gross loans, together with a tangible
common equity to risk weighted assets ratio remaining above 14.5%,
and net income to tangible assets consistently exceeding 1%. A
steady reduction in concentration risk across both the lending and
deposit books, supported by a higher share of more granular retail
deposits, while maintaining very high liquidity reserves, and a
longer track record of strong anti money laundering and sanctions
controls in its payments business, could also lead to an upgrade.

Furthermore, the long-term deposit and issuer ratings could be
upgraded if there were a material increase in the volume of junior
securities.

METHODOLOGY

The primary methodology(ies) used in these ratings was/were:

Industra Bank's "Assigned BCA" of b1 is set four notches below the
"Financial Profile" initial score of baa3 to reflect risks related
to lending and deposit concentrations, its limited track record,
concentrated ownership, and a higher-risk strategy focused on SME
lending and a sizable portion of higher-risk non-resident customers
in its payments business.

AFFECTED RATINGS

Issuer: AS Industra Bank (1000070027)

Rating Class                        New Rating   Outlook
------------                        ----------   -------
Baseline Credit Assessment               b1
Adjusted Baseline Credit Assessment  b1
LT Counterparty Risk Rating (Foreign)    Ba1
LT Counterparty Risk Rating (Domestic)   Ba1
ST Counterparty Risk Rating (Foreign)    NP
ST Counterparty Risk Rating (Domestic)   NP
LT Counterparty Risk Assessment          Ba1(cr)
ST Counterparty Risk Assessment          NP(cr)
LT Bank Deposits (Foreign)               Ba2      Stable
LT Bank Deposits (Domestic)              Ba2      Stable
ST Bank Deposits (Foreign)               NP  
ST Bank Deposits (Domestic)              NP  
LT Issuer Rating (Foreign)               Ba3      Stable
LT Issuer Rating (Domestic)              Ba3      Stable
Issuer ST Rating (Foreign)               NP
ST Issuer Rating (Domestic)              NP




===================
L U X E M B O U R G
===================

GARFUNKELUX HOLDCO 2: Moody's Cuts CFR to Caa3, Outlook Negative
----------------------------------------------------------------
Moody's Ratings has downgraded Garfunkelux Holdco 2 S.A.'s
(Garfunkelux) corporate family rating to Caa3 from Caa2 and
Garfunkelux Holdco 3 S.A.'s senior secured debt ratings to Ca from
Caa3. The issuer outlooks were changed to negative from stable.

The rating action follows Garfunkelux's announcement on February 2,
2026 that it had launched a consent solicitation seeking the
extension of the grace period and the deferral of coupon payments
on the EUR466.9 million floating-rate senior secured notes due 2029
and EUR967.6 million fixed-rate senior secured notes due 2028 of
Garfunkelux Holdco 3 S.A.[1]. The company did not make the
scheduled February quarterly coupon payment on its floating rate
notes. The next semi-annual coupon payment on the fixed-rate notes
is due in May. Under Garfunkelux Holdco 3 S.A.'s bond indentures,
the current grace period is 30 days, after which an event of
default would be triggered if the payment is not made. The
bondholders of the majority of the senior secured notes have agreed
to approve the extension and delay. The deferral is part of the
company's ongoing efforts to execute a recapitalisation transaction
by March 1, 2026.

RATINGS RATIONALE

The downgrade of the CFR to Caa3 from Caa2 reflects Garfunkelux's
constrained operating and financial flexibility as it pursues a
recapitalisation, which requires it to balance its near-term
funding and liquidity needs against investments in its franchise.
If approved, the extension of the grace period will be considered
by us as a distressed exchange, which Moody's also considers a
default, as per Moody's definitions of default.

The downgrade of the senior secured ratings to Ca from Caa3
reflects Moody's expectations of increased loss severity for this
debt class under the planned recapitalisation. If implemented as
previously announced[2], the transaction will result in a
materially increased subordination of the senior secured notes
through new asset backed financing. This financing includes an
additional EUR200 million (GBP175 million equivalent) committed and
fully backstopped Asset-Backed Securitisation (ABS) facility, in
which the senior secured bondholders are eligible to participate.
As of February 02, 2026, Garfunkelux's investors have funded
EUR113.2 million (GBP101 million equivalent) under the ABS
facility. At full utilisation, the receivables-backed structure can
reach GBP428.5 million, reflecting both GBP175 million of
cash-funded issuance and the potential pro-rata exchange of the
existing senior secured notes into the new structure. This exchange
would be triggered only upon agreement of a broader
recapitalisation transaction.

As of September 30, 2025, Garfunkelux had GBP1.7 billion of
portfolio investments against GBP2.4 billion of senior debt. The
company's liquidity was limited, with GBP49 million of cash and no
availability under the revolving credit facility, which was fully
drawn. The new ABS facility, with GBP101 million funded to date,
has increased the company's investment capacity, supplementing the
GBP39 million of availability under the existing ABS facilities as
of the end of 3Q 2025.

Moody's reflects the risks arising from Garfunkelux's untenable
capital structure, with high leverage and a significant tangible
common equity deficit, as well as its currently constrained
financial and operational flexibility as it pursues a
recapitalisation, in the Credit Impact score (CIS) of CIS-5 under
Moody's environmental, social and governance (ESG) framework. The
score reflects high governance risks stemming from the company's
financial strategy and risk management, which Moody's reflects in a
governance issuer profile score (IPS) of G-5.

OUTLOOK

The negative outlook reflects execution risk related to the planned
recapitalisation, including the risk of delays, failure to complete
the transaction, or its implementation on terms that are materially
less favourable for creditors.

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

An upgrade is unlikely given the negative outlook. The outlook
could be changed to stable following the implementation of the
recapitalisation transaction if Garfunkelux demonstrates a credible
path to sustained improvement in its financial and operating
performance.

Garfunkelux's CFR could be downgraded if the recapitalisation
transaction is not completed or is significantly delayed, which
could pose risks to the viability of its franchise. The senior
secured ratings could also be downgraded if the recapitalisation
results in material losses for the bondholders.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in July 2024.

