260303.mbx

260303.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 Tuesday, March 3, 2026, Vol. 27, No. 44 Headlines F R A N C E BISCUIT HOLDING: Fitch Lowers LongTerm IDR to 'CCC-', On Watch Neg. I R E L A N D ARBOUR CLO XIII: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes DILOSK RMBS 11: Fitch Assigns BB+sf Final Rating on Cl. X1 Notes SONA FIOS II: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes I T A L Y MILIONE SPA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable PRISMA SPV: Moody's Cuts Rating on EUR80MM Class B Notes to Caa3 L U X E M B O U R G ORION SA: Moody's Lowers CFR to B2 & Alters Outlook to Negative S P A I N AES ESPANA: Fitch Affirms 'BB-' IDR, Outlook Positive AUTO ABS SPANISH 2026-1: Fitch Rates Class E Notes 'BB-(EXP)' U N I T E D K I N G D O M BLACK DEER: Azets Holdings Appointed as Joint Administrators HELIOS TOWERS: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable JRM ADVANCED: PBC Business Appointed as Administrator NEWCELLS BIOTECH: Grant Thornton Appointed as Joint Administrators STEPHEN FRIEDMAN FINE ART : FRP Advisory Appointed as Joint Adminis STRUCTURAL PLANT: Rushtons Insolvency Appointed as Administrator TARN (MORNINGS MILL) : Moorfields Appointed as Joint Administrators TUPLE MIDCO 2: Fitch Rates Sr. Secured Debt 'BB-' VESTA ASSET: AMS Business Appointed as Joint Administrators [] Fitch Affirms Ratings on 5 European Data/Analytics Servs Cos. X X X X X X X X [] Fitch Affirms Ratings on Five Oil Refining & Marketing Companies [] Fitch Affirms Ratings on Seven EMEA Packaging Companies [] Fitch Affirms Ratings on Several EMEA Property Companies [] Fitch Affirms Ratings on Six EMEA Packaged Food Companies [] Fitch Affirms Ratings on Three Oilfield Services Companies - - - - - =========== F R A N C E =========== BISCUIT HOLDING: Fitch Lowers LongTerm IDR to 'CCC-', On Watch Neg. ------------------------------------------------------------------- Fitch Ratings has downgraded Biscuit Holding SAS's (BH) Long-Term Issuer Default Rating (IDR) to 'CCC-' from 'CCC+'. Fitch has also downgraded BH's first-lien secured rating to 'CCC' from 'B-' and maintained them on Rating Watch Negative (RWN). Fitch has also downgraded its second-lien debt to 'C' from 'CCC-' and removed it from RWN. The Recovery Ratings remain at 'RR3' and 'RR6' for the first- and second-lien debt, respectively. The rating actions reflect increased liquidity and refinancing risks due to insufficient liquidity to meet short-term obligations. It also reflects its view of an unsustainable capital structure amid operational challenges and an increased probability of a Distressed Debt Exchange (DDE) that could result in a material reduction in terms for existing creditors under Fitch's criteria. Key Rating Drivers Imminent Liquidity and Refinancing Risks: Fitch expects BH to face near-term liquidity and refinancing risks for its EUR85 million revolving credit facility (RCF), which matures in August 2026. As of end-2025, the company had EUR36 million drawn under the RCF and does not have sufficient cash on hand to fully repay the drawn revolver amount at maturity, based on estimated negative free cash flow (FCF) in 2025 and 2026. As a result, securing an extension of the RCF maturity or refinancing the facility is critical in supporting BH's ongoing operations and mitigating payment default risks. Fitch expects BH to address its 2026 maturities through a debt restructuring, which could result in a DDE given the lack of refinancing alternatives and excessive leverage that make the current capital structure unsustainable. Excessive Leverage: Fitch estimates EBITDA gross leverage to have increased to 9.5x in 2025 (2024: 7.4x) due to an EBITDA decline and increase in debt and forecast only moderate deleveraging towards 8.4x in 2026. These leverage levels translate into an unsustainable capital structure, with a high probability of a debt restructuring, which is reflected in the downgrade. Weak 2025 Sales: Fitch estimates revenue to have remained flat in 2025, after weaker-than-projected operating results in 1H25, versus mid-single-digit growth assumed previously. This reflects fierce competition from branded goods producers in its main markets, including France, which, alongside weaker demand for chocolate-related products, resulted in lower sales volumes and weak pricing. Fitch assumes improved consumer sentiment and BH's initiatives on cross-selling, new customer wins and innovation will drive a gradual sales volumes recovery. This, alongside assumed bolt-on acquisitions, should support revenue growth in the mid-single digits in 2026-2029. Temporary Pressure on Profitability: Fitch estimates the EBITDA margin to have declined to 9.8% in 2025, from 11.7% in 2024. This was due to increased input costs for key commodities, including cocoa, eggs and butter, which were not fully passed onto customers due to intensified competition and management's focus on protecting volumes, which were only partly offset by efficiency initiatives. Fitch projects the EBITDA margin to recover to 11.1% in 2027, due to input cost and volume normalisation, and product mix improvement. Fitch assumes a moderate ability to increase prices given BH's role as a private-label producer facing intense competition from branded food manufacturers. Near-Term Negative FCF: Fitch estimates negative FCF in 2025-2026, due mainly to EBITDA weakness., while debt service cost remains high. In its view. FCF could turn positive from 2027 following a gradual margin recovery and benefits of more moderate planned capex. Further, BH's FCF profile remains subject to the medium-term capital structure and the associated debt cash service cost, which may reduce following a highly likely DDE Moderate Scale, Single Product Category: BH's rating reflects its moderate scale with projected EBITDA under EUR200 million in 2025-2028, but strong market positions in France, Germany, Sweden and Benelux. It operates in the single product category of sweet and savoury bakery, mainly biscuits, but has a wide offering within the subsector, often a critical factor for customers. It is a predominantly private-label producer (about 90% of revenue in 2024), but it also develops co-manufacturing and own brands divisions, providing additional sales and profit growth opportunities over the long term. Peer Analysis BH's rating is three notches below that of Platform Bidco Limited (Valeo Foods; B-/Stable). The companies have similar financial profiles with comparable profitability and high leverage metrics. Valeo Foods' rating also benefits from a stronger brand portfolio and broader product-category diversification. BH is similar in size, product offerings (long shelf life) and geographic diversification to La Doria S.p.A. (B+/Stable), although, the latter's credit profile benefits from considerably lower leverage, higher profitability, and to some extent, lower exposure to commodity price volatility. BH is larger than and has similar geographical diversification as Sammontana Italia S.p.A. (B+/Stable). Sammontana benefits from a more diversified product portfolio with strong brands in its key categories. Sammontana's ratings also reflect its stronger financial profile with higher operating margins and lower leverage. BH is much smaller than Sigma Holdco BV (B/Stable). The latter has a stronger market position as the largest plant-based spreads producer, despite a narrower product offering. Sigma's financial profile also benefits from a higher operating margin of about 20%, robust FCF margins in the mid-single digits and lower leverage. Fitch's Key Rating-Case Assumptions - Revenue to rise 7.7% in 2026, after a 1% decline in 2025, and to grow in the mid-single digits from 2027 - EBITDA margin to gradually recover towards 12% to 2028, from 9.8% in 2025 - Trade working capital about 10% of revenue following revenue dynamics - Capex to gradually reduce towards 3% of revenue by 2028, from at 3.9% in 2025 - M&A of about EUR20 million in 2025 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 (b+, Moderate), Sector Characteristics (bb-, Moderate), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (b+, Lower), Profitability (b, Moderate), Financial Structure (ccc, Higher), and Financial Flexibility (ccc-, Higher). - 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. - Weakest link considerations adjustment is applied based on Financial Flexibility factor and results in an adjustment of -1 notch(es). - 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 'ccc-'. Recovery Analysis Its recovery analysis assumes that BH would be considered a going concern in bankruptcy, and that it would be reorganised rather than liquidated. This is because most of its value lies within its wide production and logistics network in Europe, and longstanding customer relationships. Fitch assumed a 10% administrative claim, which is unavailable during restructuring and hence deducted from the enterprise value. Fitch assessed going-concern EBITDA at EUR115 million, which includes recent acquisitions and reflects the level of earnings required to sustain operations as a going concern in unfavourable market conditions, with a major customer loss or reduced ability to pass on cost inflation to customers. The going-concern EBITDA assumed corrective measures and a restructuring of the capital structure for the company to remain a going concern. Fitch applied a recovery multiple of 5x, which is roughly the mid-point of its multiple scale for the sector in EMEA and in line with sector peers'. This reflects BH's operational scale and market positions. The enterprise value/EBITDA multiple is in line with La Doria's, which has comparable scale and operates in related packaged food categories, within the private-label sector. The multiple is below that of Sammontana and Valeo Foods of 5.5x, due to their ownership of well-recognised brands in the product portfolio and Valeo's bigger scale. Based on these assumptions, its waterfall analysis generates a ranked recovery in the Recovery Rating 'RR3' band, leading to a first-lien secured rating of 'CCC' for BH's EUR696 million term loan B (TLB), one notch above the IDR. Fitch treats EUR80 million 18% payment-in-kind notes as ranking equally with the TLB and its RCF. Fitch also included accumulated interest estimated at EUR50 million to date in the recovery waterfall calculation for the senior secured instrument rating. The ranked recovery for the EUR150 million second-lien facility corresponds to a Recovery Rating of 'RR6', leading to a second-lien rating of 'C', two notches below the IDR. Its estimates of creditor claims include an assumed fully drawn EUR85 million RCF. Fitch expects BH's factoring line will remain available during and after financial distress, given the strong credit quality of its client base. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Steps to completion of a debt restructuring that Fitch would view as a DDE - Near-term liquidity crisis, leading to a payment default Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Positive rating action is unlikely, as reflected in the RWN, given the unsustainable capital structure and high likelihood of a debt restructuring Liquidity and Debt Structure BH's liquidity is constrained, with a cash balance of about EUR20 million as of February 2026. Its EUR85 million RCF (EUR36 million drawn as of February 2026) matures in August 2026, increasing uncertainty over the availability of sufficient liquidity to meet near-term debt service. The TLB is due in February 2027, and the second-lien tranche matures in February 2028. Issuer Profile BH is a EUR1.2 billion revenue, France-based private label biscuit and bread substitute manufacturer, with broad production footprint across Europe. It is owned by Platinum Equity since February 2020. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Biscuit Holding SAS LT IDR CCC- Downgrade CCC+ senior secured LT CCC Downgrade RR3 B- sr secured 2nd Lien LT C Downgrade RR6 CCC- ============= I R E L A N D ============= ARBOUR CLO XIII: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned Arbour CLO XIII DAC's refinancing notes final ratings. Entity/Debt Rating Prior ----------- ------ ----- Arbour CLO XIII DAC A-R XS3282197782 LT AAAsf New Rating B-R XS3282198160 LT AAsf New Rating C-R XS3282198830 LT Asf New Rating Class A XS2850587911 LT PIFsf Paid In Full AAAsf Class B XS2850588133 LT PIFsf Paid In Full AAsf Class C XS2850588562 LT PIFsf Paid In Full Asf Class D XS2850588729 LT PIFsf Paid In Full BBB-sf Class E XS2850589024 LT PIFsf Paid In Full BB-sf Class F XS2850589370 LT PIFsf Paid In Full B-sf D-R XS3282199564 LT BBB-sf New Rating E-R XS3282200081 LT BB-sf New Rating F-R XS3282200677 LT B-sf New Rating Transaction Summary Arbour CLO XIII 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. Net proceeds from the refinancing notes have been used to redeem the existing notes (except the subordinated notes). The CLO has a three-year reinvestment period and a seven-year weighted average life (WAL) at closing of the refinancing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch-calculated weighted average rating factor of the current portfolio at 31 December 2025 was 23.75. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 59.1%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a top 10 obligor concentration limit of 20% and a maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Transaction Inside Reinvestment Period (Neutral): The transaction is within its reinvestment period, which expires in February 2029, and the manager can reinvest principal proceeds and sale proceeds subject to compliance with the reinvestment criteria. Given the manager's ability to reinvest, Fitch's analysis is based on a stressed portfolio, which it tested the notes' achievable ratings across the existing forward matrices, since the portfolio can still migrate to different collateral quality tests. The manager is currently operating on the Fitch Test Matrix Set B. Stable Performance (Positive): The transaction was above par by 0.1%, according to the December report. Exposure to assets with a Fitch-derived rating of 'CCC+' and below was 1.8%, versus a limit of 7.5%, and the portfolio had no exposure to defaulted assets. Cash-flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL test covenant to account for the strict reinvestment conditions envisaged by the deal after its reinvestment period. These conditions include passing the coverage tests, the Fitch 'CCC' bucket limitation test after reinvestment, and a WAL test covenant that gradually steps down, before and after the end of the reinvestment period. Fitch believes these conditions reduce the effective risk horizon of the portfolio during stress periods. Deviation from MIR (Neutral): The rating for the class E note is two notches below the model-implied rating (MIR), reflecting thin break-even default-rate cushions at the MIRs and allowing reasonable buffer against performance deterioration. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade An increase of the default rate (RDR) by 25% of the mean RDR and a decrease of the recovery rate (RRR) by 25% at all rating levels in the current portfolio would have no impact on the class A to E notes and lead to a downgrade to below 'B-sf' for the class F notes. Based on the current portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class C and F notes have one-notch rating cushions and the class D and E notes have two-notch cushions due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A and B notes have no rating cushion. 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 up to two notches for the class A to E notes and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would result in upgrades of up to four notches each for all notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may result from 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 deal. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread 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 Arbour CLO XIII 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 Arbour CLO XIII 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. DILOSK RMBS 11: Fitch Assigns BB+sf Final Rating on Cl. X1 Notes ---------------------------------------------------------------- Fitch Ratings has assigned Dilosk RMBS No.11 DAC's notes final ratings. Entity/Debt Rating Prior ----------- ------ ----- Dilosk RMBS No.11 DAC A XS3281009830 LT AAAsf New Rating AAA(EXP)sf B XS3281009913 LT AAsf New Rating AA-(EXP)sf C XS3281010093 LT A+sf New Rating A(EXP)sf D XS3281010176 LT BBB+sf New Rating BBB+(EXP)sf X1 XS3281010259 LT BB+sf New Rating BB+(EXP)sf X2 XS3281010416 LT CCCsf New Rating NR(EXP)sf Z XS3281010507 LT NRsf New Rating NR(EXP)sf Transaction Summary Dilosk RMBS No.11 DAC is a securitisation of Irish prime buy-to-let (BTL) mortgages originated by Dilosk DAC and secured on properties located in Ireland. The transaction features a pre-funding period ending on the first interest payment date on 27 July 2026. The class A to D notes are collateralised and will amortise sequentially. After the step-up date (October 2029), the collateralised notes margins will increase. The class X1 and X2 notes are uncollateralised and will amortise sequentially. The class B and C notes' final ratings are one notch higher than the expected ratings, due to the revised margins on all classes of notes. Fitch has also assigned the class X2 notes a final rating, as requested by the issuer. KEY RATING DRIVERS Prime BTL Mortgages: The initial EUR182 million portfolio consists entirely of BTL standard variable rate mortgages with a weighted average (WA) seasoning of 16.6 months and WA current loan-to-value ratio of 55.8%. The debt servicing coverage ratio (DSCR) is high: around 75% of the initial portfolio has a DSCR higher or equal to 120% calculated by Fitch. Fitch applied a 1.0x transaction adjustment in the analysis to reflect standard origination practices and Dilosk's low arrears compared with the market average. Pre-Funding with Adequate Covenants: The issuer is allowed to transfer additional mortgage loans, subject to pre-funding limits, using the proceeds of the notes. The class A to D notes were over-issued by about 20% of the closing pool balance. Fitch considers the pre-funding covenants adequate to maintain portfolio credit quality, with minimal expected changes to key portfolio characteristics compared to the initial portfolio. Fitch therefore based its asset analysis on the static initial pool. Payment Interruption Risk Mitigated: Fitch considers payment interruption risk mitigated for the class A and B notes as the amortising liquidity facility, sized at 1% of the greater of class A or class B outstanding balance, will cover at least three months of class A and class B interest, when most senior, and senior expenses. For the other rated classes, Fitch considers payment interruption risk mitigated up to 'A+sf' based on the declaration of trust in place to protect funds from the servicer's default, the collection account bank funds holding period and Fitch's classification of the collection account bank as an operational-continuity bank. Excess Spread Notes' Rating Cap: The class X1 and X2 excess spread notes' interest and principal are paid from the available excess spread. Excess spread notes are typically sensitive to underlying loan performance and prepayments and cannot achieve a rating higher than 'BB+sf', in line with its European RMBS Rating Criteria. Under the 'BB+' rating scenario, Fitch expects the class X1 notes to repay in full shortly before the first optional redemption date, falling in October 2029. The class X2 notes will start paying interest only once class X1 is repaid in full. The 'CCCsf' rating on the class X2 notes reflects substantial credit risk and the potential for principal and interest losses under Fitch's stresses. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transaction's performance may be affected by changes in market conditions and the economic environment. Weakening economic performance is strongly correlated to increasing levels of delinquencies and defaults that could reduce the credit enhancement available to the notes. In addition, unanticipated declines in recoveries could result in lower net proceeds, which may make certain notes susceptible to negative rating action depending on the extent of the decline in recoveries. Fitch found that a 15% increase in the WA foreclosure frequency (FF) and a 15% decrease in the WA recovery rate (RR) indicate downgrades of up to two notches for all classes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to increasing credit enhancement and consideration of upgrades. Fitch found a decrease in the WAFF of 15% and an increase in the WARR of 15% indicate upgrades of up to three notches for the class B to D notes. The class A notes' rating is 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 Fitch reviewed the results of a third party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. SONA FIOS II: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned Sona Fios CLO II DAC reset notes final ratings. Entity/Debt Rating Prior ----------- ------ ----- Sona Fios CLO II DAC A-Note XS2809780278 LT PIFsf Paid In Full AAAsf A-R XS3257578255 LT AAAsf New Rating B-1 XS2809780435 LT PIFsf Paid In Full AAsf B-1-R XS3257578412 LT AAsf New Rating B-2 XS2809780609 LT PIFsf Paid In Full AAsf B-2-R XS3289020953 LT AAsf New Rating C XS2809780864 LT PIFsf Paid In Full Asf C-R XS3257578685 LT Asf New Rating D XS2809781086 LT PIFsf Paid In Full BBB-sf D-R XS3257578842 LT BBB-sf New Rating E XS2809781243 LT PIFsf Paid In Full BB-sf E-R XS3257579147 LT BB-sf New Rating F XS2809781599 LT PIFsf Paid In Full B-sf F-R XS3257579493 LT B-sf New Rating Transaction Summary Sona Fios CLO II 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 redeem the existing notes except the subordinated notes and to fund the portfolio with a target par of EUR500 million. The portfolio is actively managed by Sona Asset Management (UK) LLP. The CLO has a five-year reinvestment period and a nine-year weighted average life test (WAL). KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors to be in the 'B+'/'B' category. The Fitch weighted average rating factor of the identified portfolio is 22.9. 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 60.6%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including the top 10 obligor concentration limit at 20% and a maximum exposure to the three-largest Fitch-defined industries at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a five-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. The transaction includes one matrix set at closing and two forward matrix sets that are effective 12 months and 24 months after closing, respectively, provided the aggregate collateral balance (defaults at Fitch-calculated collateral value) is at least at the reinvestment target par balance, among other conditions. Each matrix set comprises two matrices with fixed-rate asset limits of 5% and 12.5%, respectively. Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged after the reinvestment period. These include passing both the coverage tests and the Fitch 'CCC' test as well as a WAL covenant that progressively steps down over time. 