260302.mbx

260302.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Monday, March 2, 2026, Vol. 27, No. 43 Headlines F R A N C E ELIOR GROUP: Fitch Hikes IDR to 'BB-', Outlook Stable I R E L A N D ARMADA EURO VI: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes BNPP AM 2018: Fitch Affirms B+sf Rating on Class F Notes DEEN PARK: Fitch Affirms 'B-sf' Rating on Class F-R Notes HENLEY CLO VII: Fitch Assigns B-sf Final Rating on Cl. F-R-R Notes N E T H E R L A N D S COTY BV: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative P O L A N D DL INVEST: Fitch Affirms 'BB-' IDR, Outlook Positive INPOST SA: Fitch Puts 'BB+' LongTerm IDRs on Watch Negative S P A I N AEDAS HOMES: Fitch WIthdraws LongTerm IDR to 'B+' T U R K E Y RONESANS GAYRIMENKUL: Fitch Affirms 'BB-' IDR, Outlook Stable U N I T E D K I N G D O M BELTLINE CAPITAL: Kroll Advisory Appointed as Joint Administrators FIRST PACKAGING : Kroll Advisory Appointed as Joint Administrators LEIGHTON PACKAGING: Kroll Advisory Appointed as Administrators PROJECT AURORA 1: Fitch Assigns 'B' LongTerm IDR, Outlook Positive PUNCH PUBS: Fitch Affirms 'B-' LongTerm IDR on GBP50-Mil. Add-On W.T. CONSTRUCTION: Leonard Curtis Appointed as Administrators X X X X X X X X [] Fitch Affirms Rating on Four EMEA Midstream Companies [] Fitch Affirms Ratings on 11 EMEA Chemical Companies [] Fitch Affirms Ratings on 3 European Telecom Infra Companies [] Fitch Affirms Ratings on 8 EMEA For-Rent Property Companies [] Fitch Affirms Ratings on Four EMEA Non-Food Retail Companies - - - - - =========== F R A N C E =========== ELIOR GROUP: Fitch Hikes IDR to 'BB-', Outlook Stable ----------------------------------------------------- Fitch Ratings has upgraded Elior S.A. to 'BB-' from 'B+' with a Stable Outlook and its senior unsecured rating to 'BB-' from 'B+' with a Recovery Rating of 'RR4'. The upgrade reflects Fitch's view that Elior's Standalone Credit Profile (SCP) has improved to 'b+' from 'b', driven by continued strong trading performance. This has supported higher EBITDA margins, deleveraging and sustainably positive free cash flow (FCF). Elior's 'BB-' IDR reflects Fitch's application of its Parent and Subsidiary Linkage (PSL) Criteria to a weaker subsidiary (Elior) and a stronger parent, Derichebourg S.A. (BB+/Stable), which owns 48% of Elior's share capital. Fitch's bottom-up assessment results in a one-notch uplift from Elior's 'b+' SCP. Elior's ratings reflect its robust business model, strong position in the French catering market, meaningful scale and improving profitability. They also reflect Fitch's expectations that the company will use cash on its balance sheet to reduce its Fitch-defined leverage below 5.5x in FY26 (year-end September). Key Rating Drivers Improving Profitability: The Fitch-adjusted EBITDA margin reached 4.1% in FY25 compared to 3.5% in FY24. Fitch forecasts a moderate increase to 4.3% in FY26 with further improvements by 10 to 20 basis points per year until FY29. This is a large increase from FY20-FY23 and brings Elior's leverage to levels commensurate with a 'b+' SCP. The improvement follows the exit of non-profitable contracts, more disciplined pricing for renewals and ongoing cost reductions. The company improved its margins in FY25 despite pressure in its Multiservices division from supply-chain bottlenecks in aeronautics and lower demand for temporary staffing solutions in France. Deleveraging Expected: Fitch expects deleveraging driven by low single digit organic growth and profitability improvements. Fitch forecasts the company will address the unredeemed EUR159 million senior notes maturing in 2026 through a mix of cash, its available sources of financing or through the issuance of new debt. Fitch expects that by September 2026, the company will use around EUR100 million of cash on its balance sheet to reduce its total debt. This reduction would result in a Fitch-defined leverage of 5.4x, below its maximum threshold for a 'b+' SCP, deleveraging further to 4.3x in FY29. Robust Business Model: Elior's robust business model reflects its strong position in the French catering market, large contract base and diverse customer pool with low churn rates. This supports its 'b+' Standalone Credit Profile (SCP). The 2023 addition of Derichebourg Multi Services (DMS) has increased business diversification beyond its catering-only business. The multi-services segment represented 27% of revenue in FY25. Financial Policy Focuses on Deleveraging: Fitch factors in Elior's deleveraging focus and its policy of limiting dividend until net leverage, as calculated by company, falls below 3.0x. This reflects differences between Fitch's and Elior's leverage definition. Fitch expects Derichebourg S.A. to support this strategy, given the nature of its investments in Elior. Fitch calculates leverage on a gross basis and includes off balance sheet securitization debt (EUR443 million at FYE25), which adds about 1.8x of leverage. Additional debt to increase balance-sheet cash would raise Fitch-calculated leverage but would not affect the company's net leverage. A more aggressive financial policy that weakens deleveraging could pressure the ratings. Stronger Parent: Fitch applies a bottom-up assessment in accordance with its Parent and Subsidiary Linkage Criteria, reflecting the stronger parent and weaker subsidiary. Fitch assesses Derichebourg's legal and operational incentives to support Elior as 'low' and the strategic incentive as 'medium'. This reflects the material value of Elior to Derichebourg, resulting in a one-notch uplift from Elior's 'b+' SCP to its 'BB-' IDR. Thin but positive FCF: Fitch-defined FCF was 1.0% of revenue in FY25. Fitch expects it to be about breakeven in FY26 as capex rises to around 3% to support business development. From FY27 on, Fitch forecasts capex at 2% of revenue, in line with the company's guidance. This should support FCF improving to about 1% in FY29. Sustained neutral to negative FCF could pressure the ratings. Limited Geographical Diversification: Elior's revenues are concentrated in Europe, at 78% of FY25 net sales. It has historically focused on the French market, generating about half of its sales there. This concentration exposes Elior to regional downturns, but its clients operate across diverse industries, which mitigates the risk. Strong Market Share, Revenue Visibility: Elior benefits from a strong market share of 22% in its key French catering market. Fitch also views positively its exposure to different end-markets, such as private businesses, healthcare providers and education companies, which provides some revenue and earnings stability across economic cycles. Elior also has high retention rates (90.6% at FYE25) across its diversified customer base on multiyear contracts and with its top 10 customers, which accounted for 13% of FY25 total revenue. Peer Analysis Fitch compares Elior to CD&R and WSH Limited (B+/Stable). Elior has a greater scale and better diversification, as WSH is focused on the U.K., but WSH benefits from stronger profitability and sustained positive FCF generation as well as higher organic growth. Elior's cost reduction and pricing discipline are bringing its profit levels closer to WSH's. Elior's business profile is also similar to Sodexo SA's (BBB+/Stable). The wide rating difference is warranted by Elior's lower geographical diversification, much smaller scale and weaker credit metrics overall. Elior is mostly present in Europe (around 78% of its revenue), while Sodexo has a balanced presence across Europe (36% of FY25 revenue), North America (46%) and rest of the world (18%). Fitch estimates Elior's leverage at 5.4x in FY26 and forecast Sodexo's at 2.5x. Fitch also compares Elior with other business services providers, such as Assemblin Caverion Group AB (B/Positive). Elior's 'b+' SCP reflects a more balanced end-market, geographical mix, and deleveraging prospects. Elior's 'BB-' IDR benefits from a one-notch uplift, due to the stronger parent, in accordance with Fitch's Parent-Subsidiary Linkage Criteria. Fitch’s Key Rating-Case Assumptions - Revenue growth of low single digits through FY29 - EBITDA margins gradually rise to 4.7% by FY29 - Capex at 3% of revenue in FY26, then 2% over the forecast period - Working-capital inflow of 0.3% of revenue in FY26, then outflows of 0.1% to FY29 - Dividend payments of EUR 10 million annually to FY29 - M&A spend of about EUR10 million annually to FY29 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (b, Higher), Financial Structure (b-, 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 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a bottom up +1 approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A multi-notch downgrade of Derichebourg, or a weakening of strategic ties between Elior and Derichebourg, that leads Fitch to assess Elior on a standalone basis. The Following Developments Would be Considered for a Downward Revision of Elior's SCP - Loss of contracts that weakens Elior's competitive position in its main markets; - EBITDA margins remaining below 4%; - Gross debt/EBITDA sustained above 5.5x; - EBITDA interest cover falling below 3.0x; - FCF deteriorating toward neutral. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA margins sustained above 6%; - Gross debt/EBITDA sustained below 4.5x; - EBITDA interest cover rising above 4.0x; - Retention rate improved to 95%; - Mid-single-digit FCF margins. Liquidity and Debt Structure Comfortable Liquidity: Elior reported a cash position of EUR195 million at September 2025. In addition, it has access to a EUR800 million securitization program which provides additional liquidity through receivables. As of end-September 2025, that program was used for EUR135 million on balance sheet and EUR443 million off balance sheet. Fitch restricts EUR30 million from reported cash for intra-year working capital fluctuations which tend to peak in the first half of the financial year, resulting in Fitch-defined cash of EUR165 million as of September 2025. Elior currently has EUR159 million outstanding due in July 2026. This is covered by a restriction on the RCF availability for the same amount, which will be released after repayment of the notes. Accounting for this restriction, Elior had EUR155 million available under its EUR430 million RCF. The company also uses a CP Programme, which was utilized by EUR 81 million as of end September 2025. Issuer Profile Elior is an international contract catering and diversified services provider. Its services include cleaning, facility management, electrical and climate engineering, maintenance, hosting and reception services, remote surveillance, energy efficiency, public lighting, green spaces, temporary employment agencies, and subcontracting in the engineering and aerospace industries. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Elior Group S.A. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Elior Group S.A. LT IDR BB- Upgrade B+ senior unsecured LT BB- Upgrade RR4 B+ ============= I R E L A N D ============= ARMADA EURO VI: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned Armada Euro CLO VI DAC's notes final ratings. Entity/Debt Rating ----------- ------ Armada Euro CLO VI DAC A-R XS3278627073 LT AAAsf New Rating B-R XS3278627156 LT AAsf New Rating C-R XS3278627230 LT Asf New Rating Class X XS3281858145 LT AAAsf New Rating D-R XS3278627669 LT BBB-sf New Rating E-R XS3278627743 LT BB-sf New Rating F-R XS3278627826 LT B-sf New Rating Transaction Summary Armada Euro CLO VI DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR300 million. The portfolio is actively managed by Brigade Capital Europe Management LLP. The CLO has an about 4.5-year reinvestment period and an 8.5 year weighted average life (WAL) test limit. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch places the average credit quality of obligors at 'B'. The Fitch weighted average rating factor of the identified portfolio is 22.8. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the indicative portfolio is 64.3%. Diversified Asset Portfolio (Positive): The transaction includes three sets of Fitch test matrices, one of which is effective at closing. Each set includes two matrices with fixed-rate obligation limits of 5% and 12.5%. The closing matrix set corresponds to a top 10 obligor concentration limit of 20%, and an 8.5-year WAL covenant. The forward matrix sets correspond to the same top 10 obligor limit, one with a 7.5-year WAL test covenant and the other at seven years. The forward matrices will be effective 12 months and 18 months, respectively, after closing, provided the aggregate collateral balance (defaults carried at Fitch-calculated collateral value) is at least at the reinvestment target par balance, among other conditions. The transaction also includes various other concentration limits, including a maximum exposure to the three-largest Fitch-defined industries in the portfolio of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has an approximately 4.5-year reinvestment period and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the stressed portfolio was 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period, including passing the over-collateralisation and Fitch 'CCC' limitation tests, and a WAL covenant that progressively steps down. In Fitch's opinion, these conditions reduce the effective risk horizon of the portfolio during the stress period. