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

                          E U R O P E

          Wednesday, March 4, 2026, Vol. 27, No. 45

                           Headlines



B E L G I U M

[] Fitch Affirms Ratings on Three EMEA Chemical Distributor Cos.


F R A N C E

HELIA BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable


G E R M A N Y

TK ELEVATOR: New Secured Term Loan No Impact on Moody's 'B2' CFR


I R E L A N D

BECKETT MORTGAGES 2026-1: S&P Assigns Prelim. B- Rating on F Notes


N E T H E R L A N D S

SPRINT MIDCO: S&P Downgrades ICR to 'CC' on Recapitalization


U N I T E D   K I N G D O M

ARTEMIS INTERIOR: Moorfields Appointed as Joint Administrators
FENTON LANE: Kroll Advisory Appointed as Joint Administrators
FK CONSTRUCTION: BTG Begbies Traynor Named as Administrators
HAWKMOOR GROUP: Turpin Barker Appointed as Administrators
JERRAM FALKUS: FRP Advisory Appointed as Joint Administrators

STARGLADE SUFFOLK: FRP Advisory Appointed as Joint Administrators
STONHAM BARNS: FRP Advisory Appointed as Joint Administrators
W H DARBY: Moorfields Appointed as Joint Administrators


X X X X X X X X

[] Fitch Affirms on 4 EMEA Industrial & Installation Services Cos.
[] Fitch Affirms Ratings on 11 Mining Companies
[] Fitch Affirms Ratings on 5 European Prof. Services & BPO Cos.
[] Fitch Affirms Ratings on 5 Integrated Utilities Cos.
[] Fitch Affirms Ratings on 9 EMEA Telecoms Companies

[] Fitch Affirms Ratings on Seven EMEA Water Companies

                           - - - - -


=============
B E L G I U M
=============

[] Fitch Affirms Ratings on Three EMEA Chemical Distributor Cos.
----------------------------------------------------------------
Fitch Ratings has affirmed three EMEA chemical distributor
companies' ratings:

   1. IMCD N.V.
   2. Azelis Group NV
   3. Manuchar Group B.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. 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):

IMCD N.V.

- 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+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb-,
Moderate), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb, Moderate).

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

Azelis Group NV

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% for the forecast year 2027 and 20% for the forecast year
2028.

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

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

- The SCP is 'bb+'.

Manuchar Group 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 (bb, Lower), Sector Characteristics (b+,
Moderate), Market and Competitive Positioning (b+, Lower),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (b, Moderate), Profitability (b,
Moderate), Financial Structure (b-, Higher), and Financial
Flexibility (b, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% for the forecast year 2027 and 20% for the forecast year
2028.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

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

- The SCP is 'b'.

RATING ACTIONS

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
Manuchar Group B.V.   

                       LT IDR B    Affirmed               B
   senior secured      LT     B    Affirmed     RR4       B

Azelis Group NV   

                       LT IDR BB+  Affirmed               BB+

IMCD N.V.         

                       LT IDR BBB- Affirmed               BBB-
   senior unsecured    LT     BBB- Affirmed               BBB-

Azelis Finance NV

   senior unsecured    LT     BB+  Affirmed               BB+




===========
F R A N C E
===========

HELIA BIDCO: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Helia Bidco and affirmed its 'B' long-term issuer credit rating
on ZF Invest. S&P also affirmed its 'B' issue rating on the EUR2.18
billon term loan B (TLB) (including the EUR250 million add-on),
with a '3' recovery rating.

S&P said, "The stable outlook reflects that Helia Bidco will
sustain high sales growth of about 14% in fiscal 2026 and 12.5% in
fiscal 2027 on rapid store expansion and continuous like-for-like
organic revenue growth. We also expect the group will maintain
robust profitability, which will reduce adjusted leverage to 5.2x
in fiscal 2026 and to 4.6x in fiscal 2027, despite incremental debt
issuance."

In December 2025, Apollo Funds announced its agreement to acquire a
majority stake in Prosol Group from Ardian for a total enterprise
value of about EUR4 billion. It will finance the transaction and
related expenses with a EUR1.88 billion equity injection from
Apollo Funds and co-investors, a EUR250 million add-on, and about
EUR300 million of cash on the balance sheet.

As part of the transaction, newly formed acquisition vehicle Helia
Bidco, will issue a EUR250 million add-on to existing term loan B
(TLB), while increasing the revolving credit facility (RCF) to
EUR510 million.

S&P said, "We expect the group will sustain its solid operating
performance under Apollo Funds' majority ownership, with high sales
growth of 14% in fiscal 2026 (year ending Sept. 30, 2026) and 12.5%
in fiscal 2027; and solid profitability, with S&P Global
Ratings-adjusted EBITDA margin of about 11%.

"Apollo Funds' takeover and the related EUR250 million TLB add-on
do not materially alter our view of the group's creditworthiness.
In December 2025, financial sponsor Apollo Funds entered a binding
agreement to acquire a majority stake of Prosol Group from Ardian
for an enterprise value of about EUR4 billion. Pro forma the
transaction, Apollo Funds will own 51% of Prosol's new holding
company, Helia Holdco, while the founder and management will retain
49%. The transaction and related expense will be financed with an
approximately EUR1.88 billion equity injection from Apollo Funds
and co-investors, a EUR250 million TLB add-on, and about EUR300
million of cash on the balance sheet. The EUR1.93 billion existing
TLB due 2031 (with an expected maturity extension to 2033 as part
of the transaction), will be rolled over into the new capital
structure, with about EUR59 million of other debt (including EUR19
million of bilateral debt, EUR19 million in financial lease
liabilities and EUR21 million of accrued interest), while the RCF
will increase to EUR510 million from EUR420 million. S&P said, "On
the back of solid EBITDA buildup and despite the incremental EUR250
million debt issuance, we expect S&P Global Ratings-adjusted
leverage will decrease to about 5.2x in fiscal 2026 and 4.6x in
fiscal 2027, with solid EBITDA buildup. As such, we do not expect
Apollo Funds' ownership will materially alter the group's
creditworthiness or strategy for now."