Garfunkelux's "Assigned Standalone Assessment" adjusted score of
Caa3 is set two notches below the "Financial Profile" score of
Caa1, to reflect the risks arising from its untenable capital
structure, with high leverage and a significant tangible common
equity deficit, as well as its currently constrained financial and
operating flexibility due to a pursued recapitalisation.




===========
R U S S I A
===========

UZBEKNEFTEGAZ JSC: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed 11 oil and gas production companies'
ratings.

1. QatarEnergy
2. Saudi Arabian Oil Company (Saudi Aramco)
3. BP plc
4. OMV AG
5. Repsol, S.A.
6. Energy Development Oman SAOC (EDO)
7. OQ S.A.O.C. (OQ)
8. JSC National Company KazMunayGas (KMG)
9. State Oil Company of the Azerbaijan Republic (SOCAR)
10. S.N.G.N. Romgaz S.A.
11. JSC Uzbekneftegaz

These actions follow the update of Fitch's Corporate Rating
Criteria and the Sector Navigators - Addendum to the Corporate
Rating Criteria on January 9, 2026.

Corporate Rating Tool Inputs and Scores

QatarEnergy

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bb+', lower), market and competitive positioning ('aa+',
moderate), diversification and asset quality ('aa-', moderate),
company operational characteristics ('aa+', higher), profitability
('aa', moderate), financial structure ('aa+', higher) and financial
flexibility ('aa+', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'a-' results in no
adjustment.

The SCP is 'aa+'.

To derive the IDR:

Application of Fitch's Parent and Subsidiary Linkage (PSL) Rating
Criteria results in a consolidated approach.

Application of Fitch's Government- Related Entities (GRE) Rating
Criteria results in a constrained approach.

Saudi Aramco

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bbb', lower), market and competitive positioning ('aa+',
moderate), diversification and asset quality ('aa-', moderate),
company operational characteristics ('aa+', higher), profitability
('aa+', moderate), financial structure ('aa+', higher) and
financial flexibility ('aa', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'a-' results in no
adjustment.

The SCP is 'aa+'.

To derive the IDR:

Application of Fitch's PSL Rating Criteria results in a
consolidated approach.

Application of Fitch's GRE Rating Criteria results in a constrained
approach.

BP

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 (score, relative
importance) are management ('bbb-', lower), sector characteristics
('bbb+', moderate), market and competitive positioning ('a+',
higher), diversification and asset quality ('a+', higher), company
operational characteristics ('aa', moderate), profitability ('a+',
moderate), financial structure ('a', moderate) and financial
flexibility ('aa-', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'a+'.

OMV

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bbb+', moderate), market and competitive positioning ('bbb-',
moderate), diversification and asset quality ('a-', higher),
company operational characteristics ('bb-', lower), profitability
('bbb+', moderate), financial structure ('a-', higher) and
financial flexibility ('aa-', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'a-'.

Repsol

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 (assessment, relative
importance) are management ('bbb', lower), sector characteristics
('a-', moderate), market and competitive positioning ('bbb',
higher), diversification and asset quality ('bbb+', moderate),
company operational characteristics ('bbb', moderate),
profitability ('bbb', moderate), financial structure ('a-', higher)
and financial flexibility ('a', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'bbb+'.

EDO

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bb+', moderate), market and competitive positioning ('bbb+',
higher), diversification and asset quality ('bbb+', moderate),
company operational characteristics ('bbb', moderate),
profitability ('bbb+', higher), financial structure ('aa',
moderate) and financial flexibility ('a', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'bbb+' results in no
adjustment.

The SCP is 'bbb+'.

To derive the IDR:

Application of Fitch's PSL Rating Criteria results in a
consolidated approach.

Application of Fitch's GRE Rating Criteria results in a constrained
approach.

OQ

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bb+', moderate), market and competitive positioning ('bbb-',
higher), diversification and asset quality ('bbb', moderate),
company operational characteristics ('bb', moderate), profitability
('bb+', moderate), financial structure ('bbb-', higher) and
financial flexibility ('bb', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'bbb+' results in no
adjustment.

The SCP is 'bbb-'.

To derive the IDR:

Application of Fitch's GRE Rating Criteria results in an equalised
approach.

KMG

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 (score, relative
importance) are management ('bbb-', lower), sector characteristics
('bb+', moderate), market and competitive positioning ('bbb-',
moderate), diversification and asset quality ('bb+', higher),
company operational characteristics ('a-', lower), profitability
('bb', higher), financial structure ('a+', lower) and financial
flexibility ('a-', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

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

The other risk elements adjustment applies and results in an
adjustment of -1 notch.

The SCP is 'bb'.

To derive the IDR:

Application of Fitch's GRE Rating Criteria results in an equalised
approach.

SOCAR

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'bb-' results in no
adjustment.

The SCP is 'bb-'.

To derive the IDR:

Application of Fitch's GRE Rating Criteria results in an equalised
approach.

Romgaz

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 (score, relative
importance) are management ('bbb', lower), sector characteristics
('bb', moderate), market and competitive positioning ('bb',
moderate), diversification and asset quality ('bb+', moderate),
company operational characteristics ('bb', higher), profitability
('b+', moderate), financial structure ('bbb', higher) and financial
flexibility ('bbb', moderate).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'bbb-' results in no
adjustment.

The SCP is 'bb+'.

To derive the IDR:

Application of Fitch's GRE Rating Criteria results in a bottom-up
+1 approach.

Uzbekneftegaz

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for historical FY24, 10%
for forecast FY25, 30% for forecast FY26, 30% for forecast FY27 and
20% for forecast FY28.

B+ to CC considerations apply in our analysis and result in no
adjustment.

The governance assessment of 'some deficiencies' results in no
adjustment.

The operating environment impact assessment of 'b' results in an
adjustment of -1 notch.

The SCP is 'b'.

To derive the IDR:

Application of Fitch's GRE Rating Criteria results in an equalised
approach.

