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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

          Thursday, March 5, 2026, Vol. 27, No. 46

                           Headlines



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

BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Issuer Credit Ratings


F R A N C E

BISCUIT HOLDING: S&P Cuts ICR to 'CCC-' on Debt Restructuring Risk
CLARIANE SE: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
DIOT SIACI: S&P Assigns 'B' LongTerm ICR, Outlook Stable


I R E L A N D

ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Final Rating on F-R-R Notes
CAPITAL FOUR IV: S&P Affirms B-(sf) Rating on Class F-R Notes
GOLDENTREE LOAN 7: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
ICG EURO 2023-2: Fitch Assigns 'B-sf' Final Rating on Class F Notes
NASSAU EURO IV: Fitch Assigns 'B-sf' Final Rating on Class F Notes

PENTA CLO 17: S&P Assigns B-(sf) Rating on Class F-R Notes


I T A L Y

SIENA MORTGAGES 07-5: Fitch Affirms 'B+sf' Rating on Class C Notes
YOUNI ITALY 2024-1: Fitch Affirms 'Bsf' Rating on Class E Notes


L U X E M B O U R G

ORION SA: S&P Downgrades ICR to 'B+', Outlook Stable


N E T H E R L A N D S

EUROSAIL-NL 2007-2: Fitch Hikes Rating on Class C Notes to 'B-sf'


S E R B I A

TELEKOM SRBIJA: Fitch Affirms 'B+' IDR, Outlook Positive


S P A I N

MADRID RMBS I: S&P Raises Class E Notes Rating to 'BB+(sf)'
MADRID RMBS II: S&P Affirms 'B+(sf)' Rating on Class E Notes


S W I T Z E R L A N D

CONSOLIDATED ENERGY: Fitch Affirms B+ LongTerm IDR, Outlook Stable
TRANSOCEAN LTD: 2025 Loss Widens to $2.9B Amid Asset Impairments


U N I T E D   K I N G D O M

ANDRA JEWELS: Moorfields Appointed as Joint Administrators
ELSTREE 2026-1: S&P Assigns Prelim. BB-(sf) Rating on X-Dfrd Notes
FK FACADES: Begbies Traynor Appointed as Joint Administrators
FK GROUP: Begbies Traynor Appointed as Joint Administrators
IMPERIAL CABINET: KBL Advisory Appointed as Joint Administrators

JULES B LIMITED: FRP Advisory Appointed as Joint Administrators
POLARIS 2025-1: S&P Affirms 'BB(sf)' Rating on Cl. F-Dfrd Notes


X X X X X X X X

[] Fitch Affirms Ratings on 3 Central European Operators
[] Fitch Affirms Ratings on Seven EMEA Chemicals Companies
[] Fitch Affirms Ratings on Three EMEA Pharmaceuticals Companies

                           - - - - -


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B O S N I A   A N D   H E R Z E G O V I N A
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BOSNIA AND HERZEGOVINA: S&P Affirms 'B+/B' Issuer Credit Ratings
----------------------------------------------------------------
S&P Global Ratings, on Feb. 26, 2026, revised its outlook on the
Federation of Bosnia and Herzegovina (FBiH), a constituent entity
of Bosnia and Herzegovina (BiH; B+/Stable/B), to negative from
stable. At the same time, S&P affirmed its 'B+/B' long- and
short-term issuer credit ratings on the FBiH. S&P also affirmed its
'B+' senior unsecured issue rating.

S&P said, "As a "sovereign rating" (as defined in EU CRA Regulation
1060/2009 "EU CRA Regulation"), the ratings on the Federation of
Bosnia and Herzegovina are subject to certain publication
restrictions set out in Art. 8a of the EU CRA Regulation, including
publication in accordance with a pre-established calendar. Under
the EU CRA Regulation, deviations from the announced calendar are
allowed only in limited circumstances and must be accompanied by a
detailed explanation of the reasons for the deviation. In this
case, the reason for the deviation is a significant increase of
2026 budget deficit compared with our previous expectations."

Outlook

The negative outlook reflects S&P's view that FBiH's new government
may find it difficult to consolidate its budget in 2027-2028 that
would result in a faster debt accumulation and a strained liquidity
position.

Downside scenario

S&P said, "We could lower the long-term rating if, over the next
12-24 months, management pursues aggressive financial strategy with
persistent operating deficits or tax-supported debt well above 120%
of its consolidated operating revenues. In addition, we could lower
the rating if access to external funding were to deteriorate,
placing further pressure on FBiH's already weakening liquidity
position."

Upside scenario

S&P could revise the outlook to stable if, over the next 12-24
months, management used its financial flexibility to reduce budget
deficits in line with its base-case assumptions, containing debt
accumulation and strengthening its liquidity.

Rationale

The outlook revision primarily reflects a significant loosening of
the government's fiscal policy ahead of the election in October
2026, resulting in a material deterioration of the fiscal
trajectory. Spending in the FBiH budget is heavily skewed toward
social benefits and pensions, accounting for 70% of total spending.
In line with the latest amendments to legislation adopted in
January 2026, state pensions will increase by approximately 17% in
total during 2026, widening the annual deficit after capital
account to about 13% of revenue in 2026 and 2027. S&P said, "We
also forecast that FBiH's tax-supported debt, including
indebtedness of its companies and municipalities, will remain
elevated, slightly below 120% of consolidated revenue over
2026-2028. We expect fiscal deficits to gradually narrow following
the election period, supported by moderating expenditure pressures
contingent on management's ability and willingness to consolidate
the budget."

S&P expects that the steady economic development will contribute to
solid budget revenue growth in the medium term. Long-term economic
development in FBiH is limited by adverse demographic trends,
including an aging population, and ongoing geopolitical tensions.
The ratings on FBiH are constrained by regular escalations of
political tensions between the constituent entities--FBiH and
Republika Srpska--and the country's central authorities. Moreover,
the subtle political balance between the federation government and
parliament complicates decision-making in the budget sphere,
leading to delayed approval and implementation of its budget, and
poor spending discipline, including at state companies. Political
complications delay the country's progress toward EU accession and
reduce investors' appetite for projects in the federation.

S&P said, "Although FBiH's cash position remains relatively low
compared with annual debt service, we think that the government
will retain good access to funding from international and domestic
financial institutions and will be able to access the capital
market. Moreover, we consider that the national indirect tax
authority ensures regular service of most of FBiH's debt.

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

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

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

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

  Ratings List

  Ratings Affirmed; Outlook Action

                                   To             From

  Federation of Bosnia and Herzegovina  

  Issuer Credit Rating        B+/Negative/B    B+/Stable/B

  Ratings Affirmed  

  Federation of Bosnia and Herzegovina  

  Senior Unsecured                 B+





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F R A N C E
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BISCUIT HOLDING: S&P Cuts ICR to 'CCC-' on Debt Restructuring Risk
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Biscuit Holding S.A.S. (Biscuit International; BI) to 'CCC-' from
'CCC+', its issue ratings on the company's senior debt instruments
to 'CCC-' from 'CCC+', and its issue rating on the company's
second-lien instrument to 'C' from 'CCC-'.

The negative outlook indicates the potential for a downgrade within
the next six months if BI announces a debt restructuring process
that we consider to be equivalent to a default.