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A-R notes and lead to downgrades of no more than one notch for the class B-R, C-R, D-R and E-R notes and to below 'B-sf' for the class F-R notes. Based on the current 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 of the current portfolio than the Fitch-stressed portfolio the notes display rating cushions to downgrades of up to three notches. Should the cushion between the current portfolio and the Fitch-stressed portfolio erode 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 have no impact on the class X notes and result in downgrades of four notches for the class B-R and C-R notes, three notches for the class A-R and D-R notes and to below 'B-sf' for the class E-R and F-R 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 lead to an upgrade of up to three notches for the rated notes, except for the 'AAAsf' notes, which are at the highest level on Fitch's scale and cannot be upgraded. 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 Armada Euro CLO VI DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. 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 Armada Euro CLO VI 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. BNPP AM 2018: Fitch Affirms B+sf Rating on Class F Notes -------------------------------------------------------- Fitch Ratings has revised the Outlook on BNPP AM Euro CLO 2018 DAC's class F notes to Negative from Stable. All notes have been affirmed. Entity/Debt Rating Prior ----------- ------ ----- BNPP AM Euro CLO 2018 DAC A-R XS2306989299 LT AAAsf Affirmed AAAsf B-R XS2306989539 LT AA+sf Affirmed AA+sf C-R XS2306989885 LT A+sf Affirmed A+sf D-R XS2306990206 LT BBB+sf Affirmed BBB+sf E XS1857679499 LT BB+sf Affirmed BB+sf F XS1857679655 LT B+sf Affirmed B+sf Transaction Summary BNPP AM Euro CLO 2018 DAC is a cash flow CLO backed by a portfolio of mainly European leveraged loans and bonds. The transaction is actively managed by BNP Paribas Asset Management France and exited its reinvestment period on 15 October 2022. KEY RATING DRIVERS Portfolio Deterioration Drives Negative Outlooks: The Negative Outlook on the class F notes reflects the portfolio credit risk deterioration. Due to par losses and erosion in the default rate cushions since the last review, the class F notes have reduced protection against new defaults at their current ratings. The class F over-collateralisation cushion has reduced to 0.25% from 1.77% at the last review in May 2025. The transaction is breaching its Fitch 'CCC' limit. Exposure to assets with a Fitch-derived rating of 'CCC+' and below is 8.6%, compared with a limit of 7.5%, according to the latest trustee report dated January 2026. The transaction is now 2.38% below par compared with 2.08% at the previous review. Exposure to assets with a Negative Outlook account for 20% of the portfolio, as calculated by Fitch. Sufficient Cushion for Higher-Ranking Notes: The class A-R to E notes have retained sufficient buffers to support their current ratings and should be capable of absorbing further defaults and par erosion in the portfolio. This is reflected in their Stable Outlooks. Transaction Outside Reinvestment Period: The transaction is failing the weighted average life (WAL) test, Fitch's and another rating agency's 'CCC' test, another agency's weighted average rating factor (WARF) test according to the trustee report. The manager has not made any purchases since October 2025. As a result, the upgrade analysis is based on the current portfolio with assets on Negative Outlook notched down once, while the WAL is floored at four years, according to Fitch's criteria. Portfolio Diversification: The top 10 obligor concentration as calculated by the trustee is 14.3%, which is below the test limit of 15% and has increased from 12.2% since the last review. However, the portfolio is well-diversified across countries and industries with exposure to the three largest Fitch-defined industries at 25.2%, as calculated by the trustee, which is below the test limit of 40%. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the obligors at 'B'/'B-'. The Fitch-calculated WARF of the current portfolio is 27.5% as calculated by Fitch under its latest criteria. High Recovery Expectations: Senior secured obligations comprise 99% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 62.0% (based on the most recent criteria). Model-Implied Rating Deviation: The class B-R notes' rating is one notch below their model-implied rating, reflecting the thin default-rate cushions at higher ratings. A deterioration in portfolio credit quality would further erode the cushions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if build-up of credit enhancement following amortisation does not compensate for a larger loss expectation than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may occur if the portfolio quality remains stable and the notes continue amortising, leading to higher credit enhancement across the structure. 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 BNPP AM Euro CLO 2018 DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. 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. Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action 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 BNPP AM Euro CLO 2018 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. DEEN PARK: Fitch Affirms 'B-sf' Rating on Class F-R Notes --------------------------------------------------------- Fitch Ratings has upgraded Deer Park CLO DAC's class D-R notes and affirmed the others. Entity/Debt Rating Prior ----------- ------ ----- Deer Park CLO DAC A-R XS2393983759 LT AAAsf Affirmed AAAsf B-1-R XS2393983916 LT AAsf Affirmed AAsf B-2-R XS2393984138 LT AAsf Affirmed AAsf C-R XS2393984302 LT Asf Affirmed Asf D-R XS2393984567 LT BBBsf Upgrade BBB-sf E-R XS2393984724 LT BBsf Affirmed BBsf F-R XS2393985028 LT B-sf Affirmed B-sf Transaction Summary Deer Park CLO DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of corporate rescue loans, senior unsecured, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds. The transaction is still within the reinvestment period, which will end in April 2026 and the portfolio is managed by Blackstone Ireland Limited KEY RATING DRIVERS Low Refinancing Risks: The transaction has manageable limited near- and medium-term refinancing risk, with no portfolio assets maturing in 2026 and 2.7% maturing in 2027. The comfortable default rate cushions for all classes of notes support the rating actions. Losses Below Rating Case Assumptions: The transaction performance has been stable with all tests passing. The transaction was around 0.3% below par (calculated as the current par difference over the original target par), due to EUR1.5 million reported defaults in the portfolio. Exposure to assets with a Fitch-derived rating of 'CCC+' and below is 6.4%, according to the latest trustee report, compared with a limit of 7.5%. Losses are well below its rating case assumptions. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor of the current portfolio is 24.85, as calculated by Fitch under its latest criteria. About 18.8% of the portfolio is currently on Negative Outlook. High Recovery Expectations: Senior secured obligations comprise 98.6% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 60.7%. Diversified Portfolio: The portfolio is well-diversified across obligors, countries and industries. The top 10 obligor concentration, as calculated by Fitch, is 11.5%, and no obligor represents more than 1.6% of the portfolio balance. Exposure to the three largest Fitch-defined industries is 34.4%, as calculated by Fitch. Fixed-rate assets as reported by the trustee are 3.4%, complying with the limit of 10%. Deviation from MIRs: The class B-1-R, B-2-R, C-R, D-R and the class E-R notes are rated one notch below their respective model-implied ratings (MIRs). The deviations reflect insufficient default rate cushions at the MIRs Cash Flow Analysis: Since the manager can still reinvest the portfolio, for the upgrade analysis, Fitch tests the stress portfolio through the entire Fitch test matrix in the transaction documents. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. 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 Deer Park CLO DAC Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. 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 Deer Park CLO 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. HENLEY CLO VII: Fitch Assigns B-sf Final Rating on Cl. F-R-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned Henley CLO VII DAC reset notes final ratings. Entity/Debt Rating Prior ----------- ------ ----- Henley CLO VII DAC A Loan LT AAAsf New Rating A-R XS2874094191 LT PIFsf Paid In Full AAAsf A-R-R XS3281859036 LT AAAsf New Rating B-1-R XS2874094357 LT PIFsf Paid In Full AAsf B-2 XS2445871432 LT PIFsf Paid In Full AAsf B-R-R XS3281854748 LT AAsf New Rating C-R XS2874094605 LT PIFsf Paid In Full Asf C-R-R XS3281855554 LT Asf New Rating D-R XS2874094860 LT PIFsf Paid In Full BBB-sf D-R-R XS3281855711 LT BBB-sf New Rating E-R XS2874095081 LT PIFsf Paid In Full BBsf E-R-R XS3281856016 LT BB-sf New Rating F-R XS2874095248 LT PIFsf Paid In Full B-sf F-R-R XS3281856289 LT B-sf New Rating Transaction Summary Henley CLO VII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans, first-lien, last-out loans and high-yield bonds. Net proceeds from the notes have been used to redeem the existing notes, except the subordinated notes, and to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Napier Park Global Capital Ltd. The transaction has a 4.5-year reinvestment period, and an 8.5-year weighted average life (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors to be in the ' B/B-' category. The Fitch weighted average rating factor of the identified portfolio is 24.8. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 60.1%. Diversified Asset Portfolio (Positive): The transaction has various concentration limits, including a maximum exposure to the three largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction includes four matrices, all corresponding to a top 10 obligor concentration limit at 18%. Two matrices are effective at closing and correspond to two fixed-rate asset limits of 5% and 10% and an 8.5-year WAL test. The other two matrices can be selected by the manager at any time from 12 months after closing and correspond to the same two fixed-rate asset limits and a 7.5-year WAL test. The transaction has a reinvestment period of about 4.5 years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL Fitch modelled in the transaction's stressed portfolio and matrices analysis is 12 months less than the WAL test covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing both the coverage tests and the Fitch 'CCC' maximum limit, as well as a WAL test covenant that progressively steps down, both before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A-RR and E-RR notes, and would lead to downgrades of one notch each for the class B-RR, C-RR and D-RR notes, and to below 'B-sf' for the class F-RR notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-RR, D-RR, E-RR and F-RR notes each have a rating cushion of two notches and the class C-RR notes have a cushion of one notch, due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A-RR notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the Fitch-stressed portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of four notches each for the class B-RR and C-RR notes, three notches each for the class A-RR, D-RR and E-RR notes, and to below 'B-sf' for the class F-RR notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to five notches each for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may result from a stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognised Statistical Rating Organisations 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 rating 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 Henley CLO VII 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. ===================== N E T H E R L A N D S ===================== COTY BV: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative --------------------------------------------------------------- Fitch Ratings has affirmed Coty Inc. (Coty) and Coty B.V.'s Long-Term Issuer Default Ratings (IDRs) at 'BB+', with the credit facility and senior notes affirmed at 'BBB-' with a Recovery Rating of 'RR2'. The Rating Outlook has been revised to Negative from Stable. The Outlook revision reflects weak like-for-like (LFL) sales trends, with underperformance in prestige fragrances, and accelerated market share losses in consumer beauty. This reflects execution issues in the U.S and a general slowdown in the global beauty market. Fitch expects EBITDA to trend in the mid-$800 million range in fiscal 2026 (ending June 2026) and fiscal 2027, and for EBITDA leverage to be elevated in the 4.3x-4.4x range