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 identified portfolio would have no impact on the class A-R, D-R, E-R and F-R and would lead to downgrades of one notch each for the class B-R and C-R notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-R to F-R notes each have a rating cushion of up to three notches due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A-R notes are at the highest achievable rating and therefore have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded, 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 two notches each for the class A-R, B-R and D-R notes, three notches each for the class C-R and E-R notes and below 'B-sf' for the class F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches each for the rated notes, except for the 'AAAsf' rated notes, which are at the highest level on Fitch's scale and cannot be upgraded further. Upgrades during the reinvestment period, upgrades, 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 may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY 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 Sona Fios CLO II 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. ========= I T A L Y ========= MILIONE SPA: Moody's Affirms 'Ba1' CFR & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has affirmed the Ba1 long-term corporate family rating, the Ba1 senior secured rating on the EUR300 million bond, and the Ba2-PD probability of default rating of Milione S.p.A. (Milione). The outlook has been changed to stable from positive. Moody's will subsequently withdraw all ratings of Milione at the issuer's request. RATINGS RATIONALE The ratings affirmation reflects Milione's positive operating performance, with passenger traffic at the company's airports reaching 11.6 million by the end of September 2025. This represents a 2.3% year-on-year increase compared with 2024. Traffic growth was underpinned by the attractiveness of Venice as a global tourist destination and the addition of new routes, including long-haul connections to China. Moody's projects passenger volumes to grow by about 4% annually, on average, during 2026-27. In addition, revenues will be supported by moderate tariff increases at the Venice airport over the regulatory period 2024-28, effective since August 2025. More generally, the ratings affirmation also reflects (1) the strong fundamentals of Milione's managed airports and the economic strength of its service area; (2) the favourable competitive position of Venice and Treviso airports, although with some transmodal competition for domestic traffic; (3) the high proportion of origin and destination passengers; and (4) a fairly diversified carrier base with no meaningful exposure to weak airlines. At the same time, the ratings remain constrained by (1) a financial profile that is among the most leveraged of Moody's rated European airports; (2) the sector's exposure to lackluster macroeconomic trends and geopolitical risks; and (3) the concentration of debt maturities, which heightens refinancing risks. The outlook change to stable from positive reflects Moody's expectations that, following the closing of the acquisition of Milione by Ardian and Finint Infrastrutture, an extended track record of a supportive financial policy would be required to warrant a higher rating. RATINGS WITHDRAWAL Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Privately Managed Airports and Related Issuers published in November 2023. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Milione is the holding company for SAVE S.p.A., the operator of the Venice and Treviso airports under long-term concessions expiring in 2043 and 2055, respectively. In the first nine months of 2025, the company handled about 11.6 million passengers. PRISMA SPV: Moody's Cuts Rating on EUR80MM Class B Notes to Caa3 ---------------------------------------------------------------- Moody's Ratings has downgraded the ratings of Class A and Class B notes in Prisma SPV S.r.l. The rating action reflects lower than anticipated cash-flows generated from the recovery process on the non-performing loans (NPLs). EUR1210M Class A Notes, Downgraded to B2 (sf); previously on Apr 29, 2024 Downgraded to Ba1 (sf) EUR80M Class B Notes, Downgraded to Caa3 (sf); previously on Apr 29, 2024 Downgraded to Caa1 (sf) Maximum achievable rating is Aa2 (sf) for structured finance transactions in Italy, driven by the corresponding local currency country ceiling of the country. RATINGS RATIONALE The rating action is prompted by lower than anticipated cash-flows generated from the recovery process on the non-performing loans (NPLs). Lower than anticipated cash-flows generated from the recovery process on the NPLs: The portfolio is serviced by doValue S.p.A. ("doValue"; unrated). As of September 2025, Cumulative Collection Ratio was at 82.4%, based on collections net of legal and procedural costs, meaning that collections are coming slower than anticipated in the original Business Plan projections. This compares against 88.2% at the time of the latest rating action in April 2024. Through the September 2025 collection period, twelve collection periods since closing, aggregate collections net of legal and procedural costs were EUR1,203.2 million versus original business plan expectations of EUR1,460.9 million. In terms of Cumulative Collections Ratio, the transaction has underperformed the servicers' original expectations starting on the 2nd collection period after closing, with the gap between actual and servicers' expected collections increasing over time. For example, in the last two semiannual collection periods, the total Net Collections stood at EUR75.0 million against EUR158.3 million expected, while the total Net Collection of the last two semiannual collection periods at the time of the last rating action, April 2024, stood at 110.3 million against EUR163.6 million expected. The servicer's latest available Business Plan expects total amount of future collections net of costs and fees slightly higher than the outstanding amount of the Class A Notes (EUR434.15 million). Note that some of these amounts will be applied to senior costs and Class A notes' interests payments. NPV Cumulative Profitability Ratio (the ratio between the Net Present Value of collections against the expected collections as per the original business plan, for positions which have been either collected in full or written off) stood at 96.0%, slightly below original servicer's expectations and lower than median value of profitability ratio for Italian NPLs which is 106%. The ratio remained stable in the last four collection periods, below 100% since the fourth collection period. However, it only refers to closed positions while the time to process open positions and the future collections on those remain to be seen. In term of underlying portfolio, the reported Gross Book Value ("GBV") stood at EUR3,905 million as of September 2025 (this includes GBV at cut-off date for open positions), down from EUR4,142 million as of the latest rating action. Of these, EUR2,176 million are reported as No Lien (this is, unsecured) and EUR2,581 million corresponded to closed legal stages. As main peculiarity in this transaction, almost 100% of the loans in the portfolio are extended to individuals. Also, almost 100% of the secured properties are residential. Out of the approximately EUR2,151 million reduction in GBV since closing, principal payments to Class A have been around EUR776 million. The advance rate (the ratio between Class A notes balance and the outstanding gross book value of the backing portfolio) stood at 11.11% as of September 2025, slightly lower than 12.61% as of the last rating action. Simulation of cashflows from the remaining pool in light of portfolio characteristics, coupled with the outstanding balance of the Class A and Class B Notes are no longer consistent with the ratings prior to the downgrades. The transaction benefits from an interest rate cap, linked to six-month EURIBOR, provided by UniCredit Bank GmbH (Aa3(cr)/P-1(cr)). The strike of the cap option increases during the life of the transactions. In the last Interest Payment Date ("IPD") the strike stood at 1.00% and it will increase up to 1.25% until the expiring date (May 2034). The Cap Notional Amount for the next IPD of May 2026 is EUR495 million. The notional of the interest rate cap was initially equal to the outstanding balance of the Classes A and B notes and then amortizing down with pre-defined amounts. As the current outstanding balance of the rated notes is EUR514 million, Class A notes are fully hedged while Class B notes are partially hedged. Class B interest payments have been deferred since the IPD falling November 2023 because Interest Subordination Events have occurred since then. NPL transactions' cash flows depend on the timing and amount of collections. Due to the current economic environment, Moody's have considered additional stresses in its analysis, including a 6 month delay in the recovery timing. Benchmarking and performance considerations against other Italian NPLs have also been factored in the analysis. Moody's have also taken into account the potential cost of the GACS Guarantee within its cash flow modelling, while any potential benefit from the guarantee for the senior Noteholders has not been considered in its analysis. The principal methodology used in these ratings was "Non-performing and Re-performing Loan Securitizations" published in April 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (1) the recovery process of the non-performing loans producing significantly higher cash-flows in a shorter time frame than expected; (2) improvements in the credit quality of the transaction counterparties; and (3) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (1) significantly lower or slower cash-flows generated from the recovery process on the non-performing loans due to either a longer time for the courts to process the foreclosures and bankruptcies, a change in economic conditions from Moody's central scenario forecast or idiosyncratic performance factors. For instance, should economic conditions be worse than forecasted and the sale of the properties generate less cash-flows for the issuer or take a longer time to sell the properties, all these factors could result in a downgrade of the ratings; (2) deterioration in the credit quality of the transaction counterparties; and (3) increase in sovereign risk. =================== L U X E M B O U R G =================== ORION SA: Moody's Lowers CFR to B2 & Alters Outlook to Negative --------------------------------------------------------------- Moody's Ratings has downgraded Orion S.A.'s (Orion) long-term corporate family rating to B2 from Ba3 and probability of default rating to B2-PD from Ba3-PD. Concurrently, Moody's downgraded Orion Engineered Carbons GmbH's backed senior secured term loans and backed senior secured revolving credit facility (RCF) to B2 from Ba3. The outlook on both entities is negative. Previously all ratings were placed on review for downgrade. This concludes Moody's reviews which was initiated on October 23, 2025. RATINGS RATIONALE The downgrade to B2 and negative outlook reflects Orion's weak point in-time credit metrics as of December 31, 2025 and Moody's expectations for further deterioration of performance in 2026. In 2025, the company experienced lower pricing and an elevated level of imported tires into certain markets which limited production levels of tire manufacturers and Orion's EBITDA generation. In 2026, while Moody's expects import levels to subside, tire build rates will remain subdued and pricing will weaken with the company's guidance for EBITDA declining to $160-$200 million, from $248 million at year end 2025. Moody's do however expect that the company will be able to generate Moody's adjusted free cash flow assuming a material reduction in capex in 2026 from the cessation of certain growth capex and a continued focus on working capital initiatives. As of December 31, 2025, Moody's estimates the company's Moody's adjusted debt/EBITDA was around 4.6x. This leverage ratio does not include Moody's standard adjustment for securitization due to disclosure limitations, but Moody's estimates it adds around $90 million to Moody's adjusted debt or around 0.3x to gross leverage, bringing debt/EBITDA close to 5.0x. Incorporating the company's guidance for 2026, Moody's estimates the company's Moody's adjusted debt/EBITDA will be around 7.0x (or around 7.5x including Moody's securitization estimate) if it performs on the