Operating performance deteriorated in 2025 reflecting challenging
market conditions and increased competition. Lower net sales of
about 2.5% to EUR1.17 billion relative to 2024 were driven by a
decrease in sales volume (6.5%) due to soft market demand in all
key EU countries and especially in the core market France, which
were partially offset by an increase in the average selling price
of about 4.3%. Despite the volume decline, cost of goods sold have
increased by about 1% because of manufacturing inefficiencies,
elevated raw material prices (cocoa and butter), and volume-induced
direct labor under-absorption leading to an overall decline in the
company-reported contribution margin to 27.0% compared to 29.5% in
2024. Elevated fixed cost due to inflation should result in a
material decline of 28.4% in the company-adjusted EBITDA of EUR108
million from EUR151 million in 2024. S&P estimates leverage to
increase to more than 10.0x while FOCF should be about negative
EUR30 million in 2025.

S&P said, "The downgrade reflects a greater likelihood of a debt
restructuring that we could consider to be equivalent to a default
over the near term. The group has upcoming maturities that it has
not addressed yet, including its EUR85 million revolving credit
facility (RCF) due August 2026, its EUR695 million term loan B
(TLB), and EUR130 million pari passu notes due February 2027 and
EUR150 million second-lien TLB due in February 2028. We think the
absence of near-term refinancing leads to an elevated risk of a
distressed restructuring transaction.

"The negative outlook indicates the potential for a downgrade
within the next six months if BI announces a debt restructuring
that we consider to be equivalent to a default.

"We could lower our rating on BI if it announces a debt
restructuring that we consider as equivalent to a default or if it
misses any principal or interest payments.

"We could raise our rating on BI if we no longer view a default
scenario as highly probable over the next six months. This could
occur for instance if the company secures alternative financing
that we expect will ease refinancing risk."


CLARIANE SE: S&P Assigns 'B+' Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issuer credit rating
on France-based Clariane SE and its 'B+' issue rating on the
existing unsecured bonds, with '3' recovery ratings indicating its
expectation of meaningful recovery (50%-70%, rounded estimate 65%)
in the event of default.

S&P said, "The stable outlook reflects our view that Clariane's
adjusted debt leverage will improve to below 7.0x in 2026 and
further to 6.0x thereafter. We anticipate that profitability will
slightly improve over the next 12-18 months to about 20.0%-22.0% on
an S&P Global Ratings-adjusted EBITDA margin basis."

Clariane SE is one of the largest European operators in long-term
and specialty care with operations spread across European countries
including France, Germany, Spain, Italy, and Belgium. S&P thinks
that the group's ability to continue growing organically is
supported by macro trends including an aging population, rising
chronic diseases and polypathologies, and the shift toward
ambulatory care and company winning strategy to increase both
occupancy rate and average daily rate. Clariane has been able to
improve its margin thanks to a diligent approach to its cost base
and a successful pricing policy. This enables the group to
progressively improve its EBITDA margin expected to exceed 20% in
2025.

The group benefits from a well-balanced regulatory exposure thanks
to a mixed payor profile between public and private funds,
strengthened by its geographic and service diversification. This
increases the visibility and the resiliency of earnings with no
concentration in a single country or type of activity.

S&P said, "We anticipate that S&P Global Ratings-adjusted debt to
EBITDA will decrease to below 7.0x in 2026 from 8.1x in 2024 with a
fixed-charge coverage ratio increasing to 1.5x in 2026 from 1.4x in
2024.

"Clariane is well positioned in the European elderly care market,
which we expect to experience significant growth, driven by an
aging population, rising chronic diseases and polypathologies, and
shift toward ambulatory care from hospitals. Clariane is the
largest private operator in the French nursing homes market, before
No. 2 Orpea, No. 3 HomeVi, and No. 4 Colisee. It has grown through
a buy and build strategy over the past 20 years, currently caring
for about 890,000 residents and operating 91,000 beds across six
European countries. We think the group will capture supportive
underlying market trends, starting with an aging population and the
prevalence of noncommunicable diseases. The aging population, 75+,
is expected to increase by about 40% by 2040 in all countries where
Clariane operates. We think the group is well positioned to address
the increasing demand in mental health disorders (7% growth by
2030) and polypathologies (affecting approximately more than 50% of
people aged 70+) that require long-term care treatments difficult
to reconcile with the current overload of existing health care
capacities. We think that the group will be able to leverage its
unused capacity in its existing nursing homes network (c. 8% in
long-term care, c. 20% in alternative living solutions) to address
the estimated 600,000 beds supply gap by 2030. In our view, the
group has a smart geographic footprint, particularly in underserved
areas in France, supporting organic growth through additional
ambulatory volumes without price discounts. We understand specialty
care nursing home providers like Clariane are increasingly serving
as a viable and cost-effective alternative to overcrowded
hospitals. We think that the group is able to continue to
capitalize on these supportive market trends as highlighted by its
above-market growth of 5.1% since 2008 compared to 4.0% for the
stationary care market."

Clariane's diversified service offering and geographical footprint
support its growth prospects. The company offers a comprehensive
elderly care platform split between long-term care (75% of
revenue), including nursing homes and alternate living solution;
and specialty care (25% of revenue), including rehabilitation,
prevention, diagnosis outpatient programs, and mental health. S&P
said, "In our view, the complementary nature of these activities is
a key strength for the group as they reach different medical
intensities, feeding a vertical integration of the care pathway. It
also allows for a better continuity of regional care, offering
follow-up to hospital treatment. We also view the diversification
risk of these two segments as positive, with specialty care
benefiting from a solid regulated environment, offering high
visibility, and some growth prospects in more private activities
(e.g., soft mental health); and long-term care relying on a high
portion of private-pay/out-of-pocket financing. We think these two
segments enable the group to leverage distinct growth drivers.
Clariane enjoys a good degree of established geographical
diversification, operating across six countries with no major
concentration and significant operating size in every country:
France (42%), Germany (25%), Italy (11%), Spain (5%), Belgium
(13%), and the Netherlands (3%). This compares positively with
peers often present within one core country and with smaller
operations in adjacent countries."

S&P said, "We view the group's payor profile mix as positive, with
a good balance between private and public payor split in its main
markets, highlighting diversity and stability in revenue
generation. The group does not overly rely on a single payor and
government programs, with long-term care, showing a good balance in
the private-public payor split (57%-43% of revenue in France,
42%-58% in Germany, and 51%-41% in Belgium, respectively). As the
market shifts to ambulatory and soft mental health offerings, we
understand that the group will prioritize growth in the
nonregulated portion of its revenue, with a higher component of
private-pay/out-of-pocket."

Clariane's high regulatory dependency enhances revenue
predictability but also translates to exposure to political
instability. S&P said, "We understand that stationary care funding
models in Europe rely heavily on tax-funded governmental budgets
and/or regional schemes (like in Italy and Spain) together with
out-of-pocket payments. In France, tariff increases for existing
residents are regulated by governmental contracts negotiated by
regional health agencies, set at +0.9% for 2026 (compared with
+3.2% in 2025). The German long-term care system is based on
mandatory longterm care insurance, complemented by private
copayments and social welfare support. Overall, those funding
systems provide a relatively high degree of income predictability
for providers in our view. However, we think that the revenue
predictability embedded in these frameworks is challenged by
political instability, especially in France. That said, we factor
into our assessment that Clariane does not rely heavily on a single
regulatory regime (representing significantly more than 25% of
revenue), enabling the group to mitigate related risks. According
to management, we understand that recent regulatory changes aim to
move toward a more neutral and homogeneous framework between public
and private based on quality of care. We view these changes as
positive as they can help reduce past disparities between public
and private operators."