Public Ratings with Credit Linkage to other ratings

The ratings of QatarEnergy, Saudi Aramco and EDO are constrained by
their respective sovereign parent ratings. The ratings of OQ, KMG,
SOCAR and Uzbekneftegaz are equalised with their respective
sovereigns'. Romgaz's rating incorporates a one-notch uplift for
state support. BP International Limited's IDR is equalised with
that of its parent BP.

RATINGS ACTION

   Entity/Debt                    Rating            Recovery Prior
   -----------                    ------            -------- -----
BP International Limited                 

                         LT IDR    A+     Affirmed            A+  

                         ST IDR    F1+    Affirmed            F1+

Energy Development
Oman SAOC                

                         LT IDR    BBB-   Affirmed            BBB-


   senior unsecured      LT        BBB-   Affirmed            BBB-


Repsol Europe Finance

   senior unsecured      LT        BBB+   Affirmed            BBB+


   subordinated          LT B      BB-    Affirmed            BBB-


   senior unsecured      ST        F1     Affirmed            F1

Repsol, S.A.             

                         LT IDR    BBB+   Affirmed            BBB+


                         ST IDR    F1     Affirmed            F1

   senior unsecured      LT        BBB+   Affirmed            BBB+


EDO Sukuk Limited

   senior unsecured      LT        BBB-   Affirmed            BBB-


BP Capital Markets
America Inc.

   senior unsecured      LT        A+     Affirmed            A+  

BP Capital Markets plc

   senior unsecured      LT        A+     Affirmed            A+

   subordinated          LT        A-     Affirmed            A-

   senior unsecured      ST        F1+    Affirmed            F1+

SA Global Sukuk Limited

   senior unsecured      LT        A+     Affirmed            A+

Repsol International
Finance B.V.

   senior unsecured      LT        BBB+   Affirmed            BBB+


   subordinated          LT        BBB-   Affirmed            BBB-


BP Capital Markets B.V.

   senior unsecured      LT        A+     Affirmed            A+

S.N.G.N. Romgaz S.A.    

                         LT IDR    BBB-   Affirmed           BBB-

   senior unsecured      LT        BBB-   Affirmed           BBB-

QatarEnergy             

                         LT IDR    AA     Affirmed           AA

   senior unsecured      LT        AA     Affirmed           AA

OQ S.A.O.C.              

                         LT IDR    BBB-   Affirmed           BBB-

   senior unsecured      LT        BBB-   Affirmed           BBB-

Saudi Arabian
Oil Company            

                         LT IDR    A+     Affirmed           A+

                         ST IDR    F1+    Affirmed           F1+

                         LC LT IDR A+     Affirmed           A+

                         Natl LT   AAA(sau) Affirmed        
AAA(sau)

   senior unsecured      LT        A+     Affirmed           A+

   senior unsecured      ST        F1+    Affirmed           F1+

JSC Uzbekneftegaz     

                         LT IDR    BB     Affirmed           BB

   senior unsecured      LT        BB     Affirmed     RR4   BB

BP Company North
America Inc.

   senior unsecured      LT        A+     Affirmed           A+

State Oil Company
of the Azerbaijan
Republic (SOCAR)         

                         LT IDR    BBB    Affirmed           BBB-

                         ST IDR    F3     Affirmed           F3

    senior unsecured     LT        BBB-   Affirmed           BBB-

OMV AG                  

                         LT IDR    A-     Affirmed           A-

   senior unsecured      LT        A-     Affirmed           A-

    subordinated         LT        BBB    Affirmed           BBB

JSC National
Company KazMunayGas      

                         LT IDR    BBB    Affirmed           BBB

                         ST IDR    F2     Affirmed           F2

                         LC LT IDR BBB    Affirmed           BBB

    senior unsecured     LT        BBB    Affirmed           BBB  

BP plc                   

                         LT IDR    A+     Affirmed           A+

                         ST IDR    F1+    Affirmed           F1+




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

JOYE MEDIA: Moody's Withdraws 'Caa1' Corporate Family Rating
------------------------------------------------------------
Moody's Ratings has withdrawn all ratings of Joye Media S.L. (Joye
Media or Mediapro), including the Caa1 long-term corporate family
rating and the Caa1-PD probability of default rating. Concurrently,
Moody's have also withdrawn the Caa1 rating on the EUR525 million
senior secured term loan B (TLB) due in August 2029, issued by
Subcalidora 2. S.a.r.l. Prior to the withdrawal, the outlook on
both entities was negative.

RATINGS RATIONALE

Moody's have decided to withdraw the rating(s) following a review
of the issuer's request to withdraw its rating(s).

COMPANY PROFILE

Joye Media S.L. (Mediapro) is a leading integrated international
media group with operations in sports rights management,
audiovisual services, content production and technology. It is
present in more than 150 countries and employs nearly 7,000 people
worldwide.

Mediapro is majority-owned by Southwind Media Holdings Ltd (85%),
followed by WPP Plc (10%) and the senior management team (5%).




===========
S W E D E N
===========

CUBE SAFETY: S&P Assigns Preliminary 'B' LT ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B' long-term issuer
credit rating to Cube Safety BidCo AB, and its preliminary 'B'
issue rating and '3' recovery rating to its senior secured TLB.

The stable outlook reflects S&P's expectation that Ramudden Global
will generate organic growth of about 5% and S&P Global
Ratings-adjusted margins around 23%-24%, leading to S&P Global
Ratings adjusted leverage around 5.5x.

Financial sponsor I Squared Capital is looking to acquire
Sweden-based infrastructure safety services provider Ramudden
Global AB from Triton Partners, funding the acquisition with a
sizeable equity contribution and a seven-year EUR1.175 billion
first-lien term loan B (TLB). Cube Safety BidCo AB furthermore
plans to issue a revolving credit facility (RCF) of EUR300 million,
with a possibility of upsizing to EUR375 million.

S&P said, "We expect S&P Global Ratings-adjusted leverage of 5.4x
in 2026 and 5.2x in 2027, along with funds from operations (FFO)
cash interest coverage above 2.0x and positive underlying free
operating cash flow (FOCF).