low end of its own guidance. Moody's expects Orion to address its September 2028 maturities well in advance of going current, and would expect a refinancing to occur at the latest during H1 2027. This provides limited time to show an improvement in performance. Moody's expects the cost of debt to increase given the company's performance relative to last time it accessed the market. LIQUIDITY Orion's liquidity is adequate. As of December 31, 2025, Orion had reported cash on hand of around $61 million. The company also has access to a EUR350 million backed senior secured revolving credit facility issued by Orion Engineered Carbons GmbH, along with related ancillary facilities. As of end December 31, 2025, the RCF and ancillary facilities were drawn by around $206 million. While Orion was in compliance with its covenant at Q4 2025, the company anticipated needing further flexibility and on February 13th 2026, received an amendment to relax its maintenance covenant. The revised covenant level is 5.5x in Q1 and Q2 2026, rising to 6.25x in Q3 2026, and increasing to 6.5x in Q4 2026 and Q1 2027 before declining again in subsequent periods, down to 4.5x by Q2 2028. This amendment provides the company additional flexibility to navigate this period of weaker performance. The company's leverage under the covenant definition was 4.07x as of December 31, 2025, which differs from Moody's adjusted metrics. Moody's forecasts the company will have capacity to comply with the revised levels provided it performs within its guidance for 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely at this time given the negative outlook and expectation for high leverage for the rating category. Factors that could lead to an upgrade of Orion's ratings include: (i) a forward looking expectation of Moody's-adjusted debt/EBITDA at or below 4.5x, excluding Moody's estimates of the company's securitization program; (ii) positive Moody's adjusted free cash flow on a sustained basis; (iii) a reduction of short term gross debt and improved liquidity position including ample covenant headroom. Factors that could lead to a downgrade of Orion's ratings include: (i) a forward looking expectation that Orion's Moody's adjusted debt/EBITDA would be sustained above 5.5x excluding Moody's estimates of the company's securitization program; (ii) Moody's adjusted EBITDA/Interest below 2.5x; (iii) deterioration of liquidity and increased risk of covenant breach, including Moody's adjusted free cash flow being negative in 2026, (iv) indications that the company is underperforming its guidance and may face increased difficulties in refinancing its 2028 maturities in H1 2027. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in February 2026. Orion's B2 corporate family rating is two notches below the scorecard indicated rating as of the twelve months ended September 30, 2025. The difference between the scorecard indicated outcome and the assigned rating reflects the materially weaker outlook for 2026 and forward looking considerations around refinancing. CORPORATE PROFILE Orion S.A. (Orion) is a global producer of specialty carbon black (SCB) and rubber carbon black (RCB). In the 12 months that ended December 31, 2025, Orion reported revenue of around $1.8 billion and company-adjusted EBITDA of $248 million. Since July 2014, Orion has been listed on the New York Stock Exchange. ========= S P A I N ========= AES ESPANA: Fitch Affirms 'BB-' IDR, Outlook Positive ----------------------------------------------------- Fitch Ratings has affirmed 14 electricity generation companies' ratings in Latin America: 1. Empresa Generadora de Electricidad Haina, S.A. (EGE Haina) 2. Saavi Energia S.a r.l. (Saavi) 3. Trinidad Generation Unlimited (TGU) 4. Empresas Publicas de Medellin E.S.P. (EPM) 5. Fitch Downgrades EPM's IDR to 'BB'; Outlook Stable 6. Orazul Energy Peru S.A. (Orazul) 7. Fitch Affirms Orazul's Ratings at 'BB'; Outlook Stable 8. Isagen S.A. E.S.P. (Isagen) 9. Investment Energy Resources Limited (IERL) 10. Fitch Affirms Investment Energy Resources Limited at 'BB'; Outlook Stable 11. Niagara Energy S.A.C. (Niagara) 12. Fitch Affirms Niagara Energy's IDRs at 'BBB-'; Outlook Stable 13. Kallpa Generacion S.A. (Kallpa) 14. TermoCandelaria Power, S.A. (TPL) 15. TermoCandelaria Power, S.A. 16. Fenix Power Peru S.A. (Fenix) 17. Fitch Affirms Fenix Power Peru S.A.'s IDRs at 'BBB-'; Outlook Stable 18. AES Panama Generation Holdings, S.R.L. (AES Panama) 19. Enel Colombia S.A. E.S.P. (Enel Colombia) 20. Enel Colombia S.A. E.S.P. 21. AES Espana B.V. (AES Espana) 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 Empresa Generadora de Electricidad Haina, 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 (bb-, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb, Moderate), Financial Structure (bb-, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB-'. Saavi Energia 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 (bbb, Lower), Sector Characteristics (bbb, Moderate), Market & Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), 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 forecast year 2025, 20% for the forecast year 2026, 35% for the forecast year 2027 and 35% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb-'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB-'. Trinidad Generation Unlimited 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 (bbb, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb+, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb' results in no adjustment. - The SCP is 'b+'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria considers TGU's credit quality as materially linked to that of Trinidad and Tobago, resulting in a two notch benefit, resulting in a Local and Foreign Currency IDR of 'BB'. Empresas Publicas de Medellin E.S.P. (EPM) 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 (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb-, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bb, 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 'bb' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Government Related Entities Rating Criteria and Parent Subsidiary Linkage Rating Criteria results in an equalized approach with the consolidated profile of its Parent the City of Medellín ('BB'/Stable) resulting in a Local and Foreign Currency IDR of 'BB'. Orazul Energy Peru 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+, Moderate), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bbb-, Moderate), Company Operational Characteristics (bb, Higher), Profitability (bb+, Moderate), Financial Structure (b+, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) standalone approach. Isagen S.A. E.S.P. 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 (bb, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'bb+'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB+'. Investment Energy Resources Limited Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (bb, 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in an adjustment of -1 notch(es). - The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB'. Niagara Energy S.A.C. 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 (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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. Fitch made no adjustments to the SCP, resulting in a Local- and Foreign-Currency IDR of 'BBB-'; Outlook Stable. Kallpa Generacion 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+, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb, Lower). - 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bbb-'. Fitch made no adjustments to the SCP, resulting in a Local- and Foreign-CurrencyIDR of 'BBB-'; Outlook Stable. TermoCandelaria Power, 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 (b+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb, Moderate), and Financial Flexibility (bb, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in no adjustment. - The SCP is 'bb'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB'. Fenix Power Peru 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 (bbb+, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bbb+, Moderate), 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) bottom up +1 approach, resulting in a Foreign- and Local-Currency IDR of 'BBB-' AES Panama Generation Holdings, S.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 (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb-, Moderate), 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 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb+' results in no adjustment. - The SCP is 'bb+'. Fitch made no adjustments to the SCP, resulting in a Local and Foreign Currency IDR of 'BB+'. Enel Colombia S.A. E.S.P. 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, Moderate), Profitability (bbb, Moderate), Financial Structure (a+, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb' results in an adjustment of -2 notch(es). - The other risk elements adjustment applies and results in an adjustment of -2 notch(es). Fitch caps Enel Colombia's standalone credit profile at Colombia's country ceiling at 'bb+', given the substantial cash flow it generates from the country. - The SCP is 'bb+'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) bottom up +1 approach, resulting in a Local and Foreign Currency IDR of 'BBB-'. AES Espana B.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 (bb-, Higher), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb-, Higher), Profitability (bb, Moderate), Financial Structure (bbb-, Moderate), and Financial Flexibility (bb+, 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in no adjustment. - The other risk elements adjustment applies since AES España's ratings reference the Dominican Republic sovereign due to significant subsidies to discos. Discos account for over 80% of AES España's power purchase agreement (PPA) generation revenues (17% with commercial and industrial clients) but have high losses and low collections, requiring government support. This results in an adjustment of -1 notch(es). - The SCP is 'bb-'. Fitch made no adjustments to the SCP, resulting in a Foreign Currency IDR of 'BB-'. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Investment Energy Resources Limited LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior secured LT BB Affirmed BB Trinidad Generation Unlimited LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Orazul Energy Peru S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Isagen S.A. E.S.P. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ TermoCandelaria Power, S.A. LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB Enel Colombia S.A. E.S.P. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Niagara Energy S.A.C. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Saavi Energia S.a r.l. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Fenix Power Peru S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- Empresas Publicas de Medellin E.S.P. (EPM) LT IDR BB Affirmed BB LC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB AES Espana B.V. LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- AES Panama Generation Holdings, S.R.L. LT IDR BB+ Affirmed BB+ LC LT IDR BB+ Affirmed BB+ senior secured LT BB+ Affirmed BB+ Empresa Generadora de Electricidad Haina, S.A. LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- Kallpa Generacion S.A. LT IDR BBB- Affirmed BBB- LC LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- AUTO ABS SPANISH 2026-1: Fitch Rates Class E Notes 'BB-(EXP)' ------------------------------------------------------------- Fitch Ratings has assigned AUTO ABS SPANISH LOANS 2026-1, FT expected ratings. The assignment of final ratings is contingent on the receipt of final documents conforming to information already received. Entity/Debt Rating ----------- ------ AUTO ABS SPANISH LOANS 2026-1, FT Class A ES0306016009 LT AAA(EXP)sf Expected Rating Class B ES0306016017 LT AA(EXP)sf Expected Rating Class C ES0306016025 LT A-(EXP)sf Expected Rating Class D ES0306016033 LT BBB-(EXP)sf Expected Rating Class E ES0306016041 LT BB-(EXP)sf Expected Rating Class F ES0306016058 LT BB+(EXP)sf Expected Rating Transaction Summary Auto ABS Spanish Loans 2026-1, FT is a nine-month revolving securitisation of Spanish auto loans originated by Stellantis Financial Services Spain, E.F.C., S.A. (SFS Spain), a captive lender resulting from a joint venture between Stellantis N.V. and Santander Consumer Finance, S.A. (A/Stable/F1). KEY RATING DRIVERS Residual Value Risk: Fifty-six per cent of the stressed portfolio balance is linked to balloon loans granted to individuals for the purchase of new cars, for which borrowers have the option to return the vehicle to discharge the final balloon instalment (residual value, RV). Fitch assumed an RV exposure of 80.5% of the total balloon loans balance at the end of the revolving period. Fitch calibrated an RV loss assuming car sale proceeds of 100% of the final balloon instalments in a base case scenario and applied median haircuts to derive rating stresses. This generated a RV loss of 12.7% of the stressed portfolio balance under the 'AAAsf' case. Asset Assumptions Reflect Mixed Portfolio: The securitised portfolio includes loans for the acquisition of new and used passenger cars. Fitch calibrated asset assumptions for each product separately, reflecting different performance expectations. Fitch has assumed base case lifetime default and recovery rates of 3.1% and 60%, respectively, for the blended stressed portfolio. This is based on the historical data provided by the originator, Spain's economic outlook and SFS Spain's underwriting and servicing strategies. Short Revolving Period: The transaction features a nine-month revolving period during which new receivables can be purchased by the special purpose vehicle. Fitch believes revolving periods increase risk due to the longer exposure to the economic cycle and the possibility of underwriting standards loosening. The portfolio could migrate towards higher-risk asset types. Fitch accounted for these risks through the application of a stressed portfolio composition, shifting towards the highest-risk assets, used cars and balloon loans, in line with the documented replenishment limits. Pro-Rata Notes Amortisation: The class A to E notes will be repaid pro rata, after the end of the revolving period, until a subordination event occurs, causing a switch to strictly sequential amortisation. One such event is defined in relation to the cumulative balance of losses being greater than the defined triggers. Fitch views such a trigger as sufficiently robust to prevent the pro rata amortisation from continuing on early signs of deterioration in performance. Fitch believes the tail risk posed by the pro rata pay-down is mitigated by the mandatory switch to sequential amortisation when the outstanding pool balance falls below 10% of the initial balance. Payment Interruption Risk Mitigated: Fitch views payment interruption risk as sufficiently mitigated. If a servicer event leads to collection disruption the cash reserve fund is available to cover an estimated period of at least three months of senior costs, net swap payments (if any) and interest on the class A to E notes, a period that Fitch views as sufficient to implement alternative arrangements and maintain payment continuity on the notes. Other material mitigants that prevent payment disruptions are exclusive direct-debit cash collections and a back-up servicer facilitator. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset performance deterioration such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape, are negative for the ratings. For instance, an increase in the default rate by 25% and a decrease in the recoveries by 25% would imply category downgrades for most notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The class A notes are rated at the highest level on Fitch's scale and cannot be upgraded. For the remaining class notes, increasing credit enhancement ratios as the transaction deleverages to fully compensate for the credit losses and cash flow stresses commensurate with higher ratings would lead to positive rating actions. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information, and concluded that there were no findings that affected the rating analysis. Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. =========================== U N I T E D K I N G D O M =========================== BLACK DEER: Azets Holdings Appointed as Joint Administrators ------------------------------------------------------------ Black Deer Live 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-2026-1044. Matthew Richards (IP No. 19276) and Robert Young (IP No. 29110) of Azets Holdings Limited were appointed as Joint Administrators on February 12, 2026. The company engaged in support activities to performing arts. The company's registered office is Sundial House, High Street, Horsell, Woking, Surrey, GU21 4SU. The Joint Administrators can be reached at: Matthew Richards (IP No. 19276) Robert Young (IP No. 29110) Azets Holdings Limited 2nd Floor, Regis House 45 King William Street London EC4R 9AN For further details, contact: The Joint Administrator Tel: 0207 403 1877 Alternative contact: Kelly Jones Email: Kelly.jones@azets.co.uk HELIOS TOWERS: Moody's Hikes CFR to Ba3 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has upgraded Helios Towers plc's (Helios Towers or the company) corporate family rating to Ba3 from B1. At the same time, Moody's upgraded the probability of default rating to Ba3-PD from B1-PD and upgraded to Ba3 from B1 the rating of the outstanding $850 million backed senior unsecured notes that are due in 2029 and issued by HTA Group, Ltd. The outlook for both entities has been changed to stable from positive. RATINGS RATIONALE The rating action reflects Moody's views that Helios Towers' credit profile has sustainably strengthened, driven by the company's continued solid operating performance, rising free cash flow generation and ongoing commitment to deleveraging. The company's decision, in November 2025, to introduce shareholder distributions reflects its expectation that free cash flow generation will remain sustainable over the medium term. This policy shift is balanced by a revised, lower net leverage target of 2.5x–3.5x (on a reported basis), compared with the previous target range of 3.5x–4.5x, which supports the company's improved credit profile. Moody's views the updated, prudent financial policy as evidence of strengthened governance. Accordingly, Moody's have raised the company's ESG governance issuer profile score to G-2 from G-3 and its Credit Impact Score (CIS) to CIS-2 from CIS-3. On a Moody's adjusted basis, the company reduced debt to EBITDA to 4.5x for the twelve months ended June 2025, from 4.8x as of December 2024. Over the same period, the company generated $46 million of Moody's adjusted free cash flow. Moody's expects Moody's adjusted debt to EBITDA to decline to around 4.2x by the end of 2025 and to approximately 3.9x by the end of 2026, while sustaining positive free cash flow generation. Moody's believes the company's financial policy will balance shareholder distributions with discretionary capital expenditure and further deleveraging, supporting the preservation of its improved credit profile. Helios Towers' rating remains supported by (1) its leading position in seven high growth African telecom tower markets and presence in two additional countries; (2) its track record of strong growth, improving profitability and annuity like contracted cash flows underpinned by long term contracts with leading mobile network operators (average remaining contract life of 6.8 years, representing $5.3 billion of future revenue), which benefit from automatic price escalators for power costs, inflation and foreign currency depreciation; (3) its history of prudent financial management and moderate leverage for the telecom tower industry (4.5x as of June 2025 LTM), which Moody's expects to decline to below 4.0x by end 2026; and (4) growing positive free cash flow generation, which Moody's expects to increase further as the company reduces expansionary capex and refocuses on organic growth through colocations. The rating is constrained by the high risk sovereign environments where the company operates, notably Tanzania (B1 stable) and the Democratic Republic of the Congo (DRC, B3 stable), which account for around 38% and 32% of EBITDA, respectively. STABLE OUTLOOK The stable outlook reflects Helios Towers' strong track record of adhering to its financial policies and Moody's expectations that the company will continue to generate free cash flow and maintain its solid credit metrics and adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Helios Towers' ratings are capped by the sovereign ratings of its main countries of operation, in particular Tanzania and DRC. Unless the sovereign ratings of these countries improve, an upgrade of Helios Towers' ratings is unlikely. In order to consider an upgrade, Moody's would also expect Moody's adjusted debt/ EBITDA to sustainably improve to below 3.5x and its (EBITDA – capex) / interest expense to comfortably exceed 2.0x. Moody's would consider a negative rating action if the sovereign credit profile of the company's key markets materially deteriorated or if the company's ability to regularly upstream cash to its holding company became restricted. There could also be downward pressure on the ratings if Moody's adjusted debt / EBITDA fails to improve to below 4.0x and (EBITDA – capex)/ interest expense fails to continue trending towards 2.0x, both over time and on a sustainable basis. Sustained negative free cash flow and weakening liquidity could also lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Communications Infrastructure published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. JRM ADVANCED: PBC Business Appointed as Administrator ----------------------------------------------------- JRM Advanced Engineering Limited, was placed into administration in the High Court of Justice, Court Number CR-2026-001074. Gary Steven Pettit (IP No. 9066) of PBC Business Recovery and Insolvency was appointed as administrator on February 12, 2026. The company engaged in the manufacture of other fabricated metal products not elsewhere classified. The company's registered office is at 9-10 Scirocco Close, Moulton Park, Northampton, NN3 6AP. Its principal trading address is Units 3 & 4, Rutherford Way, Drayton Fields Industrial Estate, Daventry, Northants, NN11 8XW. The Administrator can be reached at: Gary Steven Pettit PBC Business Recovery and Insolvency 9-10 Scirocco Close Moulton Park Northampton NN3 6AP For further details, contact: The Administrator Tel: 01604 212150 Email: natashapink@pbcbusinessrecovery.co.uk Alternative contact: Natasha Pink NEWCELLS BIOTECH: Grant Thornton Appointed as Joint Administrators ------------------------------------------------------------------ Newcells Biotech Limited, was placed into administration in the High Court of Justice, Business and Property Courts in Newcastle Upon Tyne, Court Number 000015 of 2026. Christopher J Petts (IP No. 12390) and James E Hichens (IP No. 28732) of Grant Thornton UK Advisory & Tax LLP were appointed as Joint Administrators on February 12, 2026. The company engaged in research & development of biotechnology. The company's registered office is at 11th Floor, Landmark St Peter's Square, 1 Oxford Street, Manchester, M1 4PB. Its principal trading address is Time Central, 32 Gallowgate, Newcastle Upon Tyne, NE1 4BF. The Joint Administrators are: Christopher J Petts (IP No. 12390) Grant Thornton UK Advisory & Tax LLP Grant Thornton – 1103a 11th Floor, Pilgrim Street Newcastle Upon Tyne NE1 6SQ James E Hichens (IP No. 28732) Grant Thornton UK Advisory & Tax LLP City Square House 11 Wellington Street Leeds