Clariane's business model is labor intensive,which presents
inherent risks related to cost mitigation. As of 2025, Clariane's
staff costs represent 61% of total revenue. The high reliance on
medical staff presents inherent risks related to cost mitigation,
reflecting the nature of the business model. S&P thinks that
staffing shortages or employees' bargaining power could pressure
margins and are difficult to mitigate due to high reliance on
medical staff. Thait said, the group has implemented internal
career development opportunities and training processes to recruit
and retain qualified medical staff.

S&P said, "We expect the group's organic revenue and EBITDA to
expand over our forecast horizon. We forecast Clariane's revenue to
increase by 0.5%-1.0% in 2026 and further by 4.0%-4.5% in 2027 on
an actual basis, accounting for the effects of the group's asset
disposal plan completed in 2025. The forecast growth in sales is
attributable to half of the growth to catch-up in pricing, with
France and Germany the main contributors. The pricing is supported
by a high percentage of single rooms with higher pricing points
(95% in France and 72% in Germany) and quality of the medical care.
We note that over the past four years, Clariane increased average
daily rates more rapidly than its main competitors. Volumes drive
the other half of the expected growth as we think that the group
will leverage available capacity in existing facilities, and
capacity increase through extension of existing facilities and
capital expenditure (capex)-light greenfield projects (mainly in
Italy, the Netherlands, and Spain). We expect the S&P Global
Ratings-adjusted EBITDA margin to marginally improve over 2026-2027
to about 20%-21% from an expected 20% as of year-end 2025. The
margin accretive effects of marginal occupancy rates and segmented
pricing strategy mainly drive this. Activity push on partial
hospitalization on care specialties will also benefit
profitability. Costs savings initiatives, including the reduction
of head office staff in France and Germany following the asset
disposal plan, use of robotization for cleaning, and IT
optimizations across geographies with new tools for a more
efficient treatment of resident's care data support the group's
margin. However, we note that personnel expenses will continue to
weigh on the group's cost structure due to overall pressure on
highly qualified and costly medical staff for the specialty care
operations.

"We assume Clariane's fixed-charge coverage will remain at about
1.5x-2.0x and free operating cash flow (FOCF) generation after
leases at EUR120 million-EUR150 million in 2026-2027, supported by
decreased capex and working capital inflows. The group operates
under a relatively high freehold percentage with 23% of its
operated assets fully and directly owned by the group and the
remaining 77% partially owned through dedicated vehicles where they
retain a significant stake with attached lease agreements. This
compares positively to other peers in the health care services
sector that operate mostly under a leasehold model with long-term
lease agreements including the rehabilitation provider Median B.V.
(B-/Stable/--), or France-based nursing home operator HomeVi
(B/Stable/--). Health care services providers are price-takers and
rents represent additional fixed costs, which are already high
after the inclusion of staff costs. However, we understand that
most of the group's lease agreements are double-net, which reduces
the group's capex effort as the lessors are typically responsible
for major structural maintenance and refurbishment of the building.
As a result, we expect the fixed-charge coverage ratio to remain at
about 1.6x-1.8x over 2026-2027. Similarly, we forecast FOCF after
leases to remain solid of about EUR120 million-EUR150 million over
2026-2027 (EUR550 million-EUR580 million before lease expenses),
reflecting lower development capex as the group will focus on
asset-light short pay-back projects going forward and cash inflows
from working capital normalization in France and Germany following
public reimbursement delays.

"We expect S&P Global Ratings-adjusted debt to EBITDA of less than
7.0x in 2026 and gradually decreasing to 6.0x-6.5x by 2027, mainly
driven by the continuous increase in profitability supporting the
assigned 'B+' rating. We understand that the group's growth
strategy is mostly organic, therefore we do not anticipate mergers
and acquisitions to materially impact the company's deleveraging
plan.

"We estimate S&P Global Ratings-adjusted debt will amount to
approximately EUR7,650 million-EUR7,700 million in 2025, including
about EUR3,800 million-EUR3,850 million reported debt, about
EUR3,990 million-EUR4,000 million lease liabilities adjustment,
approximately EUR45 million-EUR50 million adjustment related to
factoring and reverse factoring, and a about a EUR60 million-EUR65
million adjustment relating to pension liabilities. We also net
about EUR790 million-EUR800 million cash from our debt figure. As
per our criteria, we also adjust for approximately EUR540
million-EUR550 million hybrid bonds for which we do not consider
any equity content, including a £200 million pound
sterling-denominated hybrid and a EUR332 million Obligations a
Durée Indéterminée a option de Remboursement en Numéraire et/ou
en Actions Nouvelles ou Existantes (ODIRNANE).

"The stable outlook reflects our view that Clariane's adjusted debt
leverage will improve to below 7.0x in 2026 and further to 6.0x
thereafter. We anticipate that profitability will slightly improve
over the next 12-18 months to about 20.0%-22.0%, thanks to the
margin accretive effect of marginal occupancy and segmented pricing
strategy along with the ramp-up of new facilities on greenfield
sites, with FOCF after leases generation remaining solid at about
EUR150 million.

"We could lower our ratings on Clariane if the group failed to
perform in line with our base case, due to weaker industry key
performance indicators--such as occupancy rates and prices--along
with operating-cost inflation given the high fixed-cost base, which
could translate in margin pressure." This would likely result in:

-- S&P Global Ratings-adjusted leverage increasing to above 7.0x
on a sustainable basis,

-- FOCF after leases being significantly lower than in our base
case, and

-- Fixed-charge coverage ratio falling below 1.5x.

S&P said, "We could also take a negative rating action if Clariane
were to pursue a more aggressive financial policy hampering the
expected deleveraging trend

"We could consider a positive rating action if the group materially
outperformed our base case, reducing S&P Global Ratings-adjusted
leverage toward 5.0x, while maintaining strong FOCF after leases
and fixed-charge coverage ratio approaching 2.0x."


DIOT SIACI: S&P Assigns 'B' LongTerm ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long term issuer credit rating
to Diot Siaci Symphony TopCo SAS and Diot Siaci Symphony BidCo
S.a.r.l. The issue rating on the EUR1.95 billion term loan B (TLB)
is unchanged at 'B', with a '3' recovery rating, indicating its
expectation of meaningful (50%-70%; rounded estimate: 55%) recovery
in a default scenario.

S&P said, "We withdrew our 'B' issuer credit rating on intermediate
holding company Diot Siaci TopCo, given it is no longer the entity
at which Diot Siaci consolidates its financial statements, and on
Diot Siaci Bidco, since there is no rated debt outstanding at this
entity.

"The stable outlook indicates our view that Diot-Siaci will
continue to take advantage of favorable industry trends to achieve
solid organic and inorganic revenue growth and improve EBITDA
margins, leading to FFO cash interest coverage of above 2x and
positive FOCF in the next 12 months."

Private equity firm Ardian has acquired a co-controlling stake in
French insurance brokerage services provider Diot-Siaci through a
new holding company Diot Siaci Symphony TopCo SAS. At closing of
the transaction, Diot Siaci Symphony BidCo S.a.r.l., an
intermediate holding company, became a co-borrower of the company's
EUR1.95 billion senior secured term loan B (TLB) and EUR360 million
revolving credit facility (RCF).