"We expect the group will maintain its solid operating performance.
The group closed the first quarter of fiscal 2026 with total
revenue growth of 12.1%, reflecting solid like-for-like growth
under the Grand Frais (4.2%) and Fresh (12.3%) banners, along with
continuing store expansion. Management-reported EBITDA for
first-quarter 2026 stood at EUR80 million. In line with our
expectations, we anticipate that the group will continue to focus
on generating sustainable like-for-like growth under Apollo Funds'
new majority ownership while accelerating its store rollout, with
approximately 50 openings planned in fiscal 2026 and 70 in fiscal
2027. Consequently, we expect revenue will increase about 14.3% in
fiscal 2026 and 12.5% in fiscal 2027. We also expect the company
will maintain its solid profitability, with S&P Global
Ratings-adjusted EBITDA margin of about 11% over fiscal years 2026
and 2027, above the average of other rated food retailers in
Europe. Supporting this are Prosol's vertically integrated business
model, efficient in-house processing and logistics, and optimal
store format, which drives higher-than-average sales density.

"We expect the group's free operating cash flow (FOCF) after leases
to remain positive although temporarily decreasing to about EUR38
million in fiscal 2026 due to the ambitious investment plan and
higher interest expense. The new business plan anticipates total
capital expenditure (capex) of about EUR250million in fiscal 2026,
before moderating to about EUR190 million in fiscal 2027, all aimed
at accelerating store openings across all brands and supporting
capacity development. The exceptionally high level of capex
spending in fiscal 2026 is primarily because of the acquisition and
conversion of about 25 former Gifi stores. Our forecasts also
factor a moderate increase in financial interest expense to about
EUR107 million in fiscal 2026 from about EUR86 million in fiscal
2025. This will lead to a decline in FOCF after leases to
approximately EUR38 million from EUR148 million in that time. That
said, we view the higher capex as growth-oriented and
value-accretive. We also view positively the group's good liquidity
position, with about EUR100 million of cash and EUR510 million
fully available under the upsized RCF following the transaction's
closing.

"The stable outlook reflects that Helia Bidco will sustain high
sales growth of about 14% in fiscal 2026 and 12.5% in fiscal 2027
with rapid store expansion and continuous like-for-like organic
revenue growth. We also expect the group will maintain robust
profitability, which will reduce adjusted leverage to 5.2x in
fiscal 2026 and 4.6x in fiscal 2027 despite incremental debt
issuance.

"We could lower the rating over the next 12 months if the group's
operating performance and credit metrics deteriorate due to
declining like-for-like sales and pressure EBITDA margins if the
expansion plan proves less successful than anticipated, or because
of additional debt-funded acquisitions." In particular, S&P would
lower the ratings if:

-- The adjusted leverage ratio rises structurally above 7.0x; or

-- The group's FOCF after leases turns structurally negative.

S&P could raise the rating over the next 12 months if the group
continues to show strong operating performance, leading to a
decline in S&P Global Ratings-adjusted leverage toward 5.0x and
substantial FOCF after leases. Ratings upside would also hinge on
the group maintaining a financial policy that supports improved
credit metrics.




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G E R M A N Y
=============

TK ELEVATOR: New Secured Term Loan No Impact on Moody's 'B2' CFR
----------------------------------------------------------------
Moody's Ratings said that the B2 long-term corporate family rating
and the B2-PD probability of default rating of TK Elevator Holdco
GmbH (TKE), and the B2 senior secured instrument ratings issued by
TK Elevator US Newco, Inc. and TK Elevator Midco GmbH remain
unaffected by the proposed EUR and $ tranches of new senior secured
term loan Bs (B1 and B2, TLB) borrowed by TK Elevator Midco GmbH.
TK Elevator US Newco, Inc. will be the co-borrower for the $
tranches. Both entities are wholly-owned subsidiaries of TKE.
Proceeds from the proposed new TLB due April 2030 will partially
repay EUR1.1 billion and $1.56 billion guaranteed senior secured
notes issued by TK Elevator Midco GmbH and TK Elevator US Newco,
Inc., respectively, due July 2027.

The contemplated refinancing further extends TKE's debt maturity
profile to 2030 and is gross debt neutral. Post the refinancing,
around $900 million of debt maturing in July 2027 would remain. TKE
intends to refinance this portion before it becomes current this
July.

TKE's Moody's-adjusted debt to EBITDA was 6.6x at December-end
2025. Moody's expects the weighted cost of debt to increase
slightly, because the new TLB replaces lower interest-bearing debt.
This will moderately weigh on free cash flow (FCF) generation. In
the last twelve months ending December 2025, TKE's had
Moody's-adjusted FCF of around EUR0 million.

TK Elevator Holdco GmbH, headquartered in Duesseldorf/Germany, is
an intermediate holding company of the group, a leading
manufacturer of elevators and escalators with a global presence
servicing customers in more than 100 countries and more than 50,000
employees. The group in fiscal year 2025, ending Sep 2025, derived
around 35% of its revenues of around EUR9.2 billion from new
installations, while its more profitable services and modernization
segments accounted for 48% and 17% of revenue, respectively.
Company-adjusted EBITDA amounted to EUR1.62 billion (17.5%
margin).




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

BECKETT MORTGAGES 2026-1: S&P Assigns Prelim. B- Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Beckett Mortgages 2026-1 DAC's class A to F-Dfrd notes. At closing,
the issuer will issue unrated class R, S, and Y notes.

Beckett Mortgages 2026-1 is an RMBS transaction that securitizes a
portfolio of prime owner-occupied first-lien residential mortgage
loans in Ireland.

The loans in the pool were originated by Nua Money Ltd. (Nua), a
newly established nonbank lender.

Nua was founded in September 2021, whereafter it commenced the
process for Central Bank of Ireland authorization as a credit
retail firm, which was approved in May 2024. It then entered the
market on July 31, 2024. As such, all of the assets in the pool
were originated since July 2024.

The collateral comprises prime borrowers. All loans were originated
from July 2024 onward, and origination was therefore in accordance
with the Irish Central Bank's mortgage lending rules, which limit
leverage (through loan-to-value [LTV] ratio limits) and debt burden
(through LTV ratio limits). For 31.1% of the pool, the primary
borrower's citizenship is outside of Ireland. There are 1.7% of
non-EU borrowers who have been in Ireland for less than two years.

The transaction includes a prefunded amount of up to 35% of the
total transaction size, where the issuer can purchase loans until
the first interest payment date. This prefunded amount is high in
the context of a new originator, particularly considering the
accelerated growth of originations in recent months. However, we
note the strong asset covenants in place, which help ensure that
the characteristics of the additional loans will remain consistent
with the closing pool.

All loans in this pool are currently paying a fixed rate until they
revert to a discretionary floating rate at varying times
(predominantly in 2028 and 2030).

The transaction benefits from liquidity provided by a general
reserve fund, and in the case of the class A and S notes (and the
class B-Dfrd notes once the class A notes are fully redeemed), a
liquidity reserve fund.