"We forecast Cube Safety BidCo AB's adjusted leverage will be at
5.4x by year-end 2026 and 5.2x by year-end 2027. Ramudden Global
AB's acquisition will be funded by a EUR1.175 billion senior
secured TLB and a new equity injected by I Squared Capital. The
equity contribution will be made in the form of ordinary equity
investment and/or long-term subordinated shareholder debt funding.
We have not included the long-term subordinated shareholder debt in
our debt calculations for the preliminary ratings; however, we have
not yet reviewed final terms of these instruments; we will do so
before we assign final ratings. Our Swedish krona (SEK) 16.8
billion adjusted debt figure at year-end 2026 includes SEK15
billion of reported debt, SEK1.7 billion of lease liabilities, SEK6
million of pension debt, and SEK60 million of contingent
considerations. We do not net about SEK850 million of cash and cash
equivalents, given the financial sponsor ownership.

"We forecast modest deleveraging in coming years as the new owner
continues Ramudden's geographic expansion policy. We forecast
leverage of 5.4x in 2025 and 5.2x in 2026. Future deleveraging will
be supported by Ramudden's continued organic growth of about 5%
that will come from footprint expansion, especially in urban areas,
broadening of its client base, and price increases. We also expect
the EBITDA margin will improve to 23% in 2026-2027 versus about 22%
in 2025, mainly thanks to the realization of efficiencies and
accretive acquisitions closed during 2025. Our base case includes
about EUR160 million for debt-funded mergers and acquisitions (M&A)
per year, which will add about 9% to revenue growth annually. We
understand that I Squared Capital intends to prolong the previous
strategy of acquisitions, but does not intend to releverage above
the opening company-calculated leverage of 4.9x, which corresponds
to about 5.5x-6.0x on an S&P Global Ratings-adjusted basis. Should
Ramudden enter into a transformational deal, we assume that I
Squared Capital would inject further equity to keep leverage below
this level. However, we would need to see a track record of this
financial policy to consider a higher rating."

Ramudden's business risk is supported by significantly improved
geographic diversification and growth since 2020. In 2024, it
entered the U.S. with the acquisition of RSG International and
further developed in the region with the acquisition of Curtin Co.
in 2025. S&P considers geographic diversification positively in our
analysis of Ramudden, since one of the key risks is exposure to
road network spending by national states and local authorities. For
example, weaker demand from National Highways in the U.K. in 2025
impaired revenue growth at the group level by three full percentage
points. The largest geographic exposure is to Canada with about 25%
of EBITDA generated there, which is quite limited.

With close to SEK11.5 billion (about EUR1.1 billion) in revenue and
SEK2.5 billion (about EUR240 million) in S&P Global
Ratings-adjusted EBITDA in 2025, Ramudden is now significantly
larger than in its first year after the merger--2021--when its
revenue was SEK5.1 billion and adjusted EBITDA SEK1.1 billion.

S&P said, "Also supporting our business risk profile assessment is
Ramudden's unique positioning as the only true multiregional player
with a presence in 13 countries and a size more than 20% larger to
its next competitor. We believe this superior scale and dense
footprint of depots in each country it operates in allows the
company to price its services better than its competition, while
realizing solid EBITDA margins above 20%. We also note that
Ramudden is relatively immune to economic cycles with 90% of its
revenue base coming from infrastructure end markets. In addition,
about 75% of revenue comes from maintenance works of clients, which
leaves a 25% exposure to their capex cycles. Ramudden estimates
that 90% of its revenue base consists of repeat business. All in
all, aging infrastructure in the group's geographies should support
demand for its services in coming years.

"Our view of Ramudden's business risk profile remains constrained
by its operations in a niche market and relatively limited positive
FOCF generation. The group operates in a total addressable market
of about EUR13 billion, which is small compared with other business
services markets. As mentioned above, it remains dependent on
spending decisions taken at a political level and it has been
affected in the past by political decisions in Germany or more
recently in the U.K., which suppressed demand for its services.
Furthermore, Ramudden has a limited track record in terms of
generating significantly positive FOCF. In 2023 it generated SEK34
million and in 2024 SEK51 million, although we forecast an
improvement to above SEK750 million in 2025. In our view, FOCF
generation is somewhat constrained by high capex requirements of
6%-7% (out of which maintenance capex represents 2%-3%).

"The final ratings will depend on the successful completion of the
proposed transaction and receipt and satisfactory review of all
final transaction documentation. Accordingly, the preliminary
rating should not be construed as evidence of final ratings. If we
do not receive final documentation within a reasonable time frame,
or if the final documentation departs from the material reviewed,
we reserve the right to withdraw or revise the ratings. In
addition, we note that we have not been able to analyze the
long-term subordinated shareholder debt documentation. Potential
changes include, but are not limited to, use of loan proceeds,
maturity, size, and conditions of the loans, financial and other
covenants, security, and ranking.

"The stable outlook indicates our expectation that Ramudden will
experience solid revenue growth of 14%-15% because of a mix of
organic M&A activity, full-year consolidation of previous years'
acquisitions, improved S&P Global Ratings-adjusted margins of about
23%-24%, and expectation that the final long-term subordinated
shareholder debt instruments will meet our criteria for equity
treatment. This should result in modest deleveraging to slightly
below 5.5x, FFO cash interest coverage above 2.0x, and positive
FOCF above SEK700 million in 2026 and 2027.

"We could lower the rating on Ramudden if its performance lagged
our forecasts, resulting in negative FOCF for a prolonged period or
FFO cash interest coverage declining below 2.0x. This could result
from delays in new projects because of budget restrictions
associated with a potential recession, accelerated cost inflation,
higher-than-expected profit volatility, or exceptional costs
associated with acquisitions.

"We could also lower the rating if the group undertook material
debt-financed acquisitions or cash returns to shareholders,
resulting in materially higher leverage than we currently project.