S&P said, "We forecast that Diot Siaci will deleverage to about 8x
in 2026 and about 7.5x in 2027 from an elevated estimated 9x in
2025, on the back of good operating performance, integration of
acquisitions, cost control initiatives, and lower nonrecurring
costs. We also forecast that it will maintain sound funds from
operations (FFO) cash interest coverage slightly above 2x and
generate positive free operating cash flow (FOCF) of about EUR45
million in 2026 and EUR75 million in 2027."

The acquisition of a co-controlling stake in Diot Siaci by private
equity firm Ardian and co-investors closed in November 2025. As
part of the transaction, a new parent entity, Diot Siaci Symphony
TopCo SAS, was established, and a new intermediate holding company,
Diot Siaci Symphony BidCo S.a.r.l., became a co-borrower of the
EUR1.95 billion TLB due 2032. At closing, Diot Siaci also drew on
the delay-draw portion of the TLB, amounting to EUR375 million, to
fund the distribution of a EUR275 million dividend to shareholders
and for general corporate purposes, including funding for mergers
and acquisitions (M&A).

S&P said, "For the acquisition of a 45% equity stake in Diot Siaci,
Ardian and its co-investors contributed about EUR1.3 billion in the
form of preference shares, which we view as equity because, based
on their terms, we believe they will act as loss-absorbing or
cash-conserving capital in times of stress. We forecast healthy
earnings growth, fueled by favorable trends in most markets where
Diot Siaci operates and M&A. For 2025, we estimate total revenue
growth of about 23%, mainly driven by M&A and sound organic revenue
growth of about 5%, despite an adverse impact from foreign exchange
effects. We forecast total revenue growth of 10%-14% in 2026 and
2027, including organic revenue growth of 6%-7%. This is
underpinned by the company's presence in growing segments like
health and protection, and international private medical insurance
(IPMI). Operating in geographies like the Middle East, along with
market share gains in the mid-market segment and reinsurance
activities, also support revenue growth, despite waning insurance
premium growth. This will be complemented by the full consolidation
of acquisitions that closed in previous years, and new bolt-ons. We
forecast M&A investments of about EUR270 million-EUR320 million in
2026 and 2027 (including deferred liabilities--earnouts, puts, and
calls--relating to past acquisitions).

"We estimate the S&P Global Ratings-adjusted EBITDA margin will
decline to about 19.5% in 2025 from 21.8% in 2024, mainly because
of about EUR43 million nonrecurring costs associated with sales and
productivity initiatives, M&A, and IT infrastructure improvement,
along with the consolidation of the relatively lower margin
consulting business, Oasys, acquired toward the end of 2024. We
forecast improvement in margins to 20.4% in 2026 and 21.6% in 2027,
mainly thanks to a decline in one-off costs (about EUR35 million in
2026 and EUR22 million in 2027) and cost-saving initiatives.

"Rating headroom has reduced, but our forecast credit metrics
remain commensurate with the 'B' rating. We forecast higher S&P
Global Ratings-adjusted leverage of about 9.0x in 2025, compared
with our previous expectation of 6.9x, due to higher nonrecurring
costs that we include in EBITDA and fewer-than-expected M&A. We
project gradual deleveraging to 8.1x in 2026 and 7.3x in 2027,
mainly owing to expansion in EBITDA--even as the group funds its
M&A partially with debt. This remains above our previous forecast
of about 5.5x in 2026-2027. FOCF will be compressed by high cash
interest expense of about EUR98 million in 2025, EUR113 million in
2026, and EUR130 million in 2027, despite the repricing of the TLB
in February 2026, and higher capital expenditure (capex) of EUR70
million-EUR75 million per year, albeit gradually decreasing in
percentage of sales, from 5.7% in 2024 to about 4.5% in 2027. As a
result, we forecast that the group will generate thin but positive
FOCF of about EUR19 million in 2025, increasing to about EUR47
million in 2026 and EUR76 million in 2027. We project FFO cash
interest coverage of 2.1x-2.2x, slightly above our 2.0x threshold
for the rating.

"The stable outlook indicates our view that Diot-Siaci will
continue to take advantage of favorable industry trends to achieve
solid organic and inorganic revenue growth and improve EBITDA
margins, leading to FFO cash interest coverage of above 2.0x and
positive FOCF in the next 12 months."

S&P could lower the rating if:

-- The group adopted a more aggressive financial policy than S&P
expected, including material debt-financed acquisitions or cash
returns to shareholders.

-- FOCF turned negative on a sustained basis, or FFO cash interest
coverage reduced below 2x. This could happen if the group faced
higher integration and restructuring costs than S&P expected, or if
it experienced a significant drop in EBITDA margins due to
increased competition, higher inflationary pressure than we
expected, or adverse regulatory developments.

S&P could consider an upgrade if Diot-Siaci's adjusted debt to
EBITDA improved to about 5x or below, in line with a stronger
financial risk profile. A positive rating action would also depend
on the shareholders' commitment to adhering to a prudent financial
policy and maintaining debt to EBITDA at this level.



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

ARES EUROPEAN XVI: Fitch Assigns 'B-sf' Final Rating on F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Ares European CLO XVI DAC reset notes
final ratings.

   Entity/Debt                   Rating                 Prior
   -----------                   ------                 -----
Ares European CLO XVI DAC

   A-R Loan                   LT PIFsf  Paid In Full    AAAsf
   A-R Notes XS2817906923     LT PIFsf  Paid In Full    AAAsf
   A-R-R XS3277829597         LT AAAsf  New Rating
   B-1-R XS2817907145         LT PIFsf  Paid In Full    AAsf
   B-2-R XS2817907491         LT PIFsf  Paid In Full    AAsf
   B-R-R XS3277829753         LT AAsf   New Rating
   C-R XS2817907657           LT PIFsf  Paid In Full    Asf
   C-R-R XS3277829910         LT Asf    New Rating
   D-R XS2817907814           LT PIFsf  Paid In Full    BBB-sf
   D-R-R XS3277830173         LT BBB-sf New Rating
   E-R XS2817908036           LT PIFsf  Paid In Full    BB-sf
   E-R-R XS3277830330         LT BB-sf  New Rating
   F-R XS2817908200           LT PIFsf  Paid In Full    B-sf
   F-R-R XS3277830504         LT B-sf   New Rating
   X-R-R XS3277829241         LT AAAsf  New Rating

Transaction Summary

Ares European CLO XVI 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 fund the existing portfolio with a target
par of EUR400 million.

The portfolio is actively managed by Ares Management Limited. The
collateralised loan obligation (CLO) has a reinvestment period of
about 3.6 years and a seven-year weighted average life (WAL) test
at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio to
be at 'B'/'B-'. The Fitch weighted average rating factor (WARF) of
the identified portfolio is 25.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. The recovery
prospects for these assets are more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.9%.

Diversified Asset Portfolio (Positive): The transaction has various
portfolio concentration limits, including a maximum exposure to the
three largest Fitch-defined industries at 40%. These covenants
ensure that the asset portfolio will not be exposed to excessive
concentration.