At closing, the issuer will use the issuance proceeds to purchase
the beneficial interest in the mortgage loans from the seller. The
issuer grants security over all its assets in the security
trustee's favor.

There are no rating constraints in the transaction under S&P's
counterparty, operational risk, or structured finance sovereign
risk criteria.

  Ratings

            Prelim    Preliminary
  Class     rating*   class size (%)

  A         AAA (sf)     88.00
  B-Dfrd    AA (sf)       4.25
  C-Dfrd    A- (sf)       3.75
  D-Dfrd    BBB- (sf)     2.00
  E-Dfrd    BB (sf)       1.00
  F-Dfrd    B- (sf)       1.00
  R         NR            0.80
  S†        NR             N/A
  Y         NR             N/A

S&P said, "Our preliminary ratings address timely payment of
interest and ultimate repayment of principal for the class A notes,
and the ultimate payment of interest and principal on the other
rated notes. Our preliminary ratings also address the timely
payment of interest on the rated notes when they become most senior
outstanding. Any deferred interest is due at maturity."
†The structure includes class S notes that are pari passu with
the class A interest payment. The fixed rate is calculated on the
asset balance.
NR--Not rated.
N/A--Not applicable.




=====================
N E T H E R L A N D S
=====================

SPRINT MIDCO: S&P Downgrades ICR to 'CC' on Recapitalization
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
holding company (Holdco) Sprint Midco B.V. to 'CC' from 'CCC' and
kept it on negative outlook. S&P also lowered its issue-level
ratings on the company's outstanding first-lien operating company
(Opco) super senior facility to 'CCC-' from 'CCC+' and affirmed the
recovery rating at '2' (70% recovery expectations). S&P lowered the
issue rating on the 1.5-lien and second-lien Opco facilities to 'C'
from 'CC' and affirmed their recovery rating of '6' (0% recovery
expectations). S&P also affirmed the 'C' issue ratings on the
Holdco facilities and their recovery rating of '6' (0% recovery
expectations).

S&P then withdrew its issuer and issue credit ratings on Sprint
Midco B.V. and its debt lines at the company's request.

On Feb. 18, 2026, electric bike manufacturer Sprint Midco B.V.
(Accell Group) announced it had signed an agreement with the
majority of lenders and current shareholders, entailing a
significant write-off of some of its existing debt lines and the
suspension of interest payments on remaining debt lines.

S&P therefore thinks Accell's default is imminent and a virtual
certainty. The default would arise from the non-payment of interest
and the write-off of a significant portion of its outstanding debt
lines, which we expect in the coming weeks when the signed
recapitalization support agreement is implemented.

S&P said, "Accell has entered into a recapitalization support
agreement that, when implemented, we would consider a distressed
exchange and tantamount to a default. On Feb. 18, 2026, Accell
signed a recapitalization support agreement with the majority of
its lenders and current shareholders. The agreement entails the
write-off of Opco 1.5-lien and second-lien facilities and of all
Holdco facilities. In addition, while the outstanding amounts of
the asset-based lending (ABL), securitization, and Opco first-lien
super senior facilities will be reinstated in full, the interest
payments due under the Opco first-lien super senior facilities will
be suspended. As part of the transaction, the Holdco, Sprint Midco
B.V., will inject some cash into the Opco, Accell Group Holdings
B.V., to keep operations running before transferring the
shareholding to the group's super senior lenders through newly
created entities. When implemented, we would regard this
restructuring agreement as a distressed debt exchange and
tantamount to a default, since Opco and Holdco lenders will receive
less than originally promised and obligations will not be fulfilled
as originally promised.

"We then withdrew the ratings at the issuer's request. At the time
of withdrawal, the outlook on Sprint Midco B.V.'s issuer credit
rating was negative. This reflected our expectation of lowering the
issuer credit rating to 'SD' (selective default) and the issue
ratings on the affected instruments to 'D' (default) when Accell
implements the recapitalization support agreement, or when it stops
servicing its debt according to the original schedule.

"The negative outlook reflects our expectation that we would lower
our issuer credit rating on Sprint Midco B.V. to 'SD' and the issue
ratings on the Opco and Holdco facilities to 'D' when Accell
implements the recapitalization support agreement, or when it stops
servicing its debt according to the original schedule."




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

ARTEMIS INTERIOR: Moorfields Appointed as Joint Administrators
--------------------------------------------------------------
Artemis Interior Services Ltd. was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), No 000161 of 2026.
Andrew Pear (IP No. 9016) and Michael Solomons (IP No. 9043) of
Moorfields appointed as Joint Administrators on February 13, 2026.

Artemis Interior is into activities of building completion and
finishing.  The company's registered office and principal trading
address is at 7th Floor, 125 Finsbury Pavement, London, EC2A 1NQ.

The Joint Administrators can be reached at:

     Andrew Pear (IP No. 9016)
     Michael Solomons (IP No. 9043)
     Moorfields
     82 St John Street
     London EC1M 4JN

For further details, contact:

     Alternative contact: Ciara Brennan
     Tel: 020 7186 1181
     Email: ciara.brennan@moorfieldscr.com


FENTON LANE: Kroll Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Fenton Lane Energy 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-2026-001158.  Benjamin John Wiles (IP No. 10670) and Philip
Dakin (IP No. 16490) of Kroll Advisory Ltd appointed as Joint
Administrators on February 16, 2026.

Fenton Lane Energy's primary nature of business is the production
of electricity.  The company's registered office is Unit 9
Dunchideock Barton, Dunchideock, Exeter, Devon, EX2 9UA.  Its
principal trading address is Land at Twinyards Farm, Huthwaite
Lane, Blackwell, Alfreton, Derbyshire, DE55 5HX.

The Joint Administrators can be reached at:

     Benjamin John Wiles (IP No. 10670)
     Philip Dakin (IP No. 16490)
     Kroll Advisory Ltd
     The News Building
     Level 6, 3 London Bridge Street
     London SE1 9SG

For further details, contact:

     The Joint Administrator
     Tel: +44 (0) 121 214 1120
     Email: Avnit.Singh@kroll.com
     Alternative contact: Avnit Singh


FK CONSTRUCTION: BTG Begbies Traynor Named as Administrators
------------------------------------------------------------
FK Construction Limited, was placed into administration in the
Business and Property Courts in Manchester, Insolvency & Companies
List (ChD), Court Number CR-2026-000188, with David Hopkins (IP No.
25652) and Paul Stanley (IP No. 008123) of BTG Begbies Traynor
(Central) LLP being appointed as Joint Administrators on February
13, 2026.