"We could consider raising the rating due to stronger-than-expected
EBITDA growth, a track record of prudent financial policy, such
that the group's S&P Global Ratings-adjusted leverage ratio
improved further toward 5x, combined with demonstrating solid
positive FOCF after leases."




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

DUCTU PORTAL: Antony Batty & Company Named as Administrators
------------------------------------------------------------
The Ductu Portal Ltd was placed into administration proceedings in
the High Court of Justice, Business & Property Courts of England,
Court Number CR-2026-000707.  Jeffrey Mark Brenner and James Stares
of Antony Batty & Company LLP were appointed as joint
administrators on January 30, 2026.

The Ductu Portal Ltd traded as Ductu and specialized in employer
engagement within education.

The company's registered office is at 1 Wheeley Ridge, Wheeley
Road, Alvechurch, Birmingham, B48 7DD.

The joint administrators can be reached at:

     Jeffrey Mark Brenner (IP No. 9301)
     James Stares (IP No. 11490)
     Antony Batty & Company LLP
     3 Field Court
     Gray's Inn
     London, WC1R 5EF

For further details, contact:

     Neil Barry
     Tel No: 020 7831 1234
     Email: neil@antonybatty.com


EVOKE PLC: Moody's Downgrades CFR to 'B3', Outlook Remains Stable
-----------------------------------------------------------------
Moody's Ratings has downgraded Evoke PLC's (Evoke, or the company)
long term corporate family rating to B3 from B2 and the Probability
of Default Rating to B3-PD from B2-PD. Concurrently, Moody's
downgraded to B3 from B2 all the instrument ratings issued by
Evoke's wholly-owned subsidiaries 888 Acquisitions Limited and 888
Acquisitions LLC. Finally, Moody's downgraded to Caa1 from B3 the
instrument rating of William Hill Limited (WHL). The outlook on all
entities remains stable.      

RATINGS RATIONALE

The rating action primarily reflects the expected significant
deterioration in Evoke's Moody's-adjusted gross debt to EBITDA and
free cash flow (FCF) generation prospects compared to Moody's
previous expectations. This results from the announced substantial
increase in the taxation of UK online gaming and betting activities
in each of 2026 and 2027. Evoke derives around 40% of its net
gaming revenue and 45% of company-adjusted EBITDA from online
activities in the UK. Therefore, steep tax increases effective for
April 2026 (online gaming) and from April 2027 (online sports
betting) will dent on the company's profitability.

Moody's assumes the company will mitigate some 40% of the expected
hit to profitability through measures such as supplier savings,
reduced marketing, retail store closures, operating cost savings,
and potential changes to the customer proposition. As a result
Moody's projects Evoke's gross leverage (in Moody's-adjusted terms)
to exceed 5.5x in 2026-27 and FCF to remain mildly negative, which
us outside of the guidance Moody's had previously stated for its B2
rating.

The rating downgrade also considers the medium-term refinancing
risk posed by GBP750 million equivalent of debt due July 2028,
which Moody's expects the company to address by July 2027, i.e. not
long after a second wave of planned gaming tax increases is
effected from April 2027.

Finally, the rating action reflects the uncertainty around Evoke's
financial policy given the ongoing strategic review of the
business.

Evoke's B3 CFR reflects its large scale and diversified gaming
offering; strong brands with leading positions in the UK, Italy,
Spain and Denmark; favourable exposure to fast growing online
sports betting; and a proprietary platform that enables user
customisation and behaviour monitoring, creating a barrier to
entry.

ESG CONSIDERATIONS

Moody's have revised Evoke's Credit Impact Score to CIS-4 from
CIS-3, reflecting a materially negative influence of ESG factors on
the company's credit profile, primarily stemming from social and
governance considerations. The online betting operator continues to
face elevated social risks, including intensifying
responsible-gaming expectations, customer-relations challenges,
mounting regulatory pressures in the UK and Ireland as well as
exposure to taxation increases. Governance risks have also driven
the ratings downgrade, primarily due to the recent withdrawal of
medium-term financial guidance and the ongoing strategic review.
Evoke's environmental exposure remains modest given its
predominantly digital model and limited natural-capital footprint.

LIQUIDITY

Evoke's liquidity is adequate throughout the next 12-18 months. As
at June 30, 2025, the company had GBP121 million of unrestricted
cash and cash equivalents. Moody's expects Evoke's to maintain cash
balances that are commensurate with the needs of the business
despite some mildly negative FCF generation in each of 2026 and
2027, given the projected material profit reduction.

As at June 30, 2025, Evoke also had access to GBP200 million of
external liquidity (GBP129 million available) split between two
distinct revolving credit facilities due December 2025 and January
2028. In September, both facilities were refinanced and combined
under a single GBP200 million revolver due 2030. The new RCF has a
springing covenant when it is drawn for at least 40%; the
applicable level would be 7.65x net debt leverage with no
step-down, leaving plenty of capacity. There is, however, a
medium-term refinancing risk posed by GBP750 million equivalent of
debt due July 2028, which Moody's expects the company to address by
July 2027.

STRUCTURAL CONSIDERATIONS

The B3 CFR is assigned to Evoke PLC, which is the holdco guarantor
of the loans. The facilities benefit from a security package
represented mainly by share pledges, floating charges on UK
entities and guarantees from all substantial subsidiaries of the
group, including upstream guarantees from William Hill Limited
subsidiaries. Only GBP11 million of WHL 2026 bonds remain
outstanding after the change of control put option was exercised by
most bondholders. Moody's rate the WHL's bonds Caa1, one notch
lower than Evoke's CFR, because of a weaker security package and
guarantor coverage than the other debt facilities.

OUTLOOK

The stable outlook reflects Moody's expectations that Evoke will
maintain key credit metrics and an adequate liquidity position over
the next 12-18 months, despite more challenging operating
conditions in its core UK market.