Portfolio Management (Neutral): The transaction includes one set of
standard closing matrices effective at closing with a seven-year
WAL test covenant. The matrix set corresponds to a top 10 obligor
concentration limit of 20% and two fixed-rate asset limits at 7.5%
and 12.5%.

The transaction has a 3.6-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL test covenant, to account for strict reinvestment
conditions after the reinvestment period, including the
satisfaction of over-collateralisation test and Fitch's 'CCC' limit
tests, plus a steadily decreasing WAL test covenant. These
conditions reduce the effective risk horizon of the portfolio
during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class X-R-R, A-R-R and B-R-R
notes, and would lead to downgrades of one notch each for the class
C-R-R to class E-R-R notes, and to below 'B-sf' for the class F-R-R
notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class
B-R-R to class F-R-R notes each have a rating cushion of two
notches, due to the better metrics and shorter life of the current
portfolio than the Fitch-stressed portfolio. The class X-R-R and
A-R-R notes do not have any rating cushion as they are already at
the highest achievable rating.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of four notches
for the class B-R-R notes, three notches each for the class A-R-R,
C-R-R and D-R-R notes and to below 'B-sf' for the class E-R-R and
F-R-R notes.

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to three notches for the rated notes, except for the 'AAAsf'
rated notes.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from a stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Ares European CLO
XVI 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.



CAPITAL FOUR IV: S&P Affirms B-(sf) Rating on Class F-R Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Capital Four CLO
IV DAC's class A-R-R, B-R-R, D-R-R, and E-R-R notes. At the same
time, S&P affirmed its rating on the existing class C-R and F-R
notes and withdrew its ratings on the original class A-R, B-R, D-R,
and E-R notes. At closing, the issuer had unrated subordinated
notes outstanding from the existing transaction.

On Feb. 25, 2026, Capital Four CLO IV DAC refinanced the existing
class A-R, B-R, D-R, and E-R notes (originally issued in July 2024)
through an optional redemption and issued replacement notes of the
same notional.

The replacement notes are largely subject to the same terms and
conditions as the original notes, except that the replacement notes
will have a lower spread over Euro Interbank Offered Rate (EURIBOR)
than the original notes.

The ratings reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,818.00
  Default rate dispersion                                 628.20
  Weighted-average life (years)                             4.51
  Obligor diversity measure                               153.17
  Industry diversity measure                               22.42
  Regional diversity measure                                1.22

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           5.03
  Actual 'AAA' weighted-average recovery (%)               36.43
  Actual weighted-average spread (net of floors; %)         3.63
  Actual weighted-average coupon                            3.03

Rating rationale

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

The portfolio's reinvestment period will end on Jan. 15, 2029.

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

S&P said, "In our cash flow analysis, we modelled the EUR350
million target par amount. We used the portfolio's actual
weighted-average spread (3.63%), actual weighted-average coupon
(3.03%), and the actual portfolio weighted-average recovery rates
for all rated notes.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigate its exposure to counterparty risk
under our current counterparty criteria.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

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

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R-R, C-R, D-R-R, and E-R-R notes
could withstand stresses commensurate with higher ratings than
those assigned. However, as the CLO is still in its reinvestment
phase, during which the transaction's credit risk profile could
deteriorate, we capped our assigned ratings on these refinanced
notes.

"For the class A-R-R notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with the assigned ratings.

"The class F-R notes' current break-even default rate (BDR) cushion
is negative at the 'B-' rating level. Based on the portfolio's
actual characteristics and additional overlaying factors, including
our long-term corporate default rates and recent economic outlook,
we believe this class can sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis reflects several
factors, including:

-- The class F-R notes' available credit enhancement is in the
same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's BDR at the 'B-' rating level is 23.06% versus a portfolio
default rate of 14.43% if it was to consider a long-term
sustainable default rate of 3.2% for a portfolio with a
weighted-average life of 4.51 years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

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

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

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A-R-R to E-R-R
notes based on four hypothetical scenarios.

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

Environmental, social, and governance

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

  Ratings assigned

                              Replacement  Original
                              Notes        notes
                    Amount    interest     interest      Credit
  Class  Rating*  (mil. EUR)  rate§        rate†   
enhancement(%)

  A-R-R   AAA (sf)  217.00    Three-month  Three-month    38.00
                              EURIBOR      EURIBOR
                              + 1.19%      + 1.33%

  B-R-R   AA (sf)    40.00    Three-month  Three-month    26.57
                              EURIBOR      EURIBOR
                              + 1.65%      + 1.90%

  D-R-R   BBB- (sf)  24.50    Three-month  Three-month    14.00
                              EURIBOR      EURIBOR   
                              + 3.10%      + 3.40%

  E-R-R   BB- (sf)   15.70 Three-month  Three-month   9.51
                              EURIBOR      EURIBOR
                              + 5.50%      + 6.38%
  Ratings affirmed
    
                        Amount
  Class    Rating*    (mil. EUR)    Notes interest rate §

  C-R      A (sf)       19.50     Three-month EURIBOR + 2.25%  
  F-R      B- (sf)       9.70     Three-month EURIBOR + 8.13%

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

EURIBOR--Euro Interbank Offered Rate.


GOLDENTREE LOAN 7: Fitch Assigns B-sf Final Rating on Cl. F-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned GoldenTree Loan Management EUR CLO 7
DAC's refinancing notes final ratings and affirmed the others.

   Entity/Debt                    Rating                 Prior
   -----------                    ------                 -----
GoldenTree Loan Management
EUR CLO 7 DAC

   Class A-1 XS2827789392      LT AAAsf  Affirmed        AAAsf
   Class A-2 XS2827789558      LT PIFsf  Paid In Full    AAAsf
   Class A-2-R XS3281029358    LT AAAsf  New Rating
   Class B XS2827789715        LT PIFsf  Paid In Full    AAsf
   Class B-R XS3281029515      LT AAsf   New Rating
   Class C XS2827790135        LT PIFsf  Paid In Full    Asf
   Class C-R XS3281029788      LT Asf    New Rating
   Class D XS2827790051        LT PIFsf  Paid In Full    BBB-sf
   Class D-R XS3281030018      LT BBB-sf New Rating
   Class E XS2827790309        LT PIFsf  Paid In Full    BB-sf
   Class E-R XS3281030281      LT BB-sf  New Rating
   Class F XS2827790564        LT PIFsf  Paid In Full    B-sf
   Class F-R XS3281030448      LT B-sf   New Rating
   Class X XS2827789046        LT AAAsf  Affirmed        AAAsf

Transaction Summary

GoldenTree Loan Management EUR CLO 7 DAC is a securitisation of
mainly senior secured obligations (at least 96%) with a component
of corporate rescue loans, senior unsecured, mezzanine, second-lien
loans and high-yield bonds. The refinancing note proceeds have been
used to redeem the outstanding notes other than the class X and A-1
notes.

KEY RATING DRIVERS

'B' Portfolio Credit Quality: Fitch places the average credit
quality of obligors at 'B'. The weighted average rating factor, as
calculated by Fitch, is 23.8.

High Recovery Expectations: At least 96% 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 62.5%.

Matrix Update: The transaction includes two updated Fitch matrices,
effective at closing, corresponding to a seven-year WAL, fixed-rate
asset limits at 7.5% and 12.5% and a top 10 obligor concentration
limit at 20%. The transaction includes various concentration limits
in the portfolio, including the maximum exposure to the three
largest Fitch-defined industries in the portfolio at 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Transaction Inside Reinvestment Period: The transaction is within
its reinvestment period, which expires in January 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, testing the notes' achievable ratings across the
matrices, since the portfolio can still migrate to different
collateral quality tests.