The company engaged in building envelope solutions.  The company's
registered office is Keenan House, 22-26 Stockport Road,
Altrincham, Cheshire, WA15 8EX.

The Joint Administrators can be reached by:

     David Hopkins (IP No. 25652)
     Paul Stanley (IP No. 008123)
     BTG Begbies Traynor (Central) LLP
     340 Deansgate
     Manchester M3 4LY

Any person who requires further information may contact:

     Rumena Govedarova
     BTG Begbies Traynor (Central) LLP
     Email: Rumena.Govedarova@btguk.com
     Tel: 0161-837-1700


HAWKMOOR GROUP: Turpin Barker Appointed as Administrators
---------------------------------------------------------
Hawkmoor Group International 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-2026-001112.  Andrew R Bailey (IP No. 18810) of Turpin Barker
Armstrong and Nick Parsk (IP No. 19770) of Oury Clark Chartered
Accountants were appointed as Joint Administrators on February 13,
2026.

The company operates in activities of other holding companies.  The
company's registered office is Sundial House, 98 High Street,
Horsell, Woking, GU21 4SU.  

The Joint Administrators can be reached at:

     Andrew R Bailey (IP No. 18810)
     Turpin Barker Armstrong
     15 Horizon Business Village
     1 Brooklands Road
     Weybridge, Surrey KT13 0TJ

     Nick Parsk (IP No. 19770)
     Oury Clark Chartered Accountants
     Herschel House
     58 Herschel Street
     Slough, Berkshire SL1 1PG

For further details contact:

     Chris Haggitt
     Tel: 01932 336149
     Email: chris.haggitt@turpinba.co.uk


JERRAM FALKUS: FRP Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Jerram Falkus Construction Limited, was placed into administration
in the High Court of Justice, The Business and Property Courts in
Newcastle Upon Tyne, Court Number CR-2026-NCL000020.  Allan Kelly
(IP No. 9156) and Shaun Hudson (IP No. 31192) of FRP Advisory
Trading Limited were appointed as Joint Administrators on February
17, 2026.

The company engaged in the development of building projects.  The
company's registered office is at 14 Anning St, London, EC2A 3LQ
(to be changed to Suite 5, 2nd Floor, Bulman House, Regent Centre,
Gosforth, Newcastle Upon Tyne, NE3 3LS).  Its principal trading
address is 14 Anning St, London, EC2A 3LQ.

The Joint Administrators can be reached at:

     Allan Kelly (IP No. 9156)
     Shaun Hudson (IP No. 31192)
     FRP Advisory Trading Limited
     Suite 5, 2nd Floor
     Bulman House, Regent Centre
     Newcastle Upon Tyne NE3 3LS

For further details, contact:

     The Joint Administrator
     Tel: 0191 605 3737
     Email: cp.newcastle@frpadvisory.com
     Alternative contact: Georgia Foster


STARGLADE SUFFOLK: FRP Advisory Appointed as Joint Administrators
-----------------------------------------------------------------
Starglade Suffolk Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001149.  David
Hinrichsen (IP No. 26790) and David Hudson (IP No. 8977) of FRP
Advisory Trading Limited were appointed as joint administrators on
February 16, 2026.

The company engaged in other letting and operating of own or leased
real estate.  The company's registered office is FRP Advisory
Trading Limited, 110 Cannon Street, London, EC4N 6EU.  Its
principal trading address is Stonham Barns Park, Pettaugh Road,
Stonham Aspal, Suffolk, IP14 6AT.

The Joint Administrators can be reached at:

     David Hinrichsen (IP No. 26790)
     David Hudson (IP No. 8977)
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU

For further details, contact:

     The Joint Administrator
     Tel: 020 3005 4000
     Email: elena.joannides@frpadvisory.com
     Alternative contact: Elena Joannides


STONHAM BARNS: FRP Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Stonham Barns Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-001148.  David Hinrichsen
(IP No. 26790) and David Hudson (IP No. 8977) of FRP Advisory
Trading Limited was appointed as Joint Administrators on February
16, 2026.

The company is into recreational vehicle parks, trailer parks, and
camping grounds.  The company's registered office is FRP Advisory
Trading Limited, 110 Cannon Street, London, EC4N 6EU.  Its
principal trading address is Stonham Barns Park, Pettaugh Road,
Stonham Aspal, Suffolk, IP14 6AT.

The Joint Administrators can be reached at:

     David Hinrichsen (IP No. 26790)
     David Hudson (IP No. 8977)
     FRP Advisory Trading Limited
     110 Cannon Street
     London EC4N 6EU

For further details, contact:

     The Joint Administrator
     Tel: 020 3005 4000
     Email: Elena.Joannides@frpadvisory.com
     Alternative contact: Elena Joannides


W H DARBY: Moorfields Appointed as Joint Administrators
-------------------------------------------------------
W H Darby Limited was placed into administration in the High Court
of Justice, Business and Property Courts, Insolvency & Companies
List (ChD), Court Number CR-2026-000741.  Andrew Pear (IP No. 9016)
and Milan Vuceljic (IP No. 20172) of Moorfields were appointed as
Joint Administrators on February 12, 2026.

W H Darby Limited is a Birmingham-based manufacturer specializing
in medals, insignia, and related metal items, having acquired
Vaughtons in 1994.  The company's registered office is 16 Well
Street, Hockley, Birmingham, B19 3BJ.  Its principal trading
addresses are 16 Well Street, Hockley, Birmingham, B19 3BJ and 125
Barr Street, Birmingham, B19 3DE.

The Joint Administrators can be reached at:

     Andrew Pear (IP No. 9016)
     Milan Vuceljic (IP No. 20172)
     Moorfields
     82 St John Street
     London EC1M 4JN

For further details contact:

     Alternative contact: Paige Friend     
     Tel: 020 7186 1140
     Email: paige.friend@moorfieldscr.com




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

[] Fitch Affirms on 4 EMEA Industrial & Installation Services Cos.
------------------------------------------------------------------
Fitch Ratings has affirmed four EMEA industrial and installation
services companies' ratings:

     1. SPIE SA
     2. Albion HoldCo Limited
     3. Assemblin Caverion Group AB
     4. Polygon Group AB

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):

SPIE SA

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bb+, Higher), Profitability (bb+,
Higher), 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 historical year
2024, 40% for the forecast year 2025 and 40% for the forecast year
2026.

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

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

- The SCP is 'bb+'.

Albion HoldCo Limited

- 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-, Higher), Profitability (bb-,
Moderate), Financial Structure (b, Higher), and Financial
Flexibility (bb-, Moderate).