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

Evoke's CFR could be upgraded to B2 on the back of:

-- Demonstrated ability to withstand the impact of rising taxation
in core markets, with no significant loss of market share

-- Moody's-adjusted debt / EBITDA falling to around 5.0x

-- Commitment to a conservative capital allocation framework

--Liquidity strengthens by means of positive FCF generation and
timely refinancing of upcoming debt maturities

Conversely, Evoke's CFR would be downgraded to Caa1 following:

-- Failure to timely and successfully address the 2028 maturity
wall

-- A contraction in profitability, so that Moody's-adjusted debt /
EBITDA exceeds 6.0x and FCF remains sustainedly negative, or

-- Further significant adverse regulatory actions in one or more
of the larger geographies in which the company operates

LIST OF AFFECTED RATINGS

Issuer: Evoke PLC

Downgrades:

Probability of Default Rating, Downgraded to B3-PD from B2-PD

LT Corporate Family Rating, Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Stable

Issuer: 888 Acquisitions Limited

Downgrades:

Backed Senior Secured Bank Credit Facility (Foreign Currency),
Downgraded to B3 from B2

Backed Senior Secured (Foreign Currency), Downgraded to B3 from
B2

Outlook Actions:

Outlook, Remains Stable

Issuer: 888 Acquisitions LLC

Downgrades:

Backed Senior Secured Bank Credit Facility (Local Currency),
Downgraded to B3 from B2

Outlook Actions:

Outlook, Remains Stable

Issuer: William Hill Limited

Downgrades:

Backed Senior Unsecured (Local Currency), Downgraded to Caa1 from
B3

Outlook Actions:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Global betting and gaming operator Evoke owns well-known brands
(William Hill, 888, Mr Green, and Winner) and operates across
online and retail channels. Formed through the merger of 888
Holdings and William Hill International in July 2022, evoke focuses
on five core regulated markets—UK, Italy, Spain, Denmark, and
Romania—which account for nearly 90% of revenue. For the twelve
months ended June 2025 (LTM June 2025) Evoke reported GBP1.78
billion revenue and GBP303 million of Moody's-adjusted EBITDA.

Evoke is listed on the London Stock Exchange with a market
capitalisation of GBP121 million as at February 3, 2026.


REVEL COLLECTIVE: Statement of Proposals Available Upon Request
---------------------------------------------------------------
Lindsay Kate Hallam, Oliver Stuart Wright, and Matthew Boyd
Callaghan of FTI Consulting LLP, as administrators of The Revel
Collective Plc, provide notice that they will provide, free of
charge, a copy of the statement of proposals of the company for
achieving the purpose of the administration to any member of the
company who applies in writing.

Requests should be sent to:

     The Revel Collective Plc (in Administration)
     c/o FTI Consulting LLP
     200 Aldersgate
     Aldersgate Street
     London, EC1A 4HD

     -- or by email to:

     revelcollectiveadministrators@fticonsulting.com

The Revel Collective Plc is formerly known as Revolution Bars Group
Plc.  It 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-2026-000561.  Lindsay Kate Hallam, Oliver Stuart Wright
and Matthew Boyd Callaghan of FTI Consulting were appointed as
administrators of the Company.  For further details, one may
contact Sakshi Singh at Tel No. +44-20-3727-1000.


[] Fitch Affirms Ratings on Five EMEA Consumer Products Companies
-----------------------------------------------------------------
Fitch Ratings has affirmed five EMEA consumer products companies'
and their associated entities' ratings:

  1. Asmodee Group AB
  2. Birkenstock Holding plc
  3. Flamingo Group International Limited
  4. Flos B&B Italia S.p.A.
  5. Rino Mastrotto Group S.p.A.

These actions follow the update of Fitch's Corporate Rating
Criteria and the Sector Navigators Addendum to the Corporate Rating
Criteria on January 9, 2026.

Corporate Rating Tool Inputs and Scores

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

Asmodee Group AB

The business and financial profile factors are (assessment/relative
importance) management ('bbb-', lower), sector characteristics
('bb+', moderate), market and competitive positioning ('b+',
higher), diversification and asset quality ('b+', higher), company
operational characteristics ('bb+', lower), profitability ('bb+',
lower), financial structure ('bbb', moderate) and financial
flexibility ('bb+', moderate).

The quantitative financial subfactors are assessed based on custom
financial period parameters of 20% weight for historical FY25
(ended March 2025), 40% for forecast FY26 and 40% for forecast
FY27.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'aa-' results in no
adjustment.

The SCP is 'bb-'.

Birkenstock Holding plc

The business and financial profile factors are (assessment/relative
importance): management ('bbb-', moderate), sector characteristics
('bbb-', lower), market and competitive positioning ('bb+',
moderate), diversification and asset quality ('bb-', higher),
company operational characteristics ('bbb-', moderate),
profitability ('a-', lower), financial structure ('a+', moderate)
and financial flexibility ('bbb-', higher).

The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for historical
FY24, 40% for forecast FY25 and 40% for forecast FY26.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'aa-' results in no
adjustment.

The SCP is 'bb+'.

Flamingo Group International Limited

The business and financial profile factors are (assessment/relative
importance): management ('bb', moderate), sector characteristics
('b', moderate), market and competitive positioning ('b', higher),
diversification and asset quality ('b+', moderate), company
operational characteristics ('bb', lower), profitability ('b+',
moderate), financial structure ('bb-', moderate) and financial
flexibility ('b', higher).

The quantitative financial subfactors are assessed based on custom
financial period parameters of 20% weight for historical FY24, 40%
for forecast FY25 and 40% for forecast FY26.

B+ to CC considerations apply in its analysis and result in no
adjustment.

The governance assessment of 'good' results in no adjustment.

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

The SCP is 'b'.

Flos B&B Italia S.p.A.

The business and financial profile factors (assessment/ relative
importance) are management ('bb', moderate), sector characteristics
('bb', moderate), market and competitive positioning ('bb-',
higher), diversification and asset quality ('bb+', moderate),
company operational characteristics ('bb', moderate), profitability
('bbb', lower), financial structure ('b-', higher) and financial
flexibility ('b+', moderate).

The quantitative financial subfactors are assessed based on
standard financial period parameters of 20% weight for historical
FY24, 40% for forecast FY25 and 40% for forecast FY26.