Cash Flow Analysis: The transaction needs to satisfy the coverage
tests and the Fitch 'CCC' test after the reinvestment period, among
other reinvestment criteria. Together with a consistently
decreasing WAL, which is seven years at closing, this 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) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class X, class
A-1, class A-2-R class D-R, class E-R or class F-R notes and would
lead to a downgrade of one notch on the class B-R and class C-R
notes.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
stressed-case portfolio, the class F-R notes display a cushion of
four notches, the class E-R notes of three notes and the class B-R,
C-R, and D-R notes of two notches. The class X, A-1 and A-2-R notes
do not display any rating cushion as they are already at the
highest achievable rating.

Should the cushion between the current portfolio and the
stressed-case portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed-case portfolio would lead to downgrades of three
notches for the class B -R notes, two notches for the class A-1,
A-2-R, C-R and E-R notes, one notch for the class D-R notes and to
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 RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to five notches for the notes, except for
the 'AAAsf' rated notes, which are at the highest level on Fitch's
scale and cannot be upgraded.

During the reinvestment period, based on the stressed-case
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, leading to the
ability of the notes to withstand larger-than-expected losses for
the remaining life of the transaction.

After the end of the reinvestment period, upgrades may occur in
case of a stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
losses in the remaining portfolio.

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

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

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset pool
and the transaction. Fitch has not reviewed the results of any
third party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 GoldenTree Loan
Management EUR CLO 7 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.


ICG EURO 2023-2: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned ICG Euro CLO 2023-2 DAC's refinancing
notes final ratings and affirmed its existing class X and F notes.

   Entity/Debt                     Rating                 Prior
   -----------                     ------                 -----
ICG Euro CLO 2023-2 DAC

   Class A-1 XS2719983418       LT PIFsf  Paid In Full    AAAsf
   Class A-1-R XS3295059524     LT AAAsf  New Rating
   Class A-2 XS2734849735       LT PIFsf  Paid In Full    AAAsf
   Class A-2-R XS3295059870     LT AAAsf  New Rating
   Class B-1 XS2719983681       LT PIFsf  Paid In Full    AAsf
   Class B-1-R XS3295060027     LT AAsf   New Rating
   Class B-2 XS2719983848       LT PIFsf  Paid In Full    AAsf
   Class B-2-R XS3295060373     LT AAsf   New Rating
   Class C XS2719984069         LT PIFsf  Paid In Full    Asf
   Class C-R XS3295060530       LT Asf    New Rating
   Class D XS2719984226         LT PIFsf  Paid In Full    BBB-sf
   Class D-R XS3295060704       LT BBB-sf New Rating
   Class E XS2719984655         LT PIFsf  Paid In Full    BB-sf
   Class E-R XS3295060969       LT BB-sf  New Rating
   Class F XS2719984572         LT B-sf   Affirmed        B-sf
   Class X XS2734850071         LT AAAsf  Affirmed        AAAsf

Transaction Summary

ICG Euro CLO 2023-2 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, and
is managed by ICG Manager Limited. Net proceeds from the
refinancing notes were used to redeem the existing notes, except
for the class X, F notes and the subordinated notes. The CLO has
two years remaining in the reinvestment period and a five-year
weighted average life (WAL) test at closing of the refinancing,
with an original target par of EUR400 million. The deal originally
closed in January 2024.

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor of the identified portfolio is 26.

Strong Recovery Expectation: 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 identified portfolio is 61.4%.

Diversified Portfolio: The transaction has various concentration
limits, including a maximum exposure to the three largest
Fitch-defined industries in the portfolio at 42.5%. These covenants
ensure the asset portfolio will not be exposed to excessive
concentration.

WAL step-up feature: The transaction can extend the WAL covenant by
one year on or after the step-up date in January 2025, which was
one year after the transaction's original closing. The WAL
extension is at the option of the manager but subject to conditions
including the collateral quality tests and the reinvestment target
par, with defaulted assets at their collateral value.

Portfolio Management: The transaction has four Fitch matrices that
were updated to reflect this refinancing, and the updated sets
correspond to WALs of five years and six years respectively. Each
matrix set corresponds to fixed-rate asset limits of 7.5% and 15%.
The transaction has a four-year reinvestment period that is
governed by reinvestment criteria similar to those of other
European transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling: The WAL for the transaction's Fitch-stressed
portfolio and matrices analysis is in line with the WAL covenant,
which, under Fitch's criteria, is below the floor with no further
reduction. In addition, its analysis has considered that the
transaction is about 0.05% below the target par of EUR400 million.

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 lead to a downgrade of one notch for the class D-R
notes and to below 'B-sf' for the class F 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 default and portfolio deterioration. The class B-R,
D-R, E-R and F notes each have a two-notch rating cushion and the
class C-R notes have a three-notch rating cushion, due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio.

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 one notch each
for the class B-R, C-R, D-R and E-R 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 lead to
upgrades of up to five notches each across the capital structure.

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. 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 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 ICG Euro CLO 2023-2
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.


NASSAU EURO IV: Fitch Assigns 'B-sf' Final Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Nassau Euro CLO IV DAC's refinancing
notes final ratings and affirmed the class F notes.

   Entity/Debt                     Rating                 Prior
   -----------                     ------                 -----
Nassau Euro CLO IV DAC

   Class A-1 XS2798984519       LT PIFsf  Paid In Full    AAAsf
   Class A-1-R XS3291781378     LT AAAsf  New Rating
   Class A-2 XS2798985086       LT PIFsf  Paid In Full    AAAsf
   Class A-2-R XS3291781535     LT AAAsf  New Rating
   Class B XS2798984782         LT PIFsf  Paid In Full    AAsf
   Class B-R XS3291781709       LT AAsf   New Rating
   Class C XS2798985169         LT PIFsf  Paid In Full    Asf
   Class C-R XS3291781964       LT Asf    New Rating
   Class D XS2798985326         LT PIFsf  Paid In Full    BBB-sf
   Class D-R XS3291782186       LT BBB-sf New Rating
   Class E XS2798985672         LT PIFsf  Paid In Full    BB-sf
   Class E-R XS3291782343       LT BB-sf  New Rating
   Class F XS2798985839         LT B-sf   Affirmed        B-sf

Transaction Summary

Nassau Euro CLO IV DAC is a European cash-flow CLO backed
predominantly by senior secured obligations (at least 92.5%), with
a component of senior unsecured obligations, second-lien loans,
mezzanine obligations and high-yield bonds. Net proceeds from the
refinancing notes have been used to redeem the existing notes,
except for the class F notes and the subordinated notes.

The CLO has a remaining reinvestment period of nearly three years
and a weighted-average life (WAL) of nearly seven years as of the
refinancing closing date (18 February 2026) after a one-year WAL
extension.

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 is 24.1.

High Recovery Expectations (Positive): At least 92.5% 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 62.8%.

Diversified Portfolio (Positive): The transaction sets out 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 help prevent excessive portfolio concentration.