in fiscal 2026 despite significant debt reduction from FCF and proceeds from the recent sale of its remaining stake in Wella. An inability to reduce leverage to under 4x in fiscal 2027 could lead to a rating downgrade. Key Rating Drivers Operating Weakness: Coty's results have been weak over the past few quarters, with average LFL declines in the mid-single digits. Fitch expects revenue growth to remain weak through fiscal 2027, after several years of strong operating momentum. Coty has seen market share losses in both prestige fragrances and its consumer beauty business, largely due to execution issues in the U.S. business (about 25% of total revenue), against a backdrop of a deceleration in overall beauty market growth and retailer inventory destocking. The company recently announced management changes, bringing in Mark Strobel as Executive Chairman and Interim CEO. Weakness in Prestige: Prestige beauty, which has been a bright spot for Coty and accounted for 65% of revenue and over 80% of EBITDA in fiscal 2025, has witnessed recent market share losses. Coty's prestige revenue was flat in fiscal 2025 after growing approximately 13% in fiscal 2024, with LFL revenue down 6% in 1Q26 and down 2% in 2Q26. The company has cited inventory destocking, increased promotions during the holiday season and weakness in the Hugo Brand business in 1H26. Fitch expects the prestige fragrance segment to remain flat in fiscal 2026 before resuming modest growth in fiscal 2027. Coty's recent sales contraction suggests some execution challenges. Stabilizing share would require improvement to brand elements, including product innovation, marketing and price promotion. Fitch will assess the new CEO's plans to revitalize its prestige brands to gauge the timing and ability of Coty to return its portfolio to market share stability and improve profitability. Strategic Review of Consumer Beauty: The company launched a strategic review of its $1.2 billion revenue mass color cosmetics business mid-2025, which includes Covergirl, Rimmel, Max Factor and Sally Hansen, and its $400 million Brazil business. Repositioning efforts of its mass color cosmetics has been challenging, and the business saw market share losses over the last few years, which accelerated recently with LFL sales down 11% in 1Q26 and 8% in 2Q26. The review will assess a full range of alternatives including partnerships, divestitures, spin-offs, and other potential strategic actions, with potential proceeds used towards debt reduction or investments in its business. Leverage Elevated at Over 4x: Coty ended fiscal 2025 with around $4.4 billion in debt (including its preferred and A/R securitization) and EBITDA leverage at 4.1x, similar to fiscal 2024. Fitch expects leverage around 4.3x-4.4x in fiscal 2026, given projected EBITDA in the mid-$800 million range, from the average $1 billion range over fiscal 2023-2025. This is despite significant debt reduction, which Fitch projects at over $700 million in fiscal 2026, given the recent sale of its remaining stake in Wella for gross proceeds of $750 million. An inability to reduce EBITDA leverage to under 4x in fiscal 2027 from EBITDA growth and/or debt reduction could lead to a rating downgrade. Dynamic and Evolving Industry: The fragrance and color cosmetics industries have demonstrated positive long-term characteristics, including mid-single-digit annual growth and relatively high margins, due to a growing middle class, premiumization of fragrances and skincare products, and a focus on wellness. However, the strong growth rates for prestige brands and fragrances have moderated recently given the overall pullback in discretionary consumer spending. Peer Analysis Similarly rated peers in the consumer products sector include Reynolds Consumer Products Inc. (BB+/Stable), Central Garden & Pet Company (CENT; BB/Stable) and Spectrum Brands, Inc. (BB/Stable) Reynolds Consumer Products' 'BB+' ratings reflect its conservative financial policies, with EBITDA leverage projected to remain below 3x over the rating horizon. A focus on innovation supports its leading market position and liquidity is robust with good annual FCF generation. This is offset by Reynolds' smaller scale, high exposure to raw material price fluctuations, and limited product diversity vs. larger consumer goods firms. CENT's 'BB' ratings reflect strong positions in pet and garden consumables, recent margin improvement from cost and portfolio optimization initiatives, and ample liquidity with moderate EBITDA leverage below 4x. The ratings acknowledge the company's smaller scale versus larger consumer peers, ongoing product portfolio rationalization, and exposure to durables and weather, which temper topline growth. Spectrum's 'BB' ratings reflect the company's low leverage across the rating horizon, which helps balance its smaller scale, its relatively diversified portfolio, and uncertainty around its business mix over the next several years. Fitch’s Key Rating-Case Assumptions Fitch's assumptions below do not reflect any potential divestitures or spin-off of businesses based on a strategic review of the company's Consumer Beauty business. - Revenue declines at approximately 2% in fiscal 2026 on a fiscal 2025 revenue base of $5.9 billion, with mid-single digits declines in F1Q and flattish revenue for the remainder of the year. Fitch expects organic revenue to be flat in fiscal 2027, assuming recovery in its fragrance business offset by low- to mid-single digit decline in its consumer beauty (mass market cosmetics) brands; - EBITDA in fiscal 2026 declines of around 20% to $860 million on top line declines, with EBITDA margins falling to approximately 15% from 18.4% in FY2025. EBITDA is expected to remain flat in fiscal 2027; - FCF of around $200 million in fiscal 2026 and fiscal 2027; - EBITDA leverage is expected to increase to the 4.3x-4.4x in fiscal 2026, on account of EBITDA contraction inspite of a projected $700 million in debt paydown from its recent sale of its Wella stake and FCF. Fitch's debt calculations include $143 million in preferred stock and approximately $210 million to $220 million in factored receivables; - Coty's debt generally has fixed interest rate structures aside from its revolving credit facilities (RCFs). Pricing is SOFR +125bps for the $1.67 billion revolver and Euribor +125bps for the EUR300 million tranche. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb-, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch assigns Recovery Ratings (RRs) to the various debt tranches in accordance with Fitch's criteria, which allows for the assignment of RRs for issuers with IDRs in the 'BB' category. Given the distance to default, RRs in the 'BB' category are not computed by bespoke analysis. Instead, they serve as a label to reflect an estimate of the risk of these instruments relative to other instruments in the entity's capital structure. Fitch has affirmed Coty's senior secured credit facilities at 'BBB-'/'RR2', indicating outstanding recovery prospects in the event of default. The senior credit facilities are senior secured obligations of Coty and are guaranteed on a senior secured basis by each of Coty's wholly owned domestic subsidiaries. Fitch has also affirmed Coty's $793 million senior secured notes and $2.2 billion unsecured notes due 2027, 2030, and 2031 at 'BBB-'/'RR2'. The notes went from secured to unsecured, with a covenant suspension and collateral release in effect since September 2024 as described below in the Criteria Variation section. The Series B preferred stock is rated 'BB-'/'RR6' due to its deeply subordinated nature. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A downgrade to 'BB' could result from a worse-than-expected deceleration in top-line growth and decline in EBITDA margins such that EBITDA leverage is sustained above 4.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - An upgrade of Coty's ratings to 'BBB-' could result from strong operating performance, with annual organic top-line growth in the low- to mid-single digits, stable to improving market shares, with EBITDA leverage sustained under 3.5x; - A stabilization of Coty's ratings could result from stabilizing revenue trends and improving EBITDA, which along with debt reduction, would lead to leverage being sustained in the mid to high 3x range. Liquidity and Debt Structure Coty's liquidity as of Dec 31, 2025, consisted of $436.7 million in cash and around full availability under its $2.0 billion RCFs. The company has two senior secured revolving credit tranches maturing in July 2028: a $1.670 billion tranche available in U.S. dollars and other currencies, and a EUR300 million tranche. Coty had no revolver borrowings outstanding as of Dec 31, 2025. Coty also maintains receivables factoring facilities, including a U.S. facility of $150 million and a European facility of EUR143 million. Net utilization was $229.8 million as of Dec 31, 2025, and Fitch includes this in its debt calculations. As of Dec 31, 2025, Coty had $3.0 billion of senior notes and $142 million of convertible series B preferred stock. Fitch treats the preferred stock as debt due to its high coupon, which creates a lack of permanence in the capital structure. Coty's upcoming debt maturities include EUR250 million of notes due April 2026 and EUR500 million due May 2027, which Fitch expects could be paid down with a combination of FCF, revolving borrowings and refinancing activity. The company recently paid off EUR500 million of notes due September 2028 with proceeds from the Wella sale. Fitch expects Coty to generate around $200 million in FCF in fiscal 2026 and fiscal 2027. Issuer Profile Founded in 1904, Coty Inc. is one of the world's largest beauty companies. It manufactures, markets and distributes prestige and mass market products with a top three global position in prestige fragrances. Criteria Variation According to Fitch's "Corporates Recovery Ratings and Instrument Ratings Criteria," unsecured debt is capped at 'RR4'/+0. Fitch maintains an 'RR2' Recovery Rating and +1 notching for the $2.2 billion senior notes due 2027, 2030 and 2031, which were converted from secured to unsecured. This reflects the high likelihood that the notes' security will reactivate near or upon a default. Implicit in this assumption is that the liens created in favor of the holders of these notes wouldn't provide more capacity for new secured debt than what already exists in the indentures. Coty's senior secured notes are its senior secured obligations. The notes are guaranteed on a senior secured basis by each of Coty's wholly owned domestic subsidiaries that guarantees the company's obligations under its existing senior secured credit facilities. The notes are secured by first priority liens on the same collateral that secures Coty's obligations under its existing senior secured credit facilities. Upon the respective senior secured notes achieving investment grade ratings from two out of the three ratings agencies, the senior secured notes provide for certain collateral release and covenant suspension provisions, as follows: - For the 2026 euro senior secured notes, the guarantees and certain covenants will be released; - For the 2029 dollar senior secured notes, the collateral security relating to the co-issuers and guarantors, the guarantees and certain covenants will be released; - For the 2027 Euro senior secured notes and the 2030 and 2031 dollar senior secured notes (issued in October 2025), the collateral security, the guarantees and certain covenants will be released. As a result, Coty's $2.2 billion senior secured notes due 2027, 2030, and 2031 went unsecured after the notes received investment grade ratings from two rating agencies, with the note guarantees suspended during a covenant suspension period which is now in effect. The collateral will be reinstated if the notes are downgraded to noninvestment grade by two out of the three rating agencies. Summary of Financial Adjustments Fitch adjusted historical and projected EBITDA to add back non-cash, stock-based compensation and to exclude nonrecurring charges. With respect to the balance of receivables under Coty's factoring programs, Fitch has reinstated the balance of accounts receivables that were treated as sold on the balance sheet with a related addition to debt; accordingly, cash flows from operating and financing activities have also been adjusted. Fitch also added the Convertibles Series B Preferred Stock to its debt calculations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Coty Inc. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Coty Inc. LT IDR BB+ Affirmed BB+ Preferred LT BB- Affirmed RR6 BB- senior secured LT BBB- Affirmed RR2 BBB- senior unsecured LT BBB- Affirmed RR2 BBB- Coty B.V. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- =========== P O L A N D =========== DL INVEST: Fitch Affirms 'BB-' IDR, Outlook Positive ---------------------------------------------------- Fitch Ratings has affirmed 12 EMEA real estate logistics property companies: 1. AXA Logistics Europe Master S.C.A. 2. Catena AB (publ) 3. CBRE Europe Logistics Partners S.C.A SICAV-SIF 4. DL Invest Group PM S.A. 5. LondonMetric Property plc 6. MLP Group S.A. 7. Montea NV 8. SEGRO PLC 9. SELP Finance SARL 10. Titanium Ruth Holdco Limited 11. VGP N.V. 12. Warehouses De Pauw NV/SA 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 Profile (SCP): AXA Logistics Europe Master S.C.A - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bb, Lower), Financial Structure (a, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the latest historical year 2024, 10% for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. Catena AB (publ) - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb+, Higher), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa' results in no adjustment. - The SCP is 'bbb'. CBRE Europe Logistics Partners S.C.A SICAV-SIF - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb-, Moderate), Liability Profile (bbb-, Higher), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (a-, Higher), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. DL Invest Group PM S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Access to Capital (b+, Higher), Liability Profile (bb+, Moderate), Property Portfolio (bb+, Moderate), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb-'. LondonMetric Property plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a-, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bb+, Lower), Financial Structure (a-, 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 (financial year to end-March), 40% for the forecast year FY26 and 40% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. MLP Group S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Access to Capital (bb, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bb+, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Lower). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb+'. Montea NV - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb+, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb, Lower), 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. SEGRO PLC - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a, Moderate), Liability Profile (a-, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the latest historical year 2024, 20% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. SELP Finance SARL - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bb, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 45% for the forecast year 2026 and 45% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. Titanium Ruth Holdco Limited - Business and financial profile factors (assessment, relative importance): Management (bbb-, Moderate), Access to Capital (bbb, Moderate), Liability Profile (bb-, Moderate), Property Portfolio (bb+, Higher), Rental Income Risk Profile (bb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year FY24 (financial year to end-September), 40% for the forecast year FY25 and 40% for the forecast year FY26. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. VGP N.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bb, Lower), Financial Structure (bb+, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb-'. Warehouses De Pauw NV/SA - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a-, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb, Lower), 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Warehouses De Pauw NV/SA LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- Titanium Ruth Holdco Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB Affirmed BBB SEGRO Capital S.a.r.l. senior unsecured LT A- Affirmed A- DL Invest Group PM S.A. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- SEGRO PLC LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT A- Affirmed A- MLP Group S.A. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ LondonMetric Property Plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- CBRE Europe Logistics Partners S.C.A. SICAV-SIF LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- AXA Logistics Europe Master S.C.A. LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- SELP Finance SARL LT IDR BBB Affirmed BBB senior unsecured LT BBB+ Affirmed BBB+ VGP N.V. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Montea NV LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- Catena AB (publ) LT IDR BBB Affirmed BBB INPOST SA: Fitch Puts 'BB+' LongTerm IDRs on Watch Negative ----------------------------------------------------------- Fitch Ratings has placed InPost S.A.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'BB+' and senior unsecured rating of 'BB+' with a Recovery Rating of 'RR4' on Rating Watch Negative (RWN). The RWN follows the announcement of an agreement between InPost and a consortium consisting of Advent, FedEx, A&R and PPF on a recommended all-cash offer for all issued and outstanding InPost shares for EUR7.8 billion. Fitch expects that the acquisition would lead to substantially higher leverage at InPost and a multi-notch downgrade. Fitch will resolve the RWN once Fitch has confirmation of the post-transaction capital structure, regulatory approvals and transaction completion or that the transaction will no longer go ahead. The resolution of the RWN could take more than six months, given the planned timeline, including the planned tender period and required approvals. Key Rating Drivers Acquisition Offer Announced: On 9 February, InPost announced that funds managed and/or advised by Advent International, L.P. and its affiliates (together Advent), FCWB LLC, a wholly owned subsidiary of FedEx Corporation (FedEx), A&R Investments Ltd. and PPF Group, have reached a conditional agreement with InPost on an intended recommended all-cash public offer for all the latter's issued and outstanding shares at EUR15.60 per share. Advent, A&R and PPF are existing shareholders of InPost. The acquisition will increase Advent's stake in InPost to 37% (from 6.5%), A&R's (representing InPost's founder and CEO Rafał Brzoska) to 16% (from 12.5%), while PPF would sell its 28.75% stake and reinvest 10%. FedEx would become a new shareholder with a 37% stake. Funding Structure: The consortium plans to fund the transaction with a mix of equity and debt. The four investors would together contribute EUR5,918 million of equity, while the consortium has secured EUR4,950 million of committed debt financing. Fitch assumes that the acquisition debt would be transferred to InPost and some of this new debt would be used to refinance part or all InPost's existing funding. Substantially Higher Leverage: Fitch expects the acquisition and likely debt transfer to InPost to result in a jump of Fitch-calculated EBITDA net leverage to within 5x-6x in the first couple of years after closing, materially above the negative rating sensitivity of 2.3x. If confirmed, this would result in a multi-notch downgrade. Fitch has, therefore, placed the ratings on RWN. The transaction is expected to complete in 2H26 and is subject to minimum acceptance of 80% of the shares and also various customary conditions, including regulatory approvals. Fitch would downgrade the ratings once Fitch has sufficient clarity that the transaction will proceed. Strategic Continuity: The consortium supports InPost's strategy to grow as a leading European e-commerce solutions provider, underpinned by its expanding parcel locker network. Fitch expects the company to continue prioritising growth, even though the post-transaction financial policy has not been disclosed. InPost is expected to continue operating under the InPost brand, with headquarters in Poland and the current management team led by CEO Rafał Brzoska. Mildly Positive Business Profile Impact: The transaction would introduce FedEx, a leading global logistics company, as a large shareholder with a 37% stake. InPost and FedEx plan to enter into arm's-length commercial agreements aimed at leveraging complementary strengths - FedEx's global customer base and delivery reach and InPost's locker network and B2C last-mile operations across Poland, the UK, France and other European markets. Fitch believes this could support some synergies and improve InPost's business and geographic diversification over time. Financial Results Aligned with Expectations: InPost's strong 9M25 results were supported by 9% year-on-year (yoy) parcel volume growth in Poland and about 50% yoy in international markets, which translated into EBITDA growth, while the integration of Yodel, despite restructuring efforts, weighed on the EBITDA margin. Fitch estimates InPost's Fitch-calculated EBITDA (with leases expensed) to have risen to about PLN2.7 billion in 2025 (2024: PLN2.4 billion) and its financial profile to have remained stable. Fitch estimates the EBITDA margin at 18.8% in 2025, down from 21.9% in 2024, driven by an increasing share of UK business. Integration of Yodel: In April 2025, InPost acquired a 95.5% stake in UK-based logistics company, Yodel, focused on to-door deliveries, increasing its market share to 8% in the largest e-commerce market in Europe and creating a platform for further growth. InPost is now transforming the unprofitable business model of Yodel, mainly through automation and logistics efficiencies, as well as integrating Menzies and Yodel into one network to achieve operational efficiencies. Acquisitions Support International Growth: In mid-2025, InPost acquired Iberian delivery and fulfilment services company, Sending. This will help InPost improve its logistics network and operating efficiencies in Iberia. InPost also acquired a 10% minority stake in Bloq.it, a company specialising in battery-powered automated parcel machines. These do not require grid connections or solar panels, enabling expansion in previously inaccessible locations. Peer Analysis Comparability with large international logistics operators such as Deutsche Post AG (DP; A-/Stable) and La Poste (A+/Stable) is limited, despite similarities in their businesses. This is due to InPost's considerably smaller scale than DP, limited, although growing, international presence and the lack of service-offering diversification, which is mitigated by its dominant position and solid record of operations in APM in Poland. Fitch believes InPost's geographic diversification has improved in recent years, given its established presence in France, improving market share in the UK, and entry into new markets such as Iberia and Italy. However, it remains weaker than its well-integrated global peers, resulting in lower debt capacity for a given rating. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions within its Rating Case for the Issuer: - Parcel volumes to continue to grow on average 14% a year in 2025-2029 - Contracts to benefit from an annual repricing mechanism - Capex (including maintenance capex) on average at PLN2.1 billion annually over 2025-2029 - Acquisitions totaling PLN2.2 billion in 2025-2029 - No dividends - Acquisition debt to be transferred to InPost, following the completion of the transaction Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb, Moderate), Profitability (bbb, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the historical year 2024, 40% for the forecast year 2025 and 20% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - The RWN would be resolved upon completion of the transaction, likely leading to at least a two-notch downgrade of InPost's ratings, due to the expected sizeable increase in leverage. If the transaction fails to materialize, a downgrade may also occur on: - EBITDA net leverage above 2.3x on a sustained basis - EBITDA interest coverage below 4.5x - Negative FCF through the cycle due to lower operating margin, high dividend pay-outs or major acquisitions Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - The RWN means a positive rating action is unlikely. The RWN would be resolved, likely resulting in a ratings affirmation, if the transaction failed to materialise Without the proposed transaction: - EBITDA net leverage below 1.5x on a sustained basis, supported by EBITDA growth, positive FCF in line with its expectations and a more conservative financial policy - Successful implementation of InPost's international expansion strategy, supporting further growth and diversification, reflected in an increasing share of international businesses in EBITDA towards 50% Liquidity and Debt Structure Absent the transaction, Fitch views InPost's liquidity as adequate. In September 2025, InPost issued EUR850 million of bonds and repaid its EUR490 million senior unsecured bonds maturing in 2027 and PLN500 million floating-rate notes. The bond issue has improved the company's liquidity and debt maturity. Issuer Profile InPost is a leading parcel delivery service in Poland, providing package delivery services through its nationwide network of locker-type APMs, to-door delivery, and fulfilment services. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for InPost. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- InPost S.A. LT IDR BB+ Rating Watch On BB+ LC LT IDR BB+ Rating Watch On BB+ Natl LT BBB+(pol) Rating Watch On BBB+(pol) senior unsecured LT BB+ Rating Watch On RR4 BB+ ========= S P A I N ========= AEDAS HOMES: Fitch WIthdraws LongTerm IDR to 'B+' ------------------------------------------------- Fitch Rating has downgraded AEDAS Homes S.A.'s Long-Term Issuer Default Rating (IDR) to 'B+' from 'BB-' and removed it from Rating Watch Negative (RWN). The Outlook is Stable. Simultaneously, Fitch has withdrawn the rating. The downgrade reflects the equalisation of AEDAS's rating with that of Neinor Homes, S.A. (B+/Stable) on the completion of its takeover by the latter, reflecting anticipated integration and the alignment of their credit profiles. AEDAS's rating has been withdrawn for commercial reasons. Accordingly, Fitch will no longer provide ratings or analytical coverage for AEDAS. Key Rating Drivers Takeover Offer Near Completion: Neinor acquired a 79.2% controlling stake in AEDAS in December 2025 through a voluntary tender offer. The Spanish Securities Market Commission (CNMV) authorised the launch of the mandatory tender offer for the remaining shares of AEDAS in January 2026. The acceptance period will run from 30 January to 27 February. Settlement is expected shortly after the acceptance period ends, subject to the terms and conditions in the offer documentation. Bonds Change of Control Clause: The acquisition of AEDAS qualifies as a change of control event under AEDAS's EUR325 million 4% due August 2026 bonds documentation. AEDAS has offered to repurchase the outstanding EUR255 million notes at 100% of principal plus accrued and unpaid interest. On 3 February, AEDAS used funds to fully redeem the senior secured notes and concurrently cancelled an undrawn EUR55 million revolving credit facility (RCF). Including Apollo-Funded Acquisition Debt: Neinor is raising up to EUR765 million through the issue of freely transferable notes to fund the acquisition of AEDAS. The notes will be amortising and mature in four years and will be initially subscribed by funds managed, advised or controlled by Apollo. Apollo noteholders have no recourse to Neinor, but Fitch includes it as debt for the consolidated group profile as Neinor will likely support its equity investment in AEDAS. Largest Spanish Homebuilder: The transaction involves the acquisition of a substantial landbank of 15,500 units or 20,249 units, including co-investments and managed projects. At completion, the enlarged group will have access to the largest landbank in Spain, accounting for around 43,200 units. Pro-forma for the transaction, Fitch assumes the combined group to generate revenue close to EUR2 billion and EBITDA at above EUR250 million. PSL Criteria: Fitch has applied its Parent-Subsidiary Linkage (PSL) Rating Criteria, given the group's ownership structure. Fitch has compared Neinor's consolidated profile with AEDAS's own profile, which are both at 'b+'. Group Leverage Expected to Reduce: The acquisition of AEDAS should temporarily increase the leverage of the resulting combined group. The consolidated debt capital structure will include new EUR765 million acquisition debt, Neinor's EUR425 million senior secured notes maturing in 2030 and developer loans. Fitch estimates net debt/EBITDA pro-forma for the consolidated profile at 3.5x for 2025. EBITDA net interest cover should remain comfortably above 3x. Buoyant Housing Demand: Housing demand in Spain gained momentum in 2H24-1H25, driven by declining interest rates and mortgage affordability, after a 10.2% volume decline in 2023. Transaction values have increased at about 7% year on year, supported by moderate price appreciation reflecting tight near-term supply. Fitch expects housing demand to remain high in 2026. Peer Analysis AEDAS's average selling price (ASP: EUR400,000) of its build-to-sell (BTS) units is higher than that of domestic peers Via Celere Desarrollos Inmobiliarios, S.A.U. (B+/Stable; ASP: EUR312,000) and Neinor Homes, S.A (B+/Stable; ASP: EUR332,000) and is expected to rise. UK-based The Berkeley Group Holdings plc (BBB-/Stable), like Spanish homebuilders, primarily offers city apartments, with a higher ASP of GBP644,000 due to its focus on London-centric developments. In contrast, Miller Homes Group (Finco) PLC (B+/Stable) and Maison Bidco Limited (trading as Keepmoat; BB-/Stable), also based in the UK, focus on affordable, single-family homes outside London. Spanish and UK homebuilders have similar funding profiles, requiring upfront costs for land acquisition prior to marketing and development. In Spain, landowners often offer deferred payment for land acquisition, which reduces initial cash outflows. Conversely, UK homebuilders can use option rights to mitigate upfront land costs. Kaufman & Broad S.A. (BBB-/Stable) distinguishes itself in France with a strong funding profile, benefiting from phased customer payments and favourable land acquisition terms. Fitch’s Key Rating-Case Assumptions AEDAS before the Acquisition - A moderate reduction of units delivered in FY26 (year-end March) to about 2,000, yielding EUR1 billion revenue, from 3,071 in FY25, as no build-to-rent schemes will be delivered - Increasing ASP to above EUR400,000 per unit in FY26-FY27, in accordance with the latest pre-sales and project mix - Refinancing of the EUR255 million senior secured notes ahead of their August 2026 maturity - Dividend payments to track free cash flow generation and be consistent with net debt/EBITDA at or below 2x Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bbb, Lower), Company Operational Characteristics (b+, Higher), Profitability (bb-, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year FY25, 40% for the forecast year FY26 and 40% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b+'. RATING SENSITIVITIES Rating sensitivities are no longer relevant as the rating has been withdrawn. Liquidity and Debt Structure AEDAS had about EUR290 million of readily accessible cash at FYE25. This excludes prepayments of EUR52.1 million allocated to corresponding projects and EUR2.2 million pledged to secure other obligations. The group also had EUR55 million in undrawn committed credit lines that mature in February 2026. In April 2024, AEDAS used part of its cash reserves to repurchase and cancel EUR70 million of its EUR325 million secured notes maturing in August 2026. Its FYE25 outstanding debt includes EUR223 million development financing. Issuer Profile AEDAS is one of the largest homebuilders in Spain with a focus on Madrid and the country's largest conurbations. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for AEDAS. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- AEDAS Homes, S.A. LT IDR B+ Downgrade BB- LT IDR WD Withdrawn =========== T U R K E Y =========== RONESANS GAYRIMENKUL: Fitch Affirms 'BB-' IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed 11 EMEA retail property companies' ratings: 1. Carmila SA 2. Castellana Properties Socimi, S.A. 3. Hammerson plc 4. IGD SIIQ S.p.A. 5. Klépierre SA 6. NewRiver REIT plc 7. Ronesans Gayrimenkul Yatirim A.S. 8. Supermarket Income REIT plc 9. Supernova Invest GmbH 10. VIA Outlets B.V. 11. Wereldhave N.V. 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 Profile (SCP): Carmila S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a-, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Higher), Profitability (bbb, Lower), Financial Structure (a-, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. Castellana Properties Socimi, S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bb+, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb-, Lower), Financial Structure (a-, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the historical year FY25 (financial year to end-March), 25% for the forecast year FY26 and 25% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a consolidated profile+1 approach. Hammerson plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bb+, Lower), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 50% for the forecast year 2026 and 25% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'bbb+'. IGD SIIQ S.p.A. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb-, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bbb-'. Klépierre SA - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a, Moderate), Liability Profile (a-, Moderate), Property Portfolio (a-, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb+, Moderate), Financial Structure (a-, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'a-'. NewRiver REIT plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb-, Moderate), Liability Profile (b+, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (a-, Moderate), and Financial Flexibility (bbb+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. Ronesans Gayrimenkul Yatirim A.S. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bb, Moderate), Liability Profile (b+, Moderate), Property Portfolio (bb, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb-, Moderate), Financial Structure (a-, Lower), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 50% for the forecast year 2026 and 25% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. Supermarket Income REIT plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (a-, Higher), Profitability (bb-, Lower), Financial Structure (a-, Moderate), 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 (financial year to end-June), 40% for the forecast year FY26 and 40% for the forecast year FY27. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. Supernova Invest GmbH - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Access to Capital (bbb-, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb, Lower), Financial Structure (bb+, Higher), and Financial Flexibility (bbb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bbb-'. VIA Outlets B.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bbb-, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (a-, Lower), Financial Structure (a-, Higher), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2025, 25% for the forecast year 2026 and 50% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb+'. Wereldhave N.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb+, Moderate), Property Portfolio (bbb-, Higher), Rental Income Risk Profile (bb+, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb+, Higher), and Financial Flexibility (bbb+, 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. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Castellana Properties Socimi, S.A. LT IDR BBB Affirmed BBB IGD SIIQ S.p.A. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Klepierre SA LT IDR A- Affirmed A- ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Ronesans Gayrimenkul Yatirim A.S. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed RR4 BB- Supermarket Income REIT plc LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ VIA Outlets B.V. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Supernova Invest GmbH LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Carmila SA LT IDR BBB Affirmed BBB senior unsecured LT BBB+ Affirmed BBB+ Hammerson plc LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 senior unsecured LT A- Affirmed A- Wereldhave N.V. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Hammerson Ireland Finance DAC senior unsecured LT A- Affirmed A- NewRiver REIT plc LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB+ Affirmed BBB+ =========================== U N I T E D K I N G D O M =========================== BELTLINE CAPITAL: Kroll Advisory Appointed as Joint Administrators ------------------------------------------------------------------ Beltline Capital Ltd, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-000775. Benjamin John Wiles (IP No. 10670) and William Innes (IP No. 30952) of Kroll Advisory Ltd appointed as Joint Administrators on February 13, 2026. The company engaged in activities of other holding companies not elsewhere classified. The company's registered office and principal trading address is at 1 Hardman Street, Spinningfields, Manchester, M3 3HF. The Joint Administrators may be reached at: Benjamin John Wiles (IP No. 10670) William Innes (IP No. 30952) Kroll Advisory Ltd The News Building Level 6, 3 London Bridge Street London SE1 9SG For further details contact: The Joint Administrator Tel: +44 (0) 20 7089 4700 Email: ani.kumar@kroll.com Alternative contact: Ani Kumar FIRST PACKAGING : Kroll Advisory Appointed as Joint Administrators ------------------------------------------------------------------ First Packaging Services Limited, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-000776. Benjamin John Wiles (IP No. 10670) and William Innes (IP No. 30952) of Kroll Advisory Ltd were appointed as Joint Administrators on February 13, 2026. First Packaging engaged packaging activities. The company's registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF. Its principal trading address is Unit 20, Shepley Industrial Estate South, Audenshaw, Manchester, M34 5DW. The Joint Administrators may be reached at: Benjamin John Wiles (IP No. 10670) William Innes (IP No. 30952) Kroll Advisory Ltd The News Building Level 6, 3 London Bridge Street London SE1 9SG For further details, contact: The Joint Administrator Tel: 020 7089 4700 Email: Ani.Kumar@Kroll.com Alternative contact: Ani Kumar LEIGHTON PACKAGING: Kroll Advisory Appointed as Administrators -------------------------------------------------------------- Leighton