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

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

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

- The SCP is 'bb-'

Assemblin Caverion Group AB

- 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 (bb-,
Moderate), Financial Structure (b, Higher), and Financial
Flexibility (b, Higher).

- 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'.

Polygon Group AB

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

- 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 'aa-' results in no
adjustment.

- The SCP is 'b-'.

RATING ACTIONS

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Albion Financing 3
S.a.r.l.

   senior secured      LT     BB+ Affirmed     RR2       BB+

Assemblin Caverion
Group AB             

                       LT IDR B   Affirmed               B
   senior secured      LT     B   Affirmed     RR4       B

Aggreko
Holdings Inc

   senior secured      LT     BB+ Affirmed     RR2       BB+

Albion HoldCo
Limited            

                       LT IDR BB- Affirmed               BB-

Albion Financing 1
S.a.r.l

   senior secured      LT     BB+ Affirmed     RR2       BB+

SPIE SA            

                       LT IDR BB+ Affirmed               BB+
   senior unsecured    LT     BB+ Affirmed     RR4       BB+

Polygon Group AB    

                       LT IDR B-  Affirmed               B-
   senior secured      LT     B-  Affirmed     RR4       B-


[] Fitch Affirms Ratings on 11 Mining Companies
-----------------------------------------------
Fitch Ratings has affirmed 11 mining companies' ratings and the
ratings of their subsidiaries:

   1. BHP Group Limited (BHP)
   2. Rio Tinto Plc (Rio Tinto)
   3. Anglo American Plc (Anglo American)
   4. AngloGold Ashanti Plc (Anglogold)
   5. Harmony Gold Mining Company Limited (Harmony)
   6. JSC National Atomic Company Kazatomprom (Kazatomprom)
   7. JSC Navoi Mining and Metallurgical Company (NMMC)
   8. Endeavour Mining Plc (Endeavour)
   9. State Enterprise Navoiyuran (Navoiyuran)
  10. JSC Almalyk Mining and Metallurgical Complex (AMMC)
  11. Sibanye-Stillwater Ltd. (Sibanye)

These actions follow the update of Fitch's "Corporate Rating
Criteria" and the "Sector Navigators Addendum to the Corporate
Rating Criteria" on Jan. 9, 2026. The companies' ratings and Rating
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):

BHP

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a-,
Moderate), Market and Competitive Positioning (a+, Higher),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (a-, Moderate), Profitability (a,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.

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

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

- The SCP is 'a'.

Rio Tinto

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a-,
Moderate), Market and Competitive Positioning (a+, Higher),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (a, Moderate), Profitability (a,
Moderate), Financial Structure (a, Higher), and Financial
Flexibility (a, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for 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 'a'.

Anglo American

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (a-,
Moderate), Market and Competitive Positioning (bbb+, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (a,
Moderate), Financial Structure (a-, Higher), and Financial
Flexibility (a-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 10% for the forecast year 2025, 30% for the forecast year
2026, 30% for the forecast year 2027 and 20% for the forecast year
2028.

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

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

- The SCP is 'bbb+'.

AngloGold

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (a-,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (a, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 10% for the forecast year 2025, 30% for the forecast year
2026, 30% for the forecast year 2027 and 20% for the forecast year
2028.

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

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

- The SCP is 'bbb-'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of 0 notch(es).

Harmony

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Moderate), Sector Characteristics
(bbb, Lower), Market and Competitive Positioning (bb, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb-, Higher), Profitability (bbb+,
Moderate), Financial Structure (a+, Lower), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 30% for the forecast year
2027, 30% for the forecast year 2028 and 20% for the forecast year
2029.

- 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'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of 0 notch(es).

Kazatomprom

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), 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 (a+, Lower), and Financial
Flexibility (bbb+, Moderate).

- The quantitative financial subfactors are based on standard 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 'bbb-' 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.

NMMC

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bb+,
Lower), Market & Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb+,
Moderate), Financial Structure (a+, Moderate), 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 'b' results in an
adjustment of -2 notch(es).

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's Parent and Subsidiary Linkage Criteria and
results in a consolidated approach.

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

Endeavour

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 10% for the forecast year 2025, 30% for the forecast year
2026, 30% for the forecast year 2027 and 20% for the forecast year
2028.

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

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

- The SCP is 'bb'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of 0 notch(es).

Navoiyuran

- 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 (bb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb-,
Moderate), Financial Structure (a, Moderate), and Financial
Flexibility (bb-, 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, 30% for the forecast year 2027 and
40% for the forecast year 2028.

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

- The Operating Environment assessment of 'b+' results in an
adjustment of -1 notch(es).

- The SCP is 'bb-'.

To derive the IDR:

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

AMMC

- Business and financial profile factors (assessment, relative
importance): Management (bb-, Moderate), Sector Characteristics
(bb, Lower), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb-, Higher), Company
Operational Characteristics (bb+, Moderate), Profitability (bb+,
Moderate), Financial Structure (bbb+, 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.

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

- The Operating Environment assessment of 'b+' results in an
adjustment of -1 notch(es).

- The SCP is 'b+'.

To derive the IDR:

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

Sibanye

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb+, Lower),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Higher), Profitability (b+,
Higher), 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 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 'bb'.

To derive the IDR:

- Country ceiling considerations apply and result in an adjustment
of 0 notch(es).

RATING ACTIONS

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Rio Tinto Finance (USA) Plc

    senior unsecured      LT     A    Affirmed               A
    senior unsecured      ST     F1   Affirmed               F1

JSC Almalyk Mining and
Metallurgical Complex          

                          LT IDR BB   Affirmed               BB

Anglo American Capital plc

   senior unsecured       LT     BBB+ Affirmed               BBB+

Rio Tinto Finance Plc

   senior unsecured       LT     A    Affirmed               A

Rio Tinto Alcan Inc.

   senior unsecured       LT     A    Affirmed               A

Rio Tinto Ltd

                          LT IDR A    Affirmed               A
                          ST IDR F1   Affirmed               F1

BHP Group (UK) Ltd.