Portfolio Management (Neutral): The transaction features a nearly
three-year reinvestment period, scheduled to expire on 20 January
2029. The Fitch test matrices that correspond to two fixed-rate
obligations limits of 10% and 6% were updated following the
refinancing. Both matrices have a 20% concentration limit for the
10 largest obligors and are linked to a seven-year WAL test
covenant.

Cash Flow Modelling (Positive): Fitch's analysis uses a
stressed-case portfolio to test structural robustness against
covenants and portfolio guidelines. For the stressed portfolio and
matrices analysis, Fitch reduced the updated WAL covenant by 12
months to reflect strict post-reinvestment period conditions,
including passing all coverage tests and the Fitch 'CCC'
obligations test (capped at 7.5%), as well as a WAL test covenant
that progressively steps down. In Fitch's view, these conditions
reduce the portfolio's effective risk horizon during stress
periods. The analysis also factors in the transaction being 0.93%
below the target par.

Stable Performance (Positive): The portfolio's credit quality has
remained stable since the original issue date in 2024. The trustee
report dated 7 January 2026 shows the transaction passing all
tests. Exposure to assets with a Fitch-derived rating of 'CCC+' and
below was 2.18% (within the 7.5% limit), and the portfolio
contained no defaulted obligations or long-dated obligations. The
transaction was 0.93% below the target par at EUR400 million, but
losses are within Fitch's rating case assumptions, supporting the
affirmation of the class F notes.

RATING SENSITIVITIES

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

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration.

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

Upgrades may occur on stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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 Nassau Euro CLO IV
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.


PENTA CLO 17: S&P Assigns B-(sf) Rating on Class F-R Notes
----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Penta CLO 17
DAC's class X-R, A, B, C-R, D-R, E-R, and F-R notes. At closing,
the issuer issued unrated class Z notes. The issuer had EUR37.4
million of outstanding unrated subordinated notes.

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

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

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

The ratings assigned to Penta CLO 17's notes reflect S&P's
assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,826.56
  Default rate dispersion                                 469.11
  Weighted-average life (years)                             4.61
  Weighted-average life (years) extended
  to cover the length of the reinvestment period            4.72
  Obligor diversity measure                               148.99
  Industry diversity measure                               20.81
  Regional diversity measure                                1.35

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           2.45
  Target 'AAA' weighted-average recovery (%)               35.50
  Target weighted-average spread (net of floors, %)         3.60
  Target weighted-average coupon (%)                        5.50

Rationale

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

S&P said, "In our cash flow analysis, we modeled a target par of
EUR425 million. We also modeled the actual weighted-average spread
(3.60%), the covenanted weighted-average coupon (5.10%), and the
actual weighted-average recovery rates calculated in line with our
CLO criteria for all classes of notes. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

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

"Under our structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned ratings.

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

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

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

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

"Given our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for all the
rated classes of notes.

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

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

Environmental, social, and governance

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

Penta CLO 17 is a European cash flow CLO securitization of a
revolving pool, comprising mainly euro-denominated leveraged loans
and bonds. The transaction is a broadly syndicated CLO managed by
Partners Group CLO Advisers LP.

  Ratings

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

  X-R    AAA (sf)    2.000    Three/six-month EURIBOR    N/A
                              plus 0.85%

  A-R    AAA (sf)  263.500    Three/six-month EURIBOR    38.00
                              plus 1.21%

  B-R    AA (sf)    45.700    Three/six-month EURIBOR    27.25
                              plus 1.65%

  C-R    A (sf)     26.560    Three/six-month EURIBOR    21.00
                              plus 1.90%

  D-R    BBB- (sf)  29.740    Three/six-month EURIBOR    14.00
                              plus 2.60%

  E-R    BB- (sf)   19.125    Three/six-month EURIBOR     9.50
                              plus 4.80%

  F-R    B- (sf)    13.812    Three/six-month EURIBOR     6.25
                              plus 7.95%

  Z      NR          5.000    N/A                          N/A

  Sub notes   NR    37.400    N/A                          N/A

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

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




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

SIENA MORTGAGES 07-5: Fitch Affirms 'B+sf' Rating on Class C Notes
------------------------------------------------------------------
Fitch Ratings has affirmed Siena Mortgages 07-5 Srl (Series 2007)
(SM07-5 S1) and Siena Mortgages 07-5 Srl (Series 2008) (SM07-5
S2).

   Entity/Debt                  Rating            Prior
   -----------                  ------            -----
Siena Mortgages 07-5 S.P.A

   Class B IT0004304231      LT AA+sf Affirmed    AA+sf
   Class C IT0004304249      LT B+sf  Affirmed    B+sf

Siena Mortgages 07-5
S.P.A Series 2

   Class B IT0004353816      LT A+sf  Affirmed    A+sf
   Class C IT0004353824      LT CCCsf Affirmed    CCCsf

Transaction Summary

The two static Italian RMBS transactions were originated by Banca
Monte dei Paschi di Siena S.p.A. (BMPS, BBB-/Stable/F3) and its
subsidiaries. The portfolios comprise prime residential mortgage
loans.

KEY RATING DRIVERS

SM07-5 S2 Ratings Capped at 'A+sf': The rating for the class B
notes of SM07-5 S2 is capped at 'A+sf' because Fitch views payment
interruption risk (PIR) as being mitigated only up to this level.
This is due to the servicer, BMPS, holding collections for no more
than two business days and qualifying as an operational-continuity
bank under Fitch's criteria. Fitch will assess if the reserve fund
can mitigate PIR at higher ratings over the long term before
considering any upgrades.

Cash Reserve Below Target: The cash reserve for SM07-5 S2 had been
drawn before it was slightly replenished over the last 12 months,
to reach 95% of its target as of end-2025. For SM07-5 S1 the cash
reserve has remained at its target and continues to provide
adequate coverage for PIR. Fitch expects the cash reserve of SM07-5
S1 to remain at its target over the medium term.

Stable Performance: Gross cumulative defaults at end-2025 were
within Fitch's expectations at 2.6% and 3.1% for SM07-5 S1 and
SM07-5 S2, respectively. Three-month plus delinquencies were at
0.3% and 0.7%, for SM07-5 S1 and SM07-5 S2, respectively. The cash
reserves of both transactions had been drawn in the past to cover
for defaults; however, Fitch does not expect a high amount of
defaults to materialise over the remaining life of the transactions
given the high seasoning of the underlying portfolios.

Credit Enhancement (CE) Building Up: CE has continued to build up,
due to repayment of the underlying portfolios and the sequential
pay-down of the notes. CE for the senior notes is above 70% for
both transactions and for the class C notes above 8%.

ESG - Governance: SM07-5 S2 is exposed to PIR, which caps the
ratings at 'A+sf'.

RATING SENSITIVITIES

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

The class C notes for both deals are highly reliant on their cash
reserves. Cash reserve drawings may result in reduced CE for the
class C notes for both transactions, negatively affecting the
rating of the notes. At the same time, it may result in unmitigated
PIR for SM07-5 S1 and negatively affect the class B notes rating.

Deterioration in asset performance beyond Fitch's assumptions could
also trigger negative rating action on the notes.

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

The ratings of the class C notes of both transactions could be
upgraded if their cash reserves remain at their target levels,
providing continued protection in the form of CE.

The rating of SM07-5 S2 class B notes could be upgraded if the cash
reserve is replenished and remains at its target level over the
long term and mitigates PIR at above 'A+sf'.