Packaging Limited, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-000773. Benjamin John Wiles (IP No. 10670) and William Innes (IP No. 30952) of Kroll Advisory Ltd were appointed as Joint Administrators on February 13, 2026. The company engaged in the manufacture of other paper and paperboard containers. The company's registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF. Its principal trading address is Leigh Commerce Park, Green Fold Way, Leigh, WN7 3XJ. The Joint Administrators may be reached at: Benjamin John Wiles (IP No. 10670) William Innes (IP No. 30952) Kroll Advisory Ltd The News Building Level 6, 3 London Bridge Street London SE1 9SG For further details, contact: The Joint Administrator Tel: 0207 089 4700 Alternative contact: Ani Kumar Email: Ani.Kumar@kroll.com PROJECT AURORA 1: Fitch Assigns 'B' LongTerm IDR, Outlook Positive ------------------------------------------------------------------ Fitch Ratings has assigned Project Aurora Holdco 1 Limited - the funding vehicle for investment firm KKR's purchase of Spectris - a Long-Term Issuer Default Rating (IDR) of 'B'. The Outlook on the IDR is Positive. Fitch has also assigned its GBP1,500 million equivalent, seven-year term loan B (TLB) a senior secured rating of 'B+' with a Recovery Rating of 'RR3'. The ratings reflect the company's high Fitch-calculated gross leverage of about 6x after its acquisition that closed in December 2025, balanced by the company's moderate size and position in its niche markets, high end-market and geographic diversification, strong operating profitability and solid expected free cash flow (FCF) generation. The Positive Outlook reflects its belief that the company is likely to deleverage over the coming 12-18 months through EBITDA growth. Key Rating Drivers Clear Deleveraging Path: Fitch estimates a material increase in EBITDA in 2025 to about GBP250 million (Fitch-calculated) from GBP224 million in 2024, with a further rise of 10% in both 2026 and 2027. Fitch expects this to reduce gross leverage to about 5x by end-2027, assuming gross debt remains stable at GBP1.5 billion, from about 6x at end-2025. This would support an upgrade, provided that other key financial metrics and the overall business profile do not deteriorate. Strong Underlying Operating Earnings: Spectris has a history of generating strong and consistent Fitch-calculated EBITDA margins of 15%-20% (2024: 17.3%), with only moderate volatility over the past five years. Fitch expects EBITDA margins to gradually improve to about 20% by 2028 from cost-cutting initiatives and a greater focus on higher-margin products and services. Fitch does not assume M&A, but if this materialises, Fitch would expect it to be funded with internal cash. Fitch views the company's exposure to new tariffs to be manageable within its assumptions. Positive FCF to Continue: Fitch expects FCF margins to be consistently positive, reaching 2% in 2026 and rising to the mid-single digits thereafter. Historical FCF margins have been volatile, and sometimes negative, chiefly as a result of large working capital swings. Its expectation is underpinned by the company's greater focus on working capital and thus lower related outflows, stable capex at below 3% of revenue, and no dividends after 2025. Solid Niche Product Profile: Spectris has a broad product range within niche precision measurement instrument segments with leading technologies and solutions, resulting in high barriers to entry and long-term customer relationships. The company's commitment to innovation is evident in its high R&D spend at about 8% of revenue, broadly aligned with peers'. It also benefits from a material portion of about 30% of revenue being generated from more stable aftersales activities. Supportive Diversification: The company has strong end-customer diversification, with its largest segment - life sciences - representing less than 20% of total revenue. Most end-markets, such as semiconductors, machine manufacturing and aerospace and defence, show positive long-term structural growth dynamics. It has very low customer and supplier concentration, and broad geographical diversification. Peer Analysis Spectris operates in a wide range of markets that require specialty measurement instruments. Many of its peers, such as Revvity, Inc. (BBB/Stable), Agilent Technologies, Inc. (BBB+/Stable) and Thermo Fisher Scientific Inc. (A-/Stable), have higher operating margins and FCF generation, due primarily to exposure to the medical devices segment, whereas Spectris displays significantly broader end-customer diversification. The peers' ratings also reflect more conservative capital structures. Spectris has broadly similar market position strengths, technological advantages and solid diversification relative to other diversified industrial issuers in the 'B' category, such as Dynamo Midco B.V. (B/Stable), and Flender International GmbH (B+/Stable). Gross leverage levels are broadly similar among these issuers, although Spectris has higher operating margins than Dynamo Midco and Flender. Fitch’s Key Rating-Case Assumptions - Revenue growth of 11% in 2025, driven by full-year contributions from 2024 acquisitions, followed by 3.8% CAGR in 2026-2029, supported by growth in end-markets and pricing strategies - EBITDA margin to remain flat in 2025 at 17% before steadily increasing from 2026 due to a targeted pricing strategy and cost-savings initiatives, to about 20% in 2029 - Slight working capital inflow in 2025 before normalising in 2026-2029 to an outflow of 1% of revenue - Annual capex of GBP42 million during 2026-2029 - No dividends or M&A in 2026-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (bbb+, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (a-, Lower), Financial Structure (b-, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2025, 40% for the forecast year 2026 and 20% for the forecast year 2027. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. Recovery Analysis - The recovery analysis assumes that Spectris would be considered a going concern (GC) in bankruptcy and reorganised rather than liquidated. - Fitch estimates the GC value available for creditor claims at about GBP1.1 billion, based on a GC EBITDA of GBP200 million. The GC EBITDA reflects increased competition and the postponed replacement cycle of Spectris's products used by its customers. The assumption also reflects corrective measures taken in the reorganisation to offset the adverse conditions that trigger default. - Fitch uses a 5.5x EBITDA enterprise value multiple to calculate a post-reorganisation valuation, which is comparable with multiples applied to some diversified industrials peers. This multiple reflects Spectris's leading positions in a niche market, strong diversification, long relationships with customers and solid margins. - Fitch assumes a 10% administrative claim. - Fitch estimates the total amount of senior debt for creditor claims at GBP1,825 million, which includes a GBP325 million senior secured revolving credit facility and GBP1,500 million equivalent (USD900 million and EUR975 million) in TLBs. - These assumptions result in a recovery rate for the senior secured notes within the 'RR3' Recovery Rating and a debt rating that is one notch above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 6.0x - EBITDA interest coverage below 2.0x - Negative FCF margins - Failure to deliver EBITDA margin growth with strategic optimisation initiatives and a structurally weaker business profile Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage below 5.0x - FCF margins consistently above 2% - Successful implementation of strategic optimisation initiatives that leads to EBITDA margin growth and a structurally stronger business profile Liquidity and Debt Structure Post-acquisition Spectris has a GBP100 million cash balance and a new, undrawn revolving credit facility of GBP325 million with a maturity of 6.5 years, which we should provide sufficient liquidity. Expected positive FCF generation would provide an additional cushion to its liquidity position. The company has debt equivalent to GBP1,500 million, consisting of senior secured USD900 million and EUR975 million TLBs. Both facilities have a maturity of seven years. Issuer Profile Spectris is a global manufacturer of highly engineered, precision measurement instruments and solutions serving diverse and technically demanding end markets. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Spectris. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Project Aurora Holdco 1 Limited LT IDR B New Rating B(EXP) Project Aurora U S Finco Inc. senior secured LT B+ New Rating RR3 B+(EXP) PUNCH PUBS: Fitch Affirms 'B-' LongTerm IDR on GBP50-Mil. Add-On ---------------------------------------------------------------- Fitch Ratings has affirmed Punch Pubs Group Limited's Long-Term Issuer Default Rating (IDR) at 'B-' following its announced GBP50 million add-on to its existing GBP640 million senior secured notes, and the update of Fitch's Corporate Rating Criteria and the Sector Navigators - Addendum to the Corporate Rating Criteria dated January 9, 2026. The Outlook is Positive. The ratings reflect Punch's portfolio of wet-led, community-focused and independently run pubs, which benefit from Punch's grouped procurement synergies resulting from its large size, most of which are passed onto operators. Fitch expects its strategy to convert its pubs to managed partnerships (MP) from leased and tenanted (L&T) to drive gradual profit growth, while drink price increases from a low base will protect profit margins. This is balanced by high leverage. The Positive Outlook reflects its expectations of continued deleveraging below 7.0x EBITDAR leverage by the end of the financial year to mid-August 2027 (FYE27), due to continued earnings growth. Key Rating Drivers Deleveraging Trend Maintained: Fitch continues to expect EBITDAR leverage of about 7.0x at FYE26, on a pro-forma basis for the earnings added by acquisitions funded from the new debt, despite the GBP50 million add-on to its GBP640 million bond (7.875%, due 2030). Punch will spend GBP42 million in acquisition costs and on related capex, while leaving GBP8 million cash on balance sheet. Fitch expects deleveraging to EBITDAR leverage of 6.7x in FY27 and towards 6.0x by FY29. This deleveraging trajectory aligns with management's target of below 6.0x net debt (including leases)/EBITDAR, but it will depend on its capital-allocation decisions. Its undrawn revolving credit facility (RCF) will permit more debt-funded pub acquisitions, while the sponsor has no plans to draw dividends. Fitch has not assumed material acquisitions in its projections. Acquisitions Add to EBITDA: Management estimates that the 49 acquired pub sites will add GBP6.5 million run-rate EBITDA within 12 months. Fitch forecasts GBP104 million EBITDAR in FY26, including only a partial contribution from the acquired pubs, before growing to GBP120 million by FY28. Fitch continues to expect earnings growth from drink price increases slightly above inflation from a low base across the existing estate, cost control and pub conversions to MP from the L&T model. Fitch projects MPs (pre-acquisition) to generate half of pre-central cost EBITDAR by FY28, up from 40% in FY24. Punch maintained its pricing strategy in FY25 in L&T pubs, with price increases broadly aligned with previous years to mitigate cost inflation. Growing MP Portfolio: Growth in the MP portfolio has driven an increase in overall EBITDA and EBITDA per pub (GBP104,000 per pub, pre-central cost and rent in FY25). Punch's average EBITDA/MP pub (near GBP165,000 in FY25) has improved year-on-year as these pubs mature after conversion. Punch spends on average about GBP200,000 on conversion to roughly double EBITDA per pub. Conversions can include extensive refurbishments, expanding drinking capacity, and possibly food, repurchase of the L&T lease, a new publican, and generally re-investing in the site to protect against local competition. Inherently Positive FCF: Fitch projects that a strong EBITDAR margin of 29% in FY26-FY28 will translate into inherently positive free cash flow (FCF) sufficient to cover maintenance capex, while profit-enhancing and conversion capex will also be supported by regular disposal proceeds. Fitch considers visibility of sustainably positive FCF after acquisitions and divestments to be critical for positive rating action. Fitch expects fixed charge cover on average at 1.8x during FY26-FY29, slightly weaker than 1.9x in FY25, following refinancing at a higher coupon. Wet-led Community Pubs: The Punch portfolio of around 1,266 pubs at FYE25 was split between 924 stable (L&T) pubs where Punch receives a net margin from drink sales and fixed rent, and 342 MPs, which receive more direct profit (or loss) participation less a percentage of turnover retained by the operator for its remuneration and staff costs. Drink sales contribute about 77% of group turnover. Core Stable L&T: The core L&T GBP28 million rent received, indexed annually, constitutes about 22% of the group's pre-central-costs EBITDAR. The L&T portfolio's EBITDAR has been stable, despite a