                          LT IDR A    Affirmed               A
                          ST IDR F1   Affirmed               F1
    senior unsecured      LT     A    Affirmed               A

Anglo American plc    

                          LT IDR BBB+ Affirmed               BBB+
                          ST IDR F2   Affirmed               F2

AngloGold Ashanti plc   

                          LT IDR BBB- Affirmed               BBB-

WMC Finance (USA) Ltd

   senior unsecured       LT     A    Affirmed               A

BHP Group Limited    

                          LT IDR A    Affirmed               A   
                          ST IDR F1   Affirmed               F1
    senior unsecured      LT     A    Affirmed               A

Rio Tinto Finance (USA) Ltd

    senior unsecured      LT     A    Affirmed               A

Harmony Gold Mining
Company Limited        

                          LT IDR    BB   Affirmed            BB
                          LC LT IDR BB   Affirmed            BB

JSC Navoi Mining and
Metallurgical Company      

                          LT IDR BB   Affirmed               BB
   senior unsecured       LT     BB   Affirmed     RR4       BB

Rio Tinto America Inc.

    senior unsecured      ST     F1   Affirmed                 F1

Endeavour Mining plc   


                          LT IDR BB   Affirmed                 BB
    senior unsecured      LT     BB   Affirmed     RR4         BB

BHP Billiton Finance Plc

    senior unsecured      LT     A    Affirmed                 A

State Enterprise
Navoiyuran            

                          LT IDR BB   Affirmed                 BB
    senior unsecured      LT     BB   Affirmed     RR4         BB

JSC National Atomic
Company Kazatomprom

                          LT IDR BBB  Affirmed                 BBB

                          ST IDR F3   Affirmed                 F3

Rio Tinto Plc      

                          LT IDR A    Affirmed                 A
                          ST IDR F1   Affirmed                 F1

AngloGold Ashanti
Holdings Plc

   senior unsecured       LT     BBB- Affirmed                 BBB-


BHP Billiton
Finance (USA) Ltd

   senior unsecured       LT     A    Affirmed                 A

Rio Tinto Finance
(USA) Inc.

   senior unsecured       LT     A    Affirmed                 A
   senior unsecured       ST     F1   Affirmed                 F1

Stillwater Mining Company

   guaranteed             LT     BB   Affirmed     RR4         BB

BHP Billiton Finance Ltd

   senior unsecured       LT     A    Affirmed                 A

Sibanye-Stillwater Limited               

                          LT IDR BB   Affirmed                 BB


[] Fitch Affirms Ratings on 5 European Prof. Services & BPO Cos.
----------------------------------------------------------------
Fitch Ratings has affirmed five European professional services and
business process outsourcing companies and their related
subsidiaries in the 'B' category:

   1. Transcom Holding AB
   2. Ocado Group PLC
   3. Emeria SASU
   4. Auxey Midco Limited
   5. PCC Global Plc

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

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):

Transcom Holding AB

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 30% for the forecast year 2025, 30% for the forecast year
2026 and 20% for the forecast year 2027.

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

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

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

- The SCP is 'b-'.

Ocado Group PLC

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

- 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-'.

Emeria SASU

- 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 (bbb-, Lower), Company
Operational Characteristics (bb+, Moderate), Profitability (bbb,
Higher), Financial Structure (ccc, 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 'Good' results in no adjustment.

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

- The SCP is 'b-'.

Auxey Midco Limited

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (b,
Moderate), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (bb-,
Moderate), Financial Structure (ccc+, 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,
40% for the forecast year 2026 and 40% for the forecast year 2027.

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

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

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

- The SCP is 'b'.

PCC Global Plc

- Business and financial profile factors (assessment, relative
importance): Management (bb, Lower), Sector Characteristics (bbb-,
Lower), Market and Competitive Positioning (b+, Higher),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (b+,
Moderate), 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 2026
and 50% for the forecast year 2027.

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

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

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

- The SCP is 'b'.

RATING ACTIONS

   Entity/Debt               Rating           Recovery   Prior
   -----------               ------           --------   -----
Emeria SASU          

                       LT IDR B-  Affirmed               B-
   senior unsecured    LT     CCC Affirmed     RR6       CCC
   senior secured      LT     B   Affirmed     RR3       B

Flamingo Lux II SCA

   senior unsecured    LT     CCC Affirmed     RR6       CCC

PCC Global Plc    

                       LT IDR B   Affirmed               B
   senior secured      LT     B+  Affirmed     RR3       B+

Ocado Group PLC    

                       LT IDR B-  Affirmed               B-
   senior unsecured    LT     B-  Affirmed     RR4       B-

Transcom Holding AB

                       LT IDR B-  Affirmed               B-
   senior secured      LT     B-  Affirmed     RR4       B-

Alexander Mann
Solutions
Corporation

   senior secured      LT     B+  Affirmed     RR3       B+

Auxey Midco Limited

                       LT IDR B   Affirmed               B

Auxey Bidco Limited

   senior secured      LT     B+  Affirmed     RR3       B+


[] Fitch Affirms Ratings on 5 Integrated Utilities Cos.
-------------------------------------------------------
Fitch Ratings has affirmed five emerging markets integrated
utilities companies' ratings and their related subsidiaries'
ratings:

  1. Eskom Holdings SOC Ltd
  2. Namibia Power Corporation (Proprietary) Limited
  3. National Central Cooling Company PJSC (Tabreed)
  4. Limited Liability Partnership Kazakhstan Utility Systems
  5. Zorlu Enerji Elektrik Uretim A.S.

These actions follow the update of Fitch's Corporate Rating
Criteria and 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

Eskom Holdings SOC Ltd.

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

- Business and financial profile factors (assessment, relative
importance): Management (b, Moderate), Sector Characteristics (b,
Moderate), Market and Competitive Positioning (bb+, Lower),
Diversification and Asset Quality (b, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (ccc+,
Higher), Financial Structure (a-, Lower), 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 2024 and 40% for the forecast year
2025.

- The Governance assessment of 'Some Deficiencies' results in no
adjustment.

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

- The SCP is 'ccc+'.

To derive the IDR:

- Application of Fitch's Government-Related Entities Rating
Criteria results in a(n) top-down -2 approach.

Namibia Power Corporation (Proprietary) 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 (bbb-, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (bb-,
Higher), Financial Structure (bbb+, Lower), and Financial
Flexibility (bb, Lower).

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

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

- The Operating Environment assessment of 'b' results in an
adjustment of -1 notch(es).

- The SCP is 'bb-'.

To derive the IDR:

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

National Central Cooling Company PJSC (Tabreed)

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 (bbb, Lower),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb,
Higher), Financial Structure (bbb, Higher), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the 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'.

To derive the IDR:

- Application of Fitch's Government-Related Entities Considerations
Rating Criteria results in a(n) standalone approach.

Limited Liability Partnership Kazakhstan Utility Systems

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

- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics (bb,
Moderate), Market & Competitive Positioning (bb, Moderate),
Diversification and Asset Quality (bb-, Moderate), Company
Operational Characteristics (bb, Lower), Profitability (bb-,
Moderate), Financial Structure (a, Lower), and Financial
Flexibility (bb-, 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.