LS1 4DL For further details, contact: The Joint Administrator Tel: 0161 953 6906 Email: cmusupport@uk.gt.com Alternative contact: CMU Support STEPHEN FRIEDMAN FINE ART : FRP Advisory Appointed as Joint Adminis ------------------------------------------------------------------- Stephen Friedman Fine Art Limited, trading as Stephen Friedman Gallery, was placed into administration in the High Court of Justice, Court Number CR-2026-000704. Nedim Ailyan (IP No. 9072) and Glyn Mummery (IP No. 8996), both of FRP Advisory Trading Limited wereappointed as Joint Administrators on February 12, 2026. The company engaged in retail sale in commercial art galleries. The company;s registered office is 5-6 Cork Street, London, W1S 3LQ (to be changed to Centre Block, 4th Floor, Central Court, Knoll Rise, Orpington, BR6 0JA). Its principal trading address is 5-6 Cork Street, London, W1S 3LQ. The Joint Administrators are: Nedim Ailyan (IP No. 9072) Glyn Mummery (IP No. 8996) FRP Advisory Trading Limited 4th Floor, Centre Block Central Court, Knoll Rise Orpington, Kent BR6 0JA For further details, contact: The Joint Administrator Tel: 020 8302 4344 Email: cp.orpington@frpadvisory.com Alternative contact: Isaac Ntanda STRUCTURAL PLANT: Rushtons Insolvency Appointed as Administrator ---------------------------------------------------------------- Structural Plant Services Limited, trading as Skipton Scaffolds, was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Court Number CR-2026-000151. Zane Collins (IP No. 25952) of Rushtons Insolvency Limited was appointed as Administrator on February 12, 2026. The company's primary nature of business is scaffold erection, operating out of Leeds. The company's registered office is 6 Festival Building, Ashley Lane, Saltaire, BD17 7DQ. Its principal trading address is Unit 7, The Sidings Business Park, Skipton, BD23 1TB. The Administrator may be reached at: Zane Collins (IP No. 25952) Rushtons Insolvency Limited 6 Festival Building Ashley Lane Saltaire BD17 7DQ For further details, contact: The Administrator Tel: 01274 598585 Email: dwolski@rushtonsifs.co.uk Alternative contact: Dominic Wolski TARN (MORNINGS MILL) : Moorfields Appointed as Joint Administrators ------------------------------------------------------------------- Tarn (Mornings Mill) Limited, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List, Court Number CR-2026-001041, with Milan Vuceljic (IP No. 20172) and Michael Solomons (IP No. 9043) of Moorfields appointed as Joint Administrators on February 11, 2026. The company's primary nature of business is the development of building projects. The company's registered office is Unit 20 Queen Elizabeth Street, London, SE1 2JE. Its principal trading address is First Floor, 13 Mulberry Place, Pinnell Road, SE9 6AR. The Joint Administrators are: Milan Vuceljic (IP No. 20172) Michael Solomons (IP No. 9043) Moorfields 82 St John Street London EC1M 4JN For further details, contact: The Joint Administrator Tel: 020 7186 1153 Email: benjamin.herbert@moorfieldscr.com Alternative contact: Benjamin Herbert TUPLE MIDCO 2: Fitch Rates Sr. Secured Debt 'BB-' ------------------------------------------------- Fitch Ratings has assigned Tuple Midco 2 Limited (TCM) a final senior secured instrument rating at 'BB-' with a Recovery Rating of 'RR3' to its euro and US dollar-denominated USD1,200 million equivalent term loans B (TLBs) and USD250 million senior secured revolving credit facility (RCF) issued by its various subsidiaries. Fitch has also affirmed its Long-Term Issuer Default Rating (IDR) at 'B+' with Stable Outlook. The TLBs have been used to partly finance the acquisition of TCM by Apax Partners and related transaction fees, taxes and separation costs as well as USD30 million cash overfunding. TCM's ratings reflect a robust B2B software business model, strong recurring revenue with low churn and high profitability that supports deleveraging capacity. Initial leverage is high, at 6.2x in FY26 (financial year-end May), but TCM has good capacity to reduce this to below 5.5x by FYE28, reflecting manageable carve-out execution risks. Key Rating Drivers Niche Leadership Offsets Scale Limitation: TCM has an estimated 10% overall market share in the treasury risk management space and benefits from leading positions in niche front- to back-office software, particularly for Tier 3+ banks (number one) and is a strong contender for Tier 1 and 2 banks. This counteracts its small scale compared with more global software peers and exposure to a single main end-market, which creates some concentration risk to the financial sector. TCM also has limited customer concentration (no client above 3% of revenue; top five 12%) and a well-balanced customer base by bank tier and geography. Carve-out Execution Risks: Transitioning complexities and potential operational disruptions may affect the timing and cost of the separation, which Fitch will scrutinise in its first reported financials for FY26. This is reflected in its conservative expectations of EBITDA margin progression. The proposed carve-out benefits from strong mitigating factors, including a business unit run as a standalone unit for the past three years, structured transition services agreements running for 12-18 months and an established and loyal customer base with limited commingled contracts with legacy Finastra (under 15% of revenue). However, these measures do not fully eliminate execution risk. Highly Recurring Revenue: TCM's subscription-based-revenue model is largely recurring (92% of total revenue), with retention rates averaging 95% over 2022-2025, which is at the top of its peer group. Together with 20 years average customer tenure, this underlines the mission-critical nature of TCM's products. Contract length is usually five-to-seven years, but about USD10 million of revenue is up for renewal each quarter with well-identified residual churn risk. This results in a highly predictable operating profile. Strong Cash Flow Generation: Fitch expects free cash flow (FCF) margins of 33% in 2026 and 19% in 2027 (including one-off costs related to the separation and discretionary research and development) and to remain at a high level of about 30% from 2028 once these extraordinary costs abate. TCM's strong EBITDA-to-FCF conversion is supported by high EBITDA margins, a supportive working capital profile and limited capex requirement. High Initial Leverage; Deleveraging Capacity: Fitch expects TCM's Fitch-defined EBITDA to reach USD193 million in 2026, translating into a 52.6% margin (including capitalised research and development costs as opex). After two years of a higher cost base following the carve-out, Fitch expects revenue growth and cost efficiencies to gradually support margin expansion to above 55% by 2029. Initial leverage will be 6.2x in 2026, but improved EBITDA and strong FCF generation will support organic deleveraging to below 5.5x by FYE28. Positive Growth Outlook: Fitch expects recurring revenue growth in the mid-single digits each year, broadly in line with the B2B software market, and driven by upselling and price indexation for the existing customer base. Greater emphasis on finding new customers and AI-driven functional upsell and internal efficiencies may provide further upside. Client stickiness and high switching cost lead to strong bargaining power, plus a large share of contracts includes price indexation clauses that provide repricing optionality. Price indexation accounted for roughly 3pp of its 7.5% annual contracted recurring revenue growth in 2023-2025. Financial Policy Prioritises Investments: Fitch expects voluntary debt reduction to be limited, with private-equity ownership likely to prioritise reinvestment and cash-funded bolt-on acquisitions over accelerated deleveraging. Further actions, such as debt-funded dividends or sizeable debt-financed acquisitions (not anticipated), leading to high leverage on a sustained basis could lead to negative rating action. Peer Analysis TCM has a recurring revenue base and retention rate at the higher end of B2B software peers, such as Cedacri S.p.A. (B/Stable), Teamsystem S.p.A. (B/Stable) or Unit4 Group Holding B.V. (B/Stable). It has similar recurring revenue to leading cybersecurity peers, like Darktrace Finco US LLC (B/Stable) or Sophos Intermediate I Limited (B/Stable), but a much higher margin and EBITDA-to-FCF conversion and far less competitive intensity, reflecting its mission-critical services, embedded workflows and high switching costs. The rating is constrained by TCM's smaller size and narrower end-market diversification compared with peers', but these factors are mitigated by strong revenue visibility and customer loyalty. Fitch’s Key Rating-Case Assumptions - Mid-single digit recurring annual revenue growth by FY29, supported largely by upselling and price indexation - EBITDA margin, gradually improving to 55.5% by FY29, from 54% in FY25 - Capitalised research and development averaging about 9.5% of revenue and treated as opex - Sustained limited capex below 1% of revenue - Positive working capital flows totaling 2.5% of revenue - Carve-out related separation costs and discretionary research and development estimated by Fitch at USD30 million (incorporating a USD5 million contingency) in FY26 and FY27 included within FCF - No material debt-funded acquisitions or dividend distributions 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 (bbb, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (a-, Lower), Financial Structure (b, Higher), 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 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 TCM would be reorganised as a going-concern in bankruptcy rather than liquidated. Fitch estimates a going concern EBITDA of USD150 million after adjusting for capitalised research and development costs. This reflects potential revenue and EBITDA pressures in TCM's core business, and an inability to sustain the current post carve-out cost structure. The highly recurring nature of the business and its limited single customer concentration offset some of these pressures. Fitch assumes a 6.5x enterprise valuation (EV) multiple, which aligns with the higher end of the multiple applied to rated peers and above the median of 5.9x for technology, media, and telecommunications companies. Its recovery analysis includes TCM's USD1,200 million senior secured TLBs and USD250 million senior secured RCF. The debt waterfall analysis results in expected recoveries for the senior secured debt consistent with a Recovery Rating of 'RR3', leading to a 'BB-' instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A weakening market position, underscored by slowing revenue growth or increasing customer churn - Material EBITDA margin compression or more aggressive capital allocation driving EBITDA leverage above 5.5x on a sustained basis beyond 2028 - Cash flow from operations less capex/total debt falling below 7% Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Solid EBITDA margin progression, increased diversification and scale, together with evidence of a strong commitment to deleveraging resulting in EBITDA leverage below 4.0x on a sustained basis - Cash flow from operations less capex/total debt above 12% Liquidity and Debt Structure Fitch estimates that, after the separation, TCM will have a cash balance of about USD24 million in FY26. Fitch expects positive FCF over FY26-FY28 to contribute to increasing cash balances. It will also have access to a committed USD250 million RCF, which Fitch expects to remain undrawn. Fitch does not currently model any meaningful M&A, but TCM retains some flexibility, at the 'B+' rating, to pursue inorganic expansion opportunities beyond 2028 or to consider broader capital allocation priorities without derailing its leverage from its current expectations. TCM will have no meaningful debt maturities until at least 2032. Issuer Profile Tuple Midco 2 Limited is a global provider of financial services software in areas such as lending (mortgages, consumer, commercial), retail banking, payments and treasury. 