steady flow being converted into MP. The core L&T portfolio, including acquisitions, enables centrally procured supplier discounts and a stable return on assets, with no direct staff costs, and are prime candidates for conversions to MP. MPs Profit More Variable: MPs generate higher profit per pub, but they are more vulnerable to change as more operating costs (except staff) are incurred by Punch, and turnover increases directly flow to retained EBITDA. Punch pubs are not directly exposed to labour cost inflation as MP operators manage their own staff costs from a percentage of turnover retained. Pub operators, the majority of which operate one pub, obtain small business relief, which offsets increases in the national insurance bill, and have a record of mitigating wage inflation. Peer Analysis Punch is rated one notch above Stonegate Pub Company Limited (CCC+). Stonegate with over 4,250 pubs (of which just over 1,000 outside restricted group, as of March 2025) is larger than Punch with about 1,260 pubs (August 2025). Both are predominantly wet-led estates and geographically diverse across the UK. Both have a core L&T portfolio; converting them to managed models requires capex but also fuels profit growth, while Stonegate also operates managed pubs. Punch's one-notch higher rating reflects its nearly 1.5x lower EBITDAR leverage and stronger coverage of 1.8x compared with 1.2x for Stonegate. Punch has greater financial flexibility than Stonegate, with materially lower debt and less pressure on liquidity, while Stonegate refinanced its GBP2.2 billion senior secured debt in 2024. Punch is rated one notch above the UK-weighted Pizza Express (Wheel Bidco Limited, IDR: CCC+) that has undergone debt restructuring and has considerable execution risk with regard to EBITDA recovery. This is due to weak consumer sentiment and significant cost inflation not being fully passed on to consumers. Punch has a stronger credit profile than PizzaExpress, due to its larger size and better financial and operational flexibility, given their freehold property and more limited exposure to labour costs. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within Its Rating Case for the Issuer: - L&T drinks/pub sales growth of about 3% in FY26-FY29, reflecting annual price increases and broadly flat like-for-like volumes - Including the core GBP28 million annual rent from publicans, pre-central-costs-EBITDA for L&T at slightly above GBP70 million during FY26-FY29, netting the conversions to MP model (40 a year in FY26-FY29) and disposals (25 each year) - MP drinks/pub sales growth of 2%-3% in FY25-FY28, reflecting price increases and broadly flat volumes. Fitch expects EBITDA/pub to increase to GBP170,000 by FY28 from GBP155,000 in FY24 for MP - Overall EBITDA increase to come from the MP segment as more pubs are converted from L&T, assuming similar return on investments to those achieved to date - Central costs to increase 3% a year from GBP31 million in FY25 - Average capex of about GBP40 million a year in FY26-FY29, with nearly half for maintenance of the existing estate - Net disposals receipts about GBP10 million a year in FY26 to FY29 - No dividends, which will otherwise delay deleveraging. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - 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-, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bb-, 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 historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - 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-'. Recovery Analysis The recovery analysis assumes that Punch would be liquidated in bankruptcy rather than reorganised as a going concern. Fitch has assumed a 10% administrative claim. The liquidation estimate reflects Fitch's view of the value of pledged collateral that can be realised in a sale or liquidation and distributed to creditors. Fitch used the freehold and leasehold pubs' valuations as updated in April 2025 by a third-party valuer. These valuations are primarily based on the fair maintainable trade (profit method) of the pubs using 7.5x-10.0x multiples for freeholds. Punch has a record of selling pubs and portfolio assets at or above book value. Fitch has added GBP42 million value for the acquired pubs. Fitch applied a standard 25% discount (75% advance rate) to the valuations, replicating a distressed group with an about a 20% reduction in EBITDA (replicating the fair maintainable trade component of the valuation). Fitch assumes that Punch's super-senior RCF of GBP85 million is fully drawn on default. Its waterfall analysis generates a ranked recovery for Punch's GBP690 million senior secured bond (including the GBP50 million add-on) in the 'RR2' category, leading to a 'B+' rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Fitch would revise the Outlook to Stable if there was no visibility of deleveraging to below 7.0x by FYE27 - EBITDAR leverage above 8.0x - EBITDAR fixed-charge coverage trending towards 1.2x - Negative FCF margin after acquisitions and disposals - Weakened liquidity including significant drawdown of the RCF Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDAR leverage below 7.0x - EBITDAR fixed-charge coverage above 1.6x - FCF margin above 2% after acquisitions and disposals - Continued successful strategy execution with MP conversions reaching EBITDA/pub target Liquidity and Debt Structure At 30 November 2025, Punch had GBP8 million cash plus GBP85 million in an undrawn super-senior RCF. The GBP50 million add-on will be partly spent on acquisitions and add GBP8 million to cash on balance sheet. Liquidity is supported by underlying positive cash generation of the business after maintenance capex, while acquisitions and enhancing capex are supported by disposal proceeds or funded from cash and the RCF. The GBP690 million bond (7.875%) and super senior RCF mature in 2030. Issuer Profile Punch is a Fortress private-equity-owned UK pub company with a 1,266 pubs at FYE25. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Punch. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Punch Finance plc senior secured LT B+ Affirmed RR2 B+ Punch Pubs Group Limited LT IDR B- Affirmed B- W.T. CONSTRUCTION: Leonard Curtis Appointed as Administrators ------------------------------------------------------------- W.T. Construction (Poole) Limited, was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Company & Insolvency List (ChD), Court Number CR-2026-MAN-000185. Mike Dillon (IP No. 24610) and Hilary Pascoe (IP No. 27590) of Leonard Curtis appointed as Joint Administrators on February 13, 2026. The company engaged in the construction of roads and motorways. The company's registered office and principal trading address is Selbys Yard, Huntick Road, Lytchett Matravers, Poole, Dorset, BH16 6BB. The Joint Administrators may be reached at: Mike Dillon (IP No. 24610) Hilary Pascoe (IP No. 27590) Leonard Curtis Riverside House Irwell Street Manchester M3 5EN For further details, contact: The Joint Administrator Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative contact: Nicola Carlton =============== X X X X X X X X =============== [] Fitch Affirms Rating on Four EMEA Midstream Companies -------------------------------------------------------- Fitch Ratings has affirmed four EMEA midstream companies' ratings and maintained a fifth (Cullinan) on Rating Watch Negative: 1. JSC KazTransOil (KTO) 2. JSC National Company QazaqGaz (QG) 3. Intergas Central Asia (ICA) 4. Brooge Petroleum and Gas Investment Company (BPGIC) 5. Cullinan Holdco SCS (Cullinan) 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 companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores KTO 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 (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Higher), Financial Structure (a+, Higher), and Financial Flexibility (bb+, Lower). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bb+' results in no adjustment. - The SCP is 'bbb' To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a(n) same credit profile for both parent and subsidiary approach. QG 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 (bbb, Lower), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (b, Higher), Profitability (b-, Higher), Financial Structure (a, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% 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 'bb+' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down -2 approach. ICA 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 (bbb, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb-, Higher), Financial Structure (bbb, Lower), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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 Parent and Subsidiary Linkage Rating Criteria results in an equalized approach. BPGIC 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 (b, Moderate), Sector Characteristics (b, Lower), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (b-, Moderate), Company Operational Characteristics (b-, Higher), Profitability (bb, Lower), Financial Structure (a+, Lower), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% 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 'bb+' results in no adjustment. - The SCP is 'b-'. Cullinan 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 (bb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b, Higher), Profitability (b, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in an adjustment of -2 notches. - The Governance assessment of 'Some Deficiencies' 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 ----------- ------ -------- ----- Intergas Central Asia JSC LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ Natl LT AA-(kaz) Affirmed AA-(kaz) senior unsecured LT BB+ Affirmed RR4 BB+ senior unsecured Natl LT AA-(kaz) Affirmed AA-(kaz) Etihad Energy Sukuk Ltd senior secured LT B+(EXP) Affirmed RR2 B+(EXP) Brooge Petroleum and Gas Investment Company FZE LT IDR B-(EXP) Affirmed B-(EXP) Cullinan Holdco SCSp LT IDR B- Rating Watch Maintained B- senior secured LT B- Rating Watch Maintained RR4 B- JSC National Company QazaqGaz LT IDR BB+ Affirmed BB+ ST IDR B Affirmed B LC LT IDR BB+ Affirmed BB+ Natl LT AA-(kaz) Affirmed AA-(kaz) senior unsecured LT BB+ Affirmed RR4 BB+ JSC KazTransOil LT IDR BBB Affirmed BBB ST IDR F3 Affirmed F3 LC LT IDR BBB Affirmed BBB Natl LT AAA(kaz) Affirmed AAA(kaz) senior unsecured LT BBB Affirmed BBB senior unsecured Natl LT AAA(kaz) Affirmed AAA(kaz) [] Fitch Affirms Ratings on 11 EMEA Chemical Companies ------------------------------------------------------ Fitch Ratings has affirmed 11 EMEA chemicals companies' ratings: 1. BASF SE 2. Saudi Basic Industries Corporation (SABIC) 3. Saudi Arabian Mining Company (Maaden) 4. Syngenta AG 5. Fertiglobe Plc 6. ICL Group Ltd (ICL) 7. OCP SA 8. JSC Navoiyazot 9. Synthos Spolka Akcyjna (Synthos) 10. INEOS Group Holdings S.A. (IGH) 11. WE Soda Ltd 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 companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores BASF SE 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 (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a+, Higher), Company Operational Characteristics (a-, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb-, Moderate), and Financial Flexibility (a, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'a'. SABIC 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 (bbb, Lower), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (a+, Higher), Diversification and Asset Quality (a, Moderate), Company Operational Characteristics (a+, Higher), Profitability (a, Moderate), Financial Structure (a, Moderate), and Financial Flexibility (a+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'a+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in the same credit profile for both parent and subsidiary approach. Maaden 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 (bbb-, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Lower), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (a-, Higher), Profitability (bbb, Lower), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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 Government-Related Entities Rating Criteria results in a bottom-up +2 approach. Syngenta AG 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 (bbb, Moderate), Sector Characteristics (bbb+, Moderate), Market and Competitive Positioning (a, Higher), Diversification and Asset Quality (a-, Moderate), Company Operational Characteristics (bbb, Lower), Profitability (bbb, Moderate), Financial Structure (b+, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom-up +2 approach. Fertiglobe 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 (bbb, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bbb-, Lower), Diversification and Asset Quality (bb+, Higher), Company Operational Characteristics (bbb, Higher), Profitability (a, Lower), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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 Parent and Subsidiary Linkage Rating Criteria results in a bottom up +1 approach. ICL 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 (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (a-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. OCP SA 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 (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (a, Lower), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (bb, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - 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 Parent and Subsidiary Linkage Rating Criteria results in a consolidated approach. - Application of Fitch's Government-Related Entities Rating Criteria results in a constrained approach. JSC Navoiyazot 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 (b-, Moderate), Sector Characteristics (bb, Lower), Market and Competitive Positioning (b-, Moderate), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (b, Moderate), Profitability (bb+, Lower), Financial Structure (b, Higher), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'b+' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Government-Related Entities Rating Criteria results in a top-down -1 approach. Synthos 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 (bb, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The SCP is 'bb'. IGH 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 (bbb-, Lower), Market and Competitive Positioning (bbb, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Lower), Financial Structure (b-, Higher), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 10% for the forecast year 2026, 20% for the forecast year 2027, 30% for the forecast year 2028 and 20% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. WE Soda Ltd 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 (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the historical year 2024, 10% for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. Public Ratings with Credit Linkage to other ratings Maaden's IDR is two notches above its SCP, reflecting strong ties with Saudi Arabia, its ultimate majority shareholder. Syngenta's IDR incorporates a two-notch uplift from its SCP, reflecting its linkage with its indirect parent, China National Chemical Corporation Limited and, ultimately, Sinochem Holdings Corporation Ltd. Navoiyazot's IDR is notched down by one notch from that of Uzbekistan, its sole ultimate shareholder. Fertiglobe's IDR is one notch above the company's SCP due to Fitch's assessment of its medium strategic importance for ultimate majority parent Abu Dhabi National Oil Company. OCP's IDR is constrained by that of its 94% shareholder, Morocco. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- WE Soda Ltd. LT IDR B+ Affirmed B+ JSC Navoiyazot LT IDR BB- Affirmed BB- Syngenta Finance AG senior unsecured LT BBB Affirmed BBB Syngenta Wilmington Inc. senior unsecured ST F3 Affirmed F3 ICL Group Ltd. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- BASF SE LT IDR A Affirmed A ST IDR F1 Affirmed F1 senior unsecured LT A Affirmed A senior unsecured ST F1 Affirmed F1 Saudi Basic Industries Corporation (SABIC) 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+ Ineos US Finance LLC senior secured LT BB+ Affirmed RR2 BB+ Ma'aden Sukuk Limited senior unsecured LT BBB+ Affirmed BBB+ We Soda Investments Holding PLC senior secured LT B+ Affirmed RR4 B+ Fertiglobe Plc LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Saudi Arabian Mining Company (Ma'aden) LT IDR BBB+ Affirmed BBB+ LC LT IDR BBB+ Affirmed BBB+ Natl LT AA(sau)Affirmed AA(sau) senior unsecured LT BBB+ Affirmed BBB+ Syngenta AG LT IDR BBB Affirmed BBB Synthos Spolka Akcyjna LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ Ineos Finance plc senior secured LT BB+ Affirmed RR2 BB+ [] Fitch Affirms Ratings on 3 European Telecom Infra Companies -------------------------------------------------------------- Fitch Ratings has affirmed three European telecoms infrastructure companies and their associated entities' ratings: 1. CETIN Group N.V. 2. Eutelsat Communications S.A. 3. FiberCop 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. The companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores CETIN Group N.V. 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 (bbb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (a-, Moderate), Profitability (a, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bbb'. Eutelsat Communications 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 (bbb, Moderate), Market and Competitive Positioning (bb-, Higher), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bb, Moderate), Financial Structure (b+, 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 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb-'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria results in a bottom-up +1 approach. FiberCop S.p.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 (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb+, Higher), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (a, Moderate), Profitability (a+, Moderate), Financial Structure (ccc, Moderate), and Financial Flexibility (bb, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2024, 30% for the forecast year 2025, 30% for the forecast year 2026 and 30% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'bbb+' results in no adjustment. - The SCP is 'bb'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Eutelsat S.A. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB FiberCop S.p.A. LT IDR BB Affirmed BB senior secured LT BB+ Affirmed RR2 BB+ CETIN Group N.V. LT IDR BBB Affirmed BBB senior unsecured LT BBB Affirmed BBB Eutelsat Communications S.A. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB [] Fitch Affirms Ratings on 8 EMEA For-Rent Property Companies -------------------------------------------------------------- Fitch Ratings has affirmed the ratings of eight EMEA residential-for-rent property companies: 1. D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH 2. Grainger plc 3. Heimstaden Bostad AB 4. Heimstaden AB 5. Peach Property Group AG 6. SCI LAMARTINE 7. Sveafastigheter AB (publ) 8. Vonovia SE. 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 following Standalone Credit Profile (SCP): D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb-, Moderate), Liability Profile (bbb+, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb+, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The Calibration Adjustment applies and results in an adjustment of -1 notch. - The SCP is 'bbb-'. Grainger plc - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb+, Higher), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Higher), and Financial Flexibility (bbb, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-'. Heimstaden Bostad AB - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb-, Moderate), Liability Profile (bbb, Moderate), Property Portfolio (a, Higher), Rental Income Risk Profile (a-, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Moderate), and Financial Flexibility (bbb-, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - Weakest link considerations adjustment is applied based on Financial Flexibility factor and results in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb-' Heimstaden AB - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Portfolio Credit Characteristics (bb, Moderate), Portfolio Diversification (b, Higher), Risk Appetite and Investment Track Record (bbb, Moderate), Transparency and Execution of Investment Strategy (bbb, Lower), Access to Capital (bb-, Moderate), Financial Structure (bb-, Moderate), and Financial Flexibility (b-, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. Peach Property Group AG - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (b, Higher), Liability Profile (b+, Moderate), Property Portfolio (bbb, Higher), Rental Income Risk Profile (bbb+, Moderate), Profitability (bbb, Lower), Financial Structure (b+, Moderate), and Financial Flexibility (ccc+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - 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'. SCI LAMARTINE - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bbb-, Higher), Property Portfolio (bbb+, Moderate), Rental Income Risk Profile (a-, Moderate), Profitability (bbb-, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a bottom up +1 approach. Sveafastigheter AB (publ) - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb, Moderate), Liability Profile (bb-, Higher), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (a-, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb, Moderate). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa' results in no adjustment. - The SCP is 'bbb-'. To derive the IDR: - Application of Fitch's Parent and Subsidiary Linkage Rating Criteria results in a standalone approach. Vonovia SE - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (a-, Moderate), Liability Profile (a-, Moderate), Property Portfolio (bbb+, Higher), Rental Income Risk Profile (a-, Moderate), Profitability (bbb+, Lower), Financial Structure (bbb, Moderate), and Financial Flexibility (bbb+, Higher). - Assessments of the quantitative financial subfactors include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bbb+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Peach Property Group AG LT IDR B Affirmed B senior unsecured LT BB- Affirmed RR2 BB- SAS Nerval senior unsecured LT A- Affirmed A- SCI LAMARTINE LT IDR BBB+ Affirmed BBB+ senior unsecured LT A- Affirmed A- Vonovia SE LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Sveafastigheter AB (publ) LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Grainger plc LT IDR BBB- Affirmed BBB- senior secured LT BBB Affirmed BBB D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Heimstaden AB LT IDR B- Affirmed B- subordinated LT CCC Affirmed RR6 CCC senior unsecured LT B Affirmed RR3 B Heimstaden Bostad AB LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- subordinated LT BB Affirmed BB Heimstaden Bostad Treasury B.V. senior unsecured LT BBB- Affirmed BBB- [] Fitch Affirms Ratings on Four EMEA Non-Food Retail Companies --------------------------------------------------------------- Fitch Ratings has affirmed four EMEA High Yield non-food retail companies' ratings: 1. Causeway Consortium Holdings Limited 2. HSE Investment S.a.r.l. 3. Mobilux Group SCA 4. Takko Holding Luxembourg 2 S.a.r.l. 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 companies' ratings and Outlooks are unaffected by the criteria changes. Corporate Rating Tool Inputs and Scores Causeway Consortium Holdings 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 (b+, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (bb+, Lower), Company Operational Characteristics (bb+, Moderate), Profitability (b-, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (b-, 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 'Some Deficiencies' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b-'. HSE Investment S.a.r.l. 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 (b-, Higher), Market and Competitive Positioning (b-, Higher), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (b, Moderate), Financial Structure (b-, 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% weight for the forecast year 2025, 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - B+ to CC considerations apply in its analysis and result in no adjustment - The Governance Impact assessment of 'Some Deficiency' results in no adjustment. - The Operating Environment Impact assessment of 'aa-' results in no adjustment. - The SCP is 'b-'. Mobilux Group SCA 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 (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bb+, Lower), Profitability (bb, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (b+, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2025 (year end June 2025), 40% for the forecast year 2026 (year end June 2026) and 40% for the forecast year 2027 (year end June 2027). - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b+'. Takko Holding Luxembourg 2 S.a.r.l. 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-, Higher), Diversification and Asset Quality (b, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb, Lower), Financial Structure (bbb-, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the latest historical year 2024 (year end January 2025), 40% for the forecast year 2025 (year end January 2026) and 40% for the forecast year 2026 (year end January 2027). - 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 'a+' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Causeway Consortium Holdings Limited LT IDR B- Affirmed B- Applegreen Ireland Investments Finance Limited senior secured LT B- Affirmed RR4 B- Mobilux Finance S.A.S. senior secured LT BB- Affirmed RR3 BB- Mobilux Group SCA LT IDR B+ Affirmed B+ Takko Fashion GmbH senior secured LT BB- Affirmed RR2 BB- Takko Holding Luxembourg 2 S.a.r.l. LT IDR B Affirmed B Applegreen Finance (Ireland) DAC senior secured LT B- Affirmed RR4 B- HSE Investment S.a r.l. LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B ********* 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. 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