- The Governance Impact assessment of 'Some Deficiencies' results
in an adjustment of -1 notch(es).

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

- The SCP is 'bb-'.

Zorlu Enerji Elektrik Uretim A.S.

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, Higher), Market and Competitive Positioning (bb, Lower),
Diversification and Asset Quality (b+, Moderate), Company
Operational Characteristics (bb-, Moderate), Profitability (bb-,
Moderate), Financial Structure (bbb, 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, 30% for the forecast year 2025, 30% for the forecast year
2026 and 30% for the forecast year 2027.

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

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

- The SCP is 'b+.

RATING ACTIONS

   Entity/Debt              Rating           Recovery   Prior
   -----------              ------           --------   -----
National Central
Cooling Company
PJSC (Tabreed)

                     LT IDR    BBB    Affirmed            BBB
   senior unsecured  LT        BBB    Affirmed            BBB

Limited Liability
Partnership Kazakhstan
Utility Systems  

                     LT IDR    BB-   Affirmed             BB-
                     LC LT IDR BB-   Affirmed             BB-
                     Natl LT BBB+(kaz)Affirmed            BBB+(kaz)


Tabreed Sukuk
Programme Limited

   senior unsecured  LT        BBB   Affirmed             BBB

Namibia Power Corporation
(Proprietary) Limited            

                     LT IDR    BB-   Affirmed             BB-
                     ST IDR    B     Affirmed             B
                     Natl LT AA+(zaf)Affirmed             AA+(zaf)

                     Natl ST F1+(zaf)Affirmed             F1+(zaf)


Zorlu Enerji
Elektrik Uretim A.S.

                     LT IDR    B+   Affirmed              B+
    senior secured   LT        B+   Affirmed    RR4       B+

Eskom Holdings SOC Ltd.  

                     LC LT IDR B    Affirmed              B
                     Natl LT A(zaf) Affirmed              A(zaf)
                     Natl ST F1(zaf)Affirmed              F1(zaf)
   senior unsecured  LT        B    Affirmed    RR4       B
   guaranteed        LT        BB-  Affirmed              BB-


[] Fitch Affirms Ratings on 9 EMEA Telecoms Companies
-----------------------------------------------------
Fitch Ratings has affirmed 9 EMEA telecoms companies and their
associated entities' ratings:

   1. Private Joint Stock Company VF Ukraine
   2. Oman Telecommunications Company S.A.O.G.
   3. VEON Ltd.
   4. Emirates Telecommunications Group Company PJSC
   5. Kazakhtelecom JSC
   6. Kcell JSC
   7. Silk Road Group Holding LLC
   8. Uzbektelecom JSC
   9. BEYON B.S.C.

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):

Private Joint Stock Company VF Ukraine

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (a-,
Lower), Financial Structure (a, Moderate), 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.

- B+ to CC considerations apply in its analysis and result in an
adjustment of -2 notch(es).

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

- The Operating Environment assessment of 'ccc' results in an
adjustment of -1 notch(es).

- The SCP is 'ccc'.

Oman Telecommunications Company S.A.O.G.

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bbb, Higher),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb-, Moderate), Profitability (bbb-,
Lower), Financial Structure (bbb, Higher), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the 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'.

To derive the IDR:

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

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

VEON Ltd.

- Business and financial profile factors (assessment, relative
importance): Management (bb+, Lower), Sector Characteristics (bb+,
Moderate), Market and Competitive Positioning (bbb-, Higher),
Diversification and Asset Quality (bbb, Lower), Company Operational
Characteristics (bbb-, Moderate), Profitability (bbb-, Lower),
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 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 'b+' results in an
adjustment of -1 notch(es).

- The SCP is 'bb-'.

Emirates Telecommunications Group Company PJSC

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb+,
Lower), Market and Competitive Positioning (a, Higher),
Diversification and Asset Quality (a, Moderate), Company
Operational Characteristics (a, Moderate), Profitability (a-,
Lower), Financial Structure (a, Higher), and Financial Flexibility
(bbb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
40% for the forecast year 2026 and 40% for the forecast year 2027.

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

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

- The SCP is 'a'.

To derive the IDR:

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

Kazakhtelecom JSC

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

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

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

- The SCP is 'bb+'.

To derive the IDR:

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

Kcell JSC

- Business and financial profile factors (assessment, relative
importance): Management (bbb, 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 (bb+, Higher), and
Financial Flexibility (bb, 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.

- 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 PSL Rating Criteria results in a(n)
top-down -1 approach.

Silk Road Group Holding LLC

- Business and financial profile factors (assessment, relative
importance): Management (bbb-, Lower), Sector

Characteristics (bb+, Moderate), Market and Competitive Positioning
(b+, Higher), Diversification and Asset Quality

(bb+, Lower), Company Operational Characteristics (bbb+, Moderate),
Profitability (bbb, Lower), Financial Structure

(bbb-, Moderate), and Financial Flexibility (b+, Higher).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the 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-'.

Uzbektelecom JSC

- 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 (bb+, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb,
Lower), 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 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 'b' results in an
adjustment of -1 notch.

- The SCP is 'bb-'.

To derive the IDR:

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

BEYON B.S.C.

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Lower), Sector Characteristics (bbb,
Moderate), Market and Competitive Positioning (bb+, Higher),
Diversification and Asset Quality (bbb+, Moderate), Company
Operational Characteristics (a, Moderate), Profitability (bbb+,
Lower), Financial Structure (bbb-, Higher), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the 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 an
adjustment of -1 notch(es).

- The SCP is 'bb+'.

To derive the IDR:

- Application of Fitch's PSL Rating Criteria results in a(n)
consolidated approach.

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

RATING ACTIONS

   Entity/Debt             Rating             Recovery   Prior
   -----------             ------             --------   -----
Otel Sukuk Limited

   senior  unsecured  LT        BBB-     Affirmed       BBB-

Kazakhtelecom JSC  

                      LT IDR    BBB-     Affirmed       BBB-
                      ST IDR    F3       Affirmed       F3
                      LC LT IDR BBB-     Affirmed       BBB-
                      Natl LT   AA+(kaz) Affirmed       AA+(kaz)
   senior unsecured   LT        BBB-     Affirmed       BBB-
   senior unsecured   Natl LT   AA+(kaz) Affirmed       AA+(kaz)

Oztel Holdings
SPC Limited

   senior unsecured   LT        BBB-     Affirmed       BBB-

Silk Road Group
Holding LLC          

                      LT IDR    BB-      Affirmed       BB-
   senior unsecured   LT        BB-      Affirmed   RR4 BB-

BEYON B.S.C.         