B+ to CC considerations apply in its analysis and lead to an
adjustment of -1 notch.

The governance assessment of 'good' results in no adjustment.

The operating environment assessment of 'a+' results in no
adjustment.

The SCP is 'b'.

RATING ACTIONS

   Entity/Debt                Rating             Recovery   Prior
   -----------                ------             --------   -----
Asmodee Group AB      

                      LT IDR    BB-   Affirmed                BB-
   
   senior secured     LT        BB    Affirmed     RR3        BB

Flos B&B Italia
S.p.A.                

                      LT IDR    B     Affirmed                B

   senior secured     LT        B     Affirmed     RR4        B

Rino Mastrotto
Group S.p.A.          

                      LT IDR    B+    Affirmed                B+

   senior secured     LT        BB-   Affirmed     RR3        BB-

Birkenstock
Holding plc           

                      LT IDR    BB+   Affirmed                BB+

Birkenstock
Financing S.a.r.l.

   senior unsecured   LT        BB+   Affirmed     RR4        BB+

Flamingo Group
International
Limited               

                      LT IDR    B     Affirmed                B

   senior secured     LT        B+    Affirmed     RR3        B+


[] Fitch Affirms Ratings on Four EMEA Food Retail Companies
-----------------------------------------------------------
Fitch Ratings has affirmed four EMEA food retail companies'
ratings, and maintained a fifth company (Casino) on Rating Watch
Negative:

   1. Bellis Finco plc
   2. Casino, Guichard Perrachon
   3. Eroski, S. Coop
   4. Tesco plc
   5. FR Bondco SAS

These actions follow the update of Fitch's Corporate Rating
Criteria and the Sector Navigators -Addendum to the Corporate
Rating Criteria on January 9, 2026.

Corporate Rating Tool Inputs and Scores

Bellis Finco plc

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

- Business and financial profile factors (assessment, relative
importance): management (bb-, moderate), sector characteristics
(bb+, moderate), market & competitive positioning (bb+, higher),
diversification and asset quality (bb+, moderate), company
operational characteristics (bbb-, moderate), profitability (bb-,
moderate), financial structure (ccc+, higher) and financial
flexibility (bb-, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 50% weight for the forecast year FY25,
30% for the forecast year FY26 and 20% for the forecast year FY27.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The governance impact assessment of 'good' results in no
adjustment.

- The operating environment impact assessment of 'aa-' results in
no adjustment.

- The SCP is 'b'.

Casino, Guichard Perrachon S.A.

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (b, moderate), sector characteristics (b,
moderate), market and competitive positioning (b+, lower),
diversification and asset quality (ccc+, moderate), company
operational characteristics (bb-, lower), profitability (ccc-,
higher), financial structure (ccc, moderate) and financial
flexibility (ccc-, higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY24, 40% for the forecast year FY25 and 40% for the forecast
year FY26.

- B+ to CC considerations apply in its analysis and result in an
adjustment of -1 notch.

- The governance assessment of 'some deficiencies' results in no
adjustment.

- The operating environment assessment of 'a+' results in no
adjustment.

- The SCP is 'ccc-'.

FR Bondco SAS

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bb, moderate), sector characteristics
(bbb+, lower), market and competitive positioning (bb-, moderate),
diversification and asset quality (b, moderate), company
operational characteristics (bb+, higher), profitability (bbb+,
moderate), financial structure (ccc+, higher) and financial
flexibility (bb, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY25 , 40% for the forecast year FY265 and 40% for FY27.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The governance assessment of 'good' results in no adjustment.

- The operating environment assessment of 'a+' results in no
adjustment.

- The SCP is 'b'.

Tesco PLC

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bbb+, lower), sector characteristics (bb+,
lower), market and competitive positioning (bbb+, moderate),
diversification and asset quality (bbb-, higher), company
operational characteristics (bbb+, moderate), profitability (bbb+,
moderate), financial structure (bbb+, higher) and financial
flexibility (a-, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year FY25, 40% each for the forecast years FY26 and FY27.

- The governance assessment of 'good' results in no adjustment.

- The operating environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'bbb'.

Eroski, S. Coop

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

- Business and financial profile factors (assessment, relative
importance): management (bbb-, lower), sector characteristics (bb+,
moderate), market & competitive positioning (bb-, higher),
diversification and asset quality (b+, higher), company operational
characteristics (bb+, moderate), profitability (bbb-, moderate),
financial structure (bb-, higher) and financial flexibility (bb-,
moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the forecast year FY25,
50% for the forecast year FY26 and 40% for the forecast year FY27.

- The governance impact assessment of 'good' results in no
adjustment.

- The operating environment impact assessment of 'a' results in no
adjustment.

- The SCP is 'bb-'.

RATING ACTIONS
  
   Entity/Debt              Rating                Recovery  Prior
   -----------              ------                --------  -----
Tesco Corporate
Treasury Services PLC

   senior unsecured   LT      BBB   Affirmed                 BBB

   senior unsecured   ST      F2    Affirmed                 F2

Bellis Finco plc      

                      LT IDR  B     Affirmed                 B

Picard Groupe SAS

   senior secured     LT      B+    Affirmed          RR3    B+

Quatrim S.A.S.

   senior secured     LT      B-    Rating Watch      RR1    B-
                                    Maintained

Tesco PLC  

                      LT IDR  BBB   Affirmed                 BBB

                      ST IDR  F2    Affirmed                 F2

   senior unsecured   LT      BBB   Affirmed                 BBB

   senior unsecured   ST      F2    Affirmed                 F2

FR Bondco SAS         

                      LT IDR  B     Affirmed                 B

   senior unsecured   LT      CCC+  Affirmed          RR6    CCC+

Lion/Polaris Lux
Midco S.a r.l.

   senior secured     LT      B+    Affirmed          RR3    B+

Casino, Guichard-
Perrachon S.A.        