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 TCM. 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 ----------- ------ -------- ----- Tuple Bidco Limited senior secured LT BB- New Rating RR3 BB-(EXP) Tuple Midco 2 Limited LT IDR B+ Affirmed B+ Tuple US Bidco LLC senior secured LT BB- New Rating RR3 BB-(EXP) Tuple Debtco Limited senior secured LT BB- New Rating RR3 BB-(EXP) VESTA ASSET: AMS Business Appointed as Joint Administrators ----------------------------------------------------------- Vesta Asset Management Ltd, previously known as Vesta Consultancy Ltd, was placed into administration in the High Court of Justice, Business and Property Court in Manchester, Company and Insolvency List, Court Number CR2026MAN000239. Gareth Howarth (IP No. 18816) and Philip Lawrence (IP No. 31970) of AMS Business Recovery were appointed as Joint Administrators on February 6, 2026. The company engaged in asset management and other services. The company's registered office and principal trading address is at 2nd Floor, 115a Lapwing Lane, Manchester, M20 6UR. The Joint Administrators can be reached at: Gareth Howarth Philip Lawrence AMS Business Recovery 1 Hardman Street Manchester M3 3HF For further details, contact: The Joint Administrator Tel: 0161 413 0999 Email: marta.wziatek@groupams.co.uk Alternative contact: Marta Wziatek [] Fitch Affirms Ratings on 5 European Data/Analytics Servs Cos. ---------------------------------------------------------------- Fitch Ratings has affirmed five European data and analytics services companies' ratings in the 'B' category: 1. IPD 3 B.V. 2. Greenwich Bidco Limited 3. FNZ Group Limited 4. Cerved Group S.P.A. 5. Apex Structured Intermediate Holdings Limited 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): IPD 3 B.V. - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (bbb+, Lower), Financial Structure (b-, 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'. Greenwich Bidco Limited - Business and financial profile factors (assessment, relative importance): Management (bb, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (b+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (b, Higher), Financial Structure (b, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 50% weight for the forecast year 2025 and 50% 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'. FNZ Group Limited - Business and financial profile factors (assessment, relative importance): Management (b+, Moderate), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (ccc, Higher), Financial Structure (ccc, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b-'. Cerved Group S.P.A. - Business and financial profile factors (assessment, relative importance): Management (b+, Lower), Sector Characteristics (bb+, Lower), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb, Moderate), Profitability (bb+, Lower), 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 'bbb' results in no adjustment. - The SCP is 'b-'. Apex Structured Intermediate Holdings Limited - 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 (bb+, Moderate), Profitability (bbb, Lower), Financial Structure (b-, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Some Deficiencies' 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 ----------- ------ -------- ----- IPD 3 B.V. LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ FNZ USA Finco LLC senior secured LT B- Affirmed RR4 B- Greenwich Bidco Limited LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ Apex Group Treasury LLC senior secured LT B+ Affirmed RR3 B+ FNZ NZ Finco Ltd senior secured LT B- Affirmed RR4 B- Cerved Group S.P.A. LT IDR B- Affirmed B- senior secured LT B- Affirmed RR4 B- Apex Group Treasury Limited senior secured LT B+ Affirmed RR3 B+ Apex Structured Intermediate Holdings Limited LT IDR B Affirmed B FNZ Group Limited LT IDR B- Affirmed B- =============== X X X X X X X X =============== [] Fitch Affirms Ratings on Five Oil Refining & Marketing Companies ------------------------------------------------------------------- Fitch Ratings has affirmed five oil refining and marketing companies' ratings: 1. ORLEN S.A. 2. MOL Hungarian Oil and Gas Company Plc (MOL) 3. Moeve, S.A. 4. Turkiye Petrol Rafinerileri A.S. (Tupras) 5. KMG International NV (KMGI) 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 Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): ORLEN S.A. - 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+, Higher), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb+, Moderate), 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a-' results in no adjustment. - The SCP is 'bbb+'. To derive the IDR: - Application of Fitch's Government Related Entities Considerations Rating Criteria results in a(n) standalone approach. MOL - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bbb, Higher), Company Operational Characteristics (bbb, Moderate), Profitability (bb+, Moderate), 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 Government Related Entities Rating Criteria results in a(n) standalone approach. Moeve, S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bbb-, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (bbb-, Moderate), 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 Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a' results in no adjustment. - The SCP is 'bbb-'. Tupras - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (bbb, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb-, Higher), Company Operational Characteristics (bbb-, Moderate), Profitability (bb-, Higher), Financial Structure (a-, Lower), 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, 30% for the forecast year 2026, 30% for the forecast year 2027 and 20% for the forecast year 2028. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'bb-' results in no adjustment. - The SCP is 'bb-'. KMGI - 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 (bb-, Moderate), Company Operational Characteristics (bb-, Moderate), Profitability (b, Moderate), Financial Structure (b, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for 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 -1 notch(es). - The Governance Impact assessment of 'Some Deficiencies' results in no adjustment. - The Operating Environment Impact assessment of 'bbb-' results in no adjustment. - The SCP is 'b-'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Considerations Rating Criteria results in a(n) bottom-up +2 approach. Public Ratings with Credit Linkage to other ratings KMG International's SCP is notched up twice for parental support from JSC National Company KazMunayGas in line with Fitch's Parent-Subsidiary Linkage criteria. RATING ACTIONS Entity/Debt Rating Prior ----------- ------ ----- Moeve, S.A. LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- MOL Hungarian Oil and Gas Company Plc LT IDR BBB- Affirmed BBB- ST IDR F3 Affirmed F3 LC LT IDR BBB- Affirmed BBB- LC ST IDR F3 Affirmed F3 senior unsecured LT BBB- Affirmed BBB- Turkiye Petrol Rafinerileri A.S. (Tupras) LT IDR BB- Affirmed BB- LC LT IDR BB- Affirmed BB- Natl LT AAA(tur) Affirmed AAA(tur) KMG International NV LT IDR B+ Affirmed B+ ORLEN S.A. LT IDR BBB+ Affirmed BBB+ ST IDR F2 Affirmed F2 LC LT IDR BBB+ Affirmed BBB+ LC ST IDR F2 Affirmed F2 Natl LT AA+(pol) Affirmed AA+(pol) senior unsecured LT BBB+ Affirmed BBB+ senior unsecured Natl LT AA+(pol) Affirmed AA+(pol) MOL Group Finance S.A. senior unsecured LT BBB- Affirmed BBB- Moeve Finance, S.A.U. senior unsecured LT BBB- Affirmed BBB- [] Fitch Affirms Ratings on Seven EMEA Packaging Companies ---------------------------------------------------------- Fitch Ratings has affirmed seven EMEA packaging companies' ratings: 1. Ardagh Metal Packaging S.A. 2. Canpack Group, Inc. 3. Stora Enso Oyj 4. Smurfit Westrock Plc 5. Sappi Limited 6. Nordic Paper Holding AB 7. Fischbach Midco III GmbH 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 Ardagh Metal Packaging S.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb, Moderate), Sector Characteristics (bbb+, Lower), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb, Moderate), Profitability (ccc+, Moderate), Financial Structure (ccc+, Higher), and Financial Flexibility (bb, Moderate). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the 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 'aa-' results in no adjustment. - The SCP is 'b'. To derive the IDR: - Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in an unconstrained IDR. Canpack Group, Inc. Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Higher), Company Operational Characteristics (bb+, Moderate), Profitability (b+, 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, 40% for the forecast year 2025, 40% for the forecast year 2026 and 10% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb'. Stora Enso Oyj Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bbb, Moderate), Diversification and Asset Quality (bbb, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b+, Moderate), Financial Structure (bbb, Higher), and Financial Flexibility (bbb+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 30% 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-'. Smurfit Westrock Plc Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (a-, Higher), Market and Competitive Positioning (a+, Moderate), Diversification and Asset Quality (bbb+, Moderate), Company Operational Characteristics (bbb+, Moderate), Profitability (bbb-, Higher), Financial Structure (bbb+, Moderate), and Financial Flexibility (a, 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+' Sappi Limited Fitch scored the issuer as follows, using its CRT to produce the SCP: - Business and financial profile factors (assessment, relative importance): Management (bb+, Lower), Sector Characteristics (bb-, Higher), Market and Competitive Positioning (bbb-, Moderate), Diversification and Asset Quality (bb+, Moderate), Company Operational Characteristics (bb+, Moderate), Profitability (b, Moderate), Financial Structure (bb+, Higher), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 25% weight for the forecast year 2026, 25% for the forecast year 2027, 25% for the forecast year 2028 and 25% for the forecast year 2029. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'bb'. Nordic Paper Holding AB Fitch scored the issuer as follows, using its CRT to produce the 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+, Moderate), Profitability (b-, Higher), Financial Structure (bb, Moderate), and Financial Flexibility (bb, 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, 25% for the forecast year 2027 and 25% for the forecast year 2028. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The SCP is 'b+'. Fischbach Midco III GmbH Fitch scored the issuer as follows, using its CRT to produce the 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 (b-, Higher), Company Operational Characteristics (bb-, Moderate), Profitability (bbb, Lower), Financial Structure (b+, Moderate), and Financial Flexibility (bb-, 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. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Nordic Paper Holding AB LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Ardagh Metal Packaging S.A. LT IDR B Affirmed B Sappi Papier Holding GmbH senior unsecured LT BB Affirmed RR4 BB WestRock MWV, LLC senior unsecured LT BBB+ Affirmed BBB+ Smurfit Westrock Financing DAC senior unsecured LT BBB+ Affirmed BBB+ Ardagh Metal Packaging Finance plc senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- senior secured LT BB- Affirmed RR2 BB- CANPACK Group, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB WRKCo Inc. senior unsecured LT BBB+ Affirmed BBB+ senior unsecured ST F1 Affirmed F1 Fischbach MidCo III GmbH LT IDR B Affirmed B Ardagh Metal Packaging Finance USA LLC senior unsecured LT CCC+ Affirmed RR6 CCC+ senior secured LT BB- Affirmed RR2 BB- senior secured LT BB- Affirmed RR2 BB- Stora Enso Oyj LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Smurfit Kappa Treasury Unlimited Company senior unsecured LT BBB+ Affirmed BBB+ Fischbach GmbH senior secured LT B+ Affirmed RR3 B+ Smurfit Westrock plc LT IDR BBB+ Affirmed BBB+ ST IDR F1 Affirmed F1 Sappi Limited LT IDR BB Affirmed BB [] Fitch Affirms Ratings on Several EMEA Property Companies ----------------------------------------------------------- Fitch Ratings has affirmed the ratings of five EMEA central Eastern European, Middle East and Africa property companies and maintained a sixth on Rating Watch Negative: 1. Akropolis Group 2. UAB 3. Emirates REIT (CEIC) PLC, 4. Globalworth Real Estate Investments Limited 5. Globe Trade Centre S.A. 6. Growthpoint Properties Ltd 7. NEPI Rockcastle 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): Akropolis Group, UAB - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bb+, Moderate), Liability Profile (bb, Moderate), Property Portfolio (bb, Higher), Rental Income Risk Profile (bbb-, Moderate), Profitability (bbb, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (a-, Lower). - 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 'bbb' 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 consolidated profile+1 approach. Emirates REIT (CEIC) PLC - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Access to Capital (bb, Moderate), Liability Profile (bbb-, Lower), Property Portfolio (b+, Higher), Rental Income Risk Profile (bb-, Higher), Profitability (bbb-, Lower), Financial Structure (bbb, Lower), and Financial Flexibility (bbb, 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 'bbb+' results in no adjustment. - The SCP is 'bb-. Globalworth Real Estate Investments Limited - 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 (bb+, Moderate), Profitability (bb+, Moderate), Financial Structure (bbb-, 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 'bbb' results in no adjustment. - The SCP is 'bbb-'. Globe Trade Centre S.A. - Business and financial profile factors (assessment, relative importance): Management (bb, Higher), Access to Capital (b+, Moderate), Liability Profile (b+, Moderate), Property Portfolio (bbb, Moderate), Rental Income Risk Profile (bb+, Moderate), Profitability (bbb-, Moderate), Financial Structure (b, Higher), 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 'bbb+' results in no adjustment. - The SCP is 'b'. Growthpoint Properties Ltd - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bb+, Moderate), Liability Profile (bb-, Moderate), Property Portfolio (bb, Higher), Rental Income Risk Profile (bb+, Higher), Profitability (bbb-, Moderate), 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 'bb+' results in no adjustment. - The SCP is 'bb+'.  To derive the IDR: - Country ceiling considerations apply and result in an adjustment of 0 notches. NEPI Rockcastle N.V. - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Access to Capital (bbb+, Moderate), Liability Profile (bb+, Lower), Property Portfolio (bbb, 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 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+'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- NEPI Rockcastle N.V. LT IDR BBB+ Affirmed BBB+ senior unsecured LT BBB+ Affirmed BBB+ Globalworth Real Estate Investments Limited LT IDR BBB- Affirmed BBB- senior unsecured LT BBB- Affirmed BBB- Emirates REIT (CEIC) PLC LT IDR BB- Affirmed BB- sr secured LT BB+ Affirmed RR2 BB+ Globe Trade Centre S.A. LT IDR B Rating Watch Maintained B senior unsecured LT B Rating Watch Maintained RR4 B Growthpoint Properties Ltd LT IDR BB+ Affirmed BB+ Natl LT AAA(zaf) Affirmed AAA(zaf) sr unsecured LT BB+ Affirmed RR4 BB+ Akropolis Group, UAB LT IDR BB+ Affirmed BB+ sr unsecured LT BB+ Affirmed RR4 BB+ GTC Aurora Luxembourg S.A. sr unsecured LT B Rating Watch RR4 B Maintained GTC Finance DAC sr secured LT B+(EXP) Rating Watch RR3 B+(EXP) Maintained NE Property B.V. senior unsecured LT BBB+ Affirmed BBB+ Emirates REIT Sukuk III Limited senior secured LT BB+ Affirmed RR2 BB+ [] Fitch Affirms Ratings on Six EMEA Packaged Food Companies ------------------------------------------------------------ Fitch Ratings has affirmed six EMEA packaged food companies' and their associated entities' ratings: 1. IRCA Group Luxembourg Midco 3 S.a r.l 2. La Doria S.p.A. 3. Platform Bidco Limited (Valeo Foods) 4. Sammontana Italia S.p.A. 5. Seashell Bidco, SLU (Natra) 6. Sigma Holdco BV (Flora Food Group) 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 IRCA Group Luxembourg Midco 3 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 (bbb+, lower), Market and Competitive Positioning (bb, higher), Diversification and Asset Quality (bbb-, moderate), Company Operational Characteristics (bbb-, lower), Profitability (bb-, moderate), Financial Structure (b-, higher), and Financial Flexibility (b+, moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for historical fiscal year 2024, 40% for forecast fiscal year 2025 and 40% for forecast fiscal year 2026. B+ to CC considerations apply in its analysis and result in no adjustment. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a' results in no adjustment. The SCP is 'b'. La Doria S.p.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: Business and financial profile factors (assessment, relative importance): management (bb+, lower), sector characteristics (bb-, lower), market and competitive positioning (b, higher), diversification and asset quality (b+, moderate), company operational characteristics (b, moderate), profitability (bb-, higher), financial structure (bb-, moderate) and financial flexibility (bb-, moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for historical fiscal year 2024, 40% for forecast fiscal year 2025 and 40% for forecast fiscal year 2026. B+ to CC considerations apply in its analysis and result in no adjustment. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a-' results in no adjustment. The SCP is 'b+'. Platform Bidco Limited (Valeo Foods) Fitch scored the issuer as follows, using its CRT to produce the SCP: Business and financial profile factors (assessment, relative importance): management (b+, moderate), sector characteristics (bb, lower), market and competitive positioning (bb-, higher), diversification and asset quality (bb+, moderate), company operational characteristics (bb, moderate), profitability (b+, moderate), financial structure (ccc+, higher) and financial flexibility (b+, moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for historical FY24 (financial year ended March 2025), 40% for forecast FY25 and 40% for forecast FY26. B+ to CC considerations apply in its analysis and result in no adjustment. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a' results in no adjustment. The SCP is 'b-'. Sammontana Italia S.p.A. Fitch scored the issuer as follows, using its CRT to produce the SCP: Business and financial profile factors (assessment, relative importance): management (b+, moderate), sector characteristics (bb, moderate), market and competitive positioning (b, higher), diversification and asset quality (bb-, moderate), company operational characteristics (bb, lower), profitability (bbb, lower), financial structure (b+, higher) and financial flexibility (bb, moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 40% for forecast fiscal year 2025, 40% for forecast fiscal year 2026 and 20% for forecast fiscal 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+'. Seashell Bidco, SLU (Natra) Fitch scored the issuer as follows, using its CRT to produce the SCP: Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb+, lower), market and competitive positioning (b, higher), diversification and asset quality (b+, moderate), company operational characteristics (bb-, moderate), profitability (bb-, moderate), financial structure (b+, higher) and financial flexibility (b, moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% for historical fiscal year 2024, 30% for forecast fiscal year 2025, 40% for forecast fiscal year 2026 and 20% for forecast fiscal 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'. Sigma Holdco BV (Flora Food Group) Fitch scored the issuer as follows, using its CRT to produce the SCP: Business and financial profile factors (assessment, relative importance): management (bb, lower), sector characteristics (bb, moderate), market and competitive positioning (bbb-, moderate), diversification and asset quality (bb, higher), company operational characteristics (bb+, lower), profitability (a-, lower), financial structure (b-, higher), and financial flexibility (b+, moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% for latest historical fiscal year 2024, 40% for forecast fiscal year 2025 and 40% for forecast fiscal year 2026. B+ to CC considerations apply in its analysis and result in -1 notch adjustment. The governance assessment of 'good' results in no adjustment. The operating environment assessment of 'a' results in no adjustment. The SCP is 'b'. Recovery Analysis See IRCA Group Luxembourg Midco 3 S.a r.l's, La Doria S.p.A.'s, Platform Bidco Limited's , Sammontana Italia S.p.A.'s, Seashell Bidco, SLU's and Sigma Holdco BV's RACs for their respective recovery analysis. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Flora Food Management US Corp senior secured LT B Affirmed RR4 B Sammontana Italia S.p.A. LT IDR B+ Affirmed B+ senior secured LT B+ Affirmed RR4 B+ Platform Bidco Limited LT IDR B- Affirmed B- senior secured LT B Affirmed RR3 B Irca S.p.A. senior secured LT B+ Affirmed RR3 B+ Seashell Bidco, SLU LT IDR B Affirmed B senior secured LT B+ Affirmed RR3 B+ IRCA Group Luxembourg Midco 3 S.a r.l LT IDR B Affirmed B La Doria S.p.A. LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- Flora Food Management B.V. senior secured LT B Affirmed RR4 B Sigma Holdco BV LT IDR B Affirmed B subordinated LT CCC+ Affirmed RR6 CCC+ [] Fitch Affirms Ratings on Three Oilfield Services Companies ------------------------------------------------------------- Fitch Ratings has affirmed three oilfield services companies' ratings. 1. DeepOcean Ltd 2. OEG Global Limited 3. Viridien S.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 Fitch scored the issuers as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): DeepOcean Ltd - 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 (bb+, Lower), Company Operational Characteristics (b+, Higher), Profitability (b+, Moderate), Financial Structure (bb-, Moderate), 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. - 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+' OEG Global Limited - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (b+, Moderate), Market and Competitive Positioning (b, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bb+, Lower), Profitability (bbb, Lower), Financial Structure (b+, Higher), and Financial Flexibility (b, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight 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 'a-' results in no adjustment. - The SCP is 'b+'. Viridien S.A. - Business and financial profile factors (assessment, relative importance): Management (bbb-, Lower), Sector Characteristics (b, Higher), Market and Competitive Positioning (bb-, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (b-, Higher), Profitability (bbb-, Lower), Financial Structure (bbb-, Lower), 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. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a' results in no adjustment. - The SCP is 'b'. RATING ACTIONS Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Viridien S.A. LT IDR B Affirmed B senior secured LT BB- Affirmed RR2 BB- OEG Finance PLC senior secured LT BB- Affirmed RR3 BB- OEG Global Limited LT IDR B+ Affirmed B+ DeepOcean Ltd LT IDR B+ Affirmed B+ senior secured LT BB- Affirmed RR3 BB- ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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