                      LT IDR.   B+       Affirmed       B+

Uzbektelecom JSC     

                      LT IDR    BB       Affirmed       BB

Veon Midco B.V.

   senior unsecured   LT        BB-      Affirmed   RR4 BB-

VFU Funding Plc

   senior unsecured   LT        CCC      Affirmed   RR4 CCC

Oman
Telecommunications
Company S.A.O.G.      

                      LT IDR    BBB-     Affirmed       BBB-

Emirates
Telecommunications
Group Company PJSC   

                     LT IDR     AA-      Affirmed       AA-
   senior unsecured  LT         AA-      Affirmed       AA-

Private Joint
Stock Company
VF Ukraine        

                     LT IDR     CCC      Affirmed       CCC

VEON Ltd.         

                     LT IDR     BB-      Affirmed       BB-

Kcell JSC      

                     LT IDR     BB+      Affirmed       BB+
                     Natl LT    AA(kaz)  Affirmed       AA(kaz)
  senior unsecured   LT         BB+      Affirmed       BB+
  senior unsecured   Natl LT    AA(kaz)  Affirmed       AA(kaz)


[] Fitch Affirms Ratings on Seven EMEA Water Companies
------------------------------------------------------
Fitch Ratings has affirmed seven EMEA water companies' ratings:

   1. FCC Aqualia, S.A.

   2. Georgia Global Utilities JSC

   3. Aquanet S.A.

   4. Canal de Isabel II, S.A., M.P.

   5. Miejskie Wodociagi i Kanalizacja w Bydgoszczy
        Sp. z o.o. (MWiK)

   6. Acea SpA

   7. Holding d'Infrastructures des Metiers
        de l'Environnement

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

FCC Aqualia, 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-,
Higher), Market and Competitive Positioning (bb+, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (bbb,
Moderate), Financial Structure (bbb+, Moderate), and Financial
Flexibility (bbb-, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% for the forecast year 2027 and 20% for the forecast year
2028.

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

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

- The SCP is 'bbb-'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a(n) standalone approach.

Georgia Global Utilities JSC

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 (bbb-, Lower),
Diversification and Asset Quality (b+, Higher), Company Operational
Characteristics (bb-, Moderate), Profitability (bb-, Moderate),
Financial Structure (a-, Lower), and Financial Flexibility (b+,
Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 25% weight for the historical year
2024, 25% for the forecast year 2025, 25% for the forecast year
2026 and 25% 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 'bb' results in no
adjustment.

- The SCP is 'b+'.

To derive the IDR:

- Application of Fitch's Parent Subsidiary Linkage Rating Criteria
results in a(n) bottom up +1 approach.

Aquanet S.A.

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-,
Higher), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bbb-, Moderate), Company
Operational Characteristics (bbb+, Moderate), Profitability (bbb-,
Moderate), Financial Structure (a, Moderate), and Financial
Flexibility (bbb, Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the historical year
2024, 20% for the forecast year 2025, 20% for the forecast year
2026, 20% 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 Considerations
Rating Criteria results in a(n) bottom-up +1 approach.

Canal de Isabel II, S.A., M.P.

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-,
Higher), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bbb, Moderate), Company
Operational Characteristics (a-, Lower), Profitability (bbb+,
Moderate), Financial Structure (a+, 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, 18% for the forecast year 2025, 18% for the forecast year
2026, 18% for the forecast year 2027, 18% for the forecast year
2028 and 18% 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 'bbb+'.

To derive the IDR:

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

Miejskie Wodociagi i Kanalizacja w Bydgoszczy Sp. z o.o. (MWiK)

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-,
Higher), Market and Competitive Positioning (bbb+, Moderate),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb-,
Moderate), Financial Structure (a+, Moderate), and Financial
Flexibility (bbb-, Higher).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year 2025,
20% for the forecast year 2026, 20% for the forecast year 2027, 20%
for the forecast year 2028 and 20% for the forecast year 2029.

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

- The Operating Environment assessment of 'bbb+' 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) bottom-up +1 approach.

Acea SpA

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

- Business and financial profile factors (assessment, relative
importance): Management (bbb, Moderate), Sector Characteristics
(bbb+, Higher), Market and Competitive Positioning (bbb-,
Moderate), Diversification and Asset Quality (bbb+, Moderate),
Company Operational Characteristics (bbb, Lower), Profitability
(bbb, Moderate), Financial Structure (bbb+, Higher), and Financial
Flexibility (a-, Moderate).

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

Holding d'Infrastructures des Metiers de l'Environnement

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 (bbb-, Moderate), Company
Operational Characteristics (bbb, Lower), Profitability (bb+,
Higher), 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 historical year
2024, 40% for the forecast year 2025 and 40% for the forecast year
2026.

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

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

- The SCP is 'bb+'.

RATING ACTIONS

   Entity/Debt                  Rating            Recovery   Prior
   -----------                  ------            --------   -----
FCC Aqualia, S.A.

                       LT IDR    BBB-   Affirmed             BBB-
   senior secured      LT        BBB    Affirmed             BBB
   senior unsecured    LT        BBB-   Affirmed             BBB-

Georgia Global
Utilities JSC    

                       LT IDR    BB-    Affirmed             BB-
   senior unsecured    LT        BB-    Affirmed   RR4       BB-

Holding d'Infrastructures
des Metiers de
l'Environnement  

                       LT IDR    BB+    Affirmed             BB+
   senior unsecured    LT        BB+    Affirmed   RR4       BB+

Miejskie Wodociagi i
Kanalizacja w
Bydgoszczy Sp.
z o.o. (MWiK)  

                       LT IDR    BBB    Affirmed             BBB
                       ST IDR    F3     Affirmed             F3
                       LC LT IDR BBB    Affirmed             BBB
                       LC ST IDR F3     Affirmed             F3
   senior secured      LT        BBB+   Affirmed             BBB+

Acea SpA  

                       LT IDR    BBB+   Affirmed             BBB+
                       ST IDR    F2     Affirmed             F2
   senior unsecured    LT        BBB+   Affirmed             BBB+

Aquanet S.A.

                       LT IDR    BBB+   Affirmed             BBB+
                       Natl LT   AA(pol)Affirmed          AA(pol)

Canal de Isabel II,
S.A., M.P.     

                       LT IDR    BBB+   Affirmed             BBB+
    senior unsecured   LT        BBB+   Affirmed             BBB+



                           *********


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

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

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

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

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

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


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