                      LT IDR  CCC-  Rating Watch             CCC-
                                    Maintained

   senior secured     LT      C     Affirmed          RR6    C

Eroski, S. Coop       

                      LT IDR  BB-   Affirmed                 BB-

   senior secured     LT      BB+   Affirmed          RR2    BB+

Bellis Acquisition
Company Plc

   senior secured     LT      BB-   Affirmed          RR2    BB-

Tesco Corporate
Treasury Services
Europe Designated
Activity Company

   senior unsecured   LT     BBB   Affirmed                  BBB

   senior unsecured   ST     F2    Affirmed                  F2


[] Fitch Affirms Ratings on Three EMEA Leisure Companies
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of three EMEA leisure
companies' and their associated entities;

   1. Deuce Midco Limited
   2. eDreams ODIGEO S.A.
   3. Pinnacle Bidco plc

These actions follow the update of Fitch's Corporate Rating
Criteria and the Sector Navigators - Addendum to the Corporate
Rating Criteria on January 9, 2026. The criteria changes did not
affect the companies' ratings or Fitch's Outlook.

Corporate Rating Tool Inputs and Scores

Deuce Midco Limited

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

- Business and financial profile factors (assessment, relative
importance): Management (bb-, moderate), Sector Characteristics
(bb+, moderate), Market and Competitive Positioning (bb+,
moderate), Diversification and Asset Quality (bb-, lower), Company
Operational Characteristics (bbb-, moderate), Profitability (b+,
higher), Financial Structure (ccc+, higher), and Financial
Flexibility (b+, moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b'.

eDreams ODIGEO S.A.

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

- Business and financial profile factors (assessment, relative
importance): Management (bb+, lower), Sector Characteristics (b,
higher), Market & Competitive Positioning (bb-, moderate),
Diversification and Asset Quality (b+, moderate), Company
Operational Characteristics (bbb-, moderate), Profitability (bb-,
higher), Financial Structure (b+, moderate), and Financial
Flexibility (bb-, moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 30% weight for the forecast year 2025,
30% for the forecast year 2026, 25% for the forecast year 2027 and
15% for the forecast year 2028.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'a+' results in no
adjustment.

- The SCP is 'b+'.

Pinnacle Bidco plc

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

- Business and financial profile factors (assessment, relative
importance): Management (bb-, moderate), Sector Characteristics
(bb+, lower), Market and Competitive Positioning (bb, moderate),
Diversification and Asset Quality (bb-, moderate), Company
Operational Characteristics (bb+, moderate), Profitability (b,
moderate), Financial Structure (b-, higher), and Financial
Flexibility (ccc, higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- B+ to CC considerations apply in its analysis and result in no
adjustment.

- The Governance assessment of 'Good' results in no adjustment.

- The Operating Environment assessment of 'aa-' results in no
adjustment.

- The SCP is 'b-'.

RATING ACTIONS

   Entity/Debt                   Rating          Recovery   Prior
   -----------                   ------          --------   -----
eDreams ODIGEO S.A.     

                        LT IDR    B+    Affirmed             B+

   senior secured       LT        B+    Affirmed   RR4       B+

Deuce Midco Limited     

                        LT IDR    B     Affirmed             B

Pinnacle Bidco plc      

                        LT IDR    B-    Affirmed             B-

   senior secured       LT        B     Affirmed   RR3       B

   super senior         LT        BB-   Affirmed   RR1       BB-

Deuce FinCo plc

   senior secured       LT        B+    Affirmed   RR3       B+



===============
X X X X X X X X
===============

[] BOOK REVIEW: PANIC ON WALL STREET
------------------------------------
A History of America's Financial Disasters

Author:      Robert Sobel
Publisher:   Beard Books
Softcover:   469 Pages
List Price:  $34.95
Review by:   Gail Owens Hoelscher
http://www.beardbooks.com/beardbooks/panic_on_wall_street.html   

"Mere anarchy is loosed upon the world, the blood-dimmed tide is
loosed, and everywhere the ceremony of innocence is drowned; the
best lack all conviction, while the worst are full of passionate
intensity."

What a terrific quote to find at the beginning of a book on a
financial catastrophe! First published in 1968. Panic on Wall
Street covers 12 of the most painful episodes in American financial
history between 1768 and 1962. Author Robert Sobel chose these
particular cases, among a dozen or so others, to demonstrate the
complexity and array of settings that have led to financial panics,
and to show that we can only make; the vaguest generalizations"
about financial panic as a phenomenon.  In his view, these 12 all
had a great impact on Americans of the time, "they were dramatic,
and drama is present in most important events in history." They had
been neglected by other financial historians. They are:

       William Duer Panic, 1792
       Crisis of Jacksonian Fiannces, 1837
       Western Blizzard, 1857
       Post-Civil War Panic, 1865-69
       Crisis of the Gilded Age, 1873
       Grant's Last Panic, 1884
       Grover Cleveland and the Ordeal of 183-95
       Northern Pacific Corner, 1901
       The Knickerbocker Trust Panic, 1907
       Europe Goes to War, 1914
       Great Crash, 1929
       Kennedy Slide, 1962

Sobel tells us there is no universally accepted definition if
financial panic. He quotes William Graham Sumner, who died long
before the Great Crash of 1929, describing a panic as "a wave of
emotion, apprehension, alarm. It is more or less irrational. It is
superinduced upon a crisis, which is real and inevitable, but it
exaggerates, conjures up possibilities, take away courage and
energy."

Sobel could find no "law of panics" which might allow us to predict
them, but notes their common characteristics. Most occur during
periods of optimism ("irrational exuberance?"). Most arise as
"moments of truth," after periods of self-deception, when players
not only suddenly recognize the magnitude of their problems, but
are also stunned at their inability to solve them. He also notes
that strong financial leaders may prove a mitigating factor, citing
Vanderbilt and J.P. Morgan.

Sobel concludes by saying that although financial panics have
proven as devastating in some ways as war, and while much research
has been carried out on war and its causes, little research has
been done on financial panics. Panics on Wall Street stands as a
solid foundation for later research on the topic.



                           *********


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 * * *