An upgrade of Italy's ratings and revision of the related rating
cap for Italian structured finance transactions could trigger an
upgrade of the SM07-5 S1 class B notes, provided available CE is
sufficient to withstand stresses at higher ratings.

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
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' closing. The
subsequent performance of the transactions over the years is
consistent with the agency's expectations given the operating
environment and Fitch is therefore satisfied that the asset pool
information relied upon for its initial rating analysis was
adequately reliable.

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

SM07-5 S2 has an ESG Relevance Score of '5' for Transaction Parties
& Operational Risk due to PIR, which has a negative impact on the
credit profile, and is highly relevant to the rating, resulting in
a cap on the notes' rating.

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.


YOUNI ITALY 2024-1: Fitch Affirms 'Bsf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Youni Italy 2024-1 S.r.l. and Youni
Italy 2025-1 S.r.l.'s notes. Fitch has revised the Outlooks on
Youni 2024-1's class C and D notes and Youni 2025-1's class B and C
notes to Stable from Positive. The rating actions follows the
periodic review of the transactions.

   Entity/Debt                 Rating             Prior
   -----------                 ------             -----
Youni Italy 2024-1 S.r.l.

   A IT0005593352           LT AA+sf  Affirmed    AA+sf
   B IT0005593360           LT A-sf   Affirmed    A-sf
   C IT0005593378           LT BBB-sf Affirmed    BBB-sf
   D IT0005593386           LT BBsf   Affirmed    BBsf
   E IT0005593394           LT Bsf    Affirmed    Bsf

Youni Italy 2025-1 S.r.l.

   Class A IT0005641060     LT AA+sf  Affirmed    AA+sf
   Class B IT0005641078     LT A-sf   Affirmed    A-sf
   Class C IT0005641086     LT BBB-sf Affirmed    BBB-sf
   Class D IT0005641094     LT BBsf   Affirmed    BBsf
   Class E IT0005641102     LT Bsf    Affirmed    Bsf
   Class X IT0005641128     LT BB-sf  Affirmed    BB-sf

Transaction Summary

Youni Italy 2024-1 S.r.l. and Youni Italy 2025-1 S.r.l. are static
true-sale securitisations of pools of unsecured consumer loans
granted to Italian borrowers by Younited S.A.

KEY RATING DRIVERS

Revised Default Assumptions for Youni 2024-1: Fitch has revised the
default base cases and default multiples for Youni 2024-1,
resulting in a higher weighted average (WA) default base case for
the aggregate portfolio of 4.8% from 4.4%. The increase in the base
case defaults reflects higher cumulative defaults relative to
Fitch's initial expectations. As of the January 2026 payment date,
cumulative defaults stood at 3.5% of the original portfolio
balance. Fitch has revised down the 'AA+sf' WA default multiple to
4.6x from 5.1x to account for the increased base case.

Youni 2025-1 Performance as Expected: Fitch expects Youni 2025-1 to
outperform Youni 2024-1, with cumulative defaults of 0.8% as of
January 2026 compared with 1.2% for Youni 2024-1 at the same
seasoning. The originator identified and closed lending to the
underperforming segment during 2024. Fitch has maintained its asset
assumptions for Youni 2025-1, reflecting that performance to date
has been in line with expectations.

Sensitivity to Pro-Rata Length: Under Fitch's expected case, a
switch to sequential amortisation due to performance triggers is
unlikely, given its portfolio performance expectations relative to
the transaction's defined triggers. This leaves the
investment-grade notes more sensitive to the length of pro-rata
amortisation. A mandatory switch to sequential pay-down when the
outstanding collateral balance falls below a certain threshold
mitigates tail risk.

Interest-Rate Risk Mitigated: A swap agreement is in place for each
transaction to hedge interest-rate risk between the fixed-rate
assets and floating-rate notes. The issuer pays the swap rate to
the swap counterparty and receives one-month Euribor payable to the
rated notes.

'AA+sf' Sovereign Cap: The class A notes are rated at their highest
achievable rating, six notches above Italy's sovereign rating
(BBB+/Stable/F1), which is the cap for Italian structured finance
and covered bonds. The Stable Outlook on the class A notes reflects
that on the sovereign. Fitch has revised the Outlooks to Stable
from Positive on certain notes following a full analysis, as these
ratings have been affirmed with no further upside identified. All
rated classes now have Stable Outlooks.

RATING SENSITIVITIES

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

The notes rated at the highest achievable rating for Italian
transactions are sensitive to changes in Italy's Long-Term IDR. A
downgrade of Italy's IDR and the related rating cap for Italian
structured finance transactions could trigger a downgrade of these
notes.

Unexpected increases in the frequency of defaults or decreases in
recovery rates producing larger losses than the base case could
result in negative rating action on the notes. For example, a
simultaneous increase in the default base case by 25% and a
decrease in the recovery base case by 25% would lead to downgrades
of the class A to E notes of up to two notches for Youni 2024-1 and
up to five notches for Youni 2025-1, all else being equal.

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

The notes rated at the highest achievable rating for Italian
transactions are sensitive to changes in Italy's Long-Term IDR. An
upgrade of Italy's IDR and the related rating cap for Italian
structured finance transactions could trigger an upgrade of those
classes of notes, provided available credit enhancement is
sufficient to absorb the associated higher rating stresses.

An unexpected decrease in the frequency of defaults or an increase
in the recovery rates could produce smaller losses than the base
case. For example, a simultaneous decrease in the default base case
by 25% and an increase in the recovery base case by 25% would lead
to upgrades for the class A to E notes of up to three notches for
Youni 2024-1 and Youni 2025-1, all else being equal.

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

Youni Italy 2024-1 S.r.l., Youni Italy 2025-1 S.r.l.

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.

Prior to the transaction closing, 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.

Prior to the transaction closing, 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.




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

ORION SA: S&P Downgrades ICR to 'B+', Outlook Stable
----------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on
Luxembourg-based Orion S.A.'s and its issue rating on the company's
debt to 'B+' from 'BB'.

The stable outlook reflects S&P's expectation that 2026 will
represent the earnings trough, with gradual stabilization in 2027
supported by moderating imports, capacity rationalization in the
industry, and improving free operating cash flow as capital
expenditure declines.

The downgrade reflects a material shift in the company's earnings
base following weaker-than-anticipated 2026 guidance, resulting in
credit metrics no longer commensurate with the 'BB' rating. While
fiscal 2025 performance was operationally slightly stronger than
expected--supported by improved specialty volumes in the fourth
quarter, better fixed-cost absorption, and favorable sales,
general, and administrative expense execution--this did not alter
the weakening medium-term trajectory. Orion reported S&P Global
Ratings-adjusted EBITDA of $264 million in 2025 ($248 million on a
company-adjusted basis), modestly above our previous estimate,
while revenue declined 3.8% year on year to approximately $1.81
billion, reflecting subdued Western tire demand and an adverse
geographic mix. Adjusted FFO to debt reached 13.6%, below the 20%
level S&P considers commensurate with the 'BB' rating. The
company's 2026 guidance of company-adjusted EBITDA at $160
million-$200 million indicates that earnings recovery will be
significantly slower and more limited than anticipated. The updated
outlook points to a prolonged profitability through, materially
higher leverage, and limited deleveraging capacity over the next
12-18 months.

The 2026 earnings decline reflects the full-year impact of rubber
contract resets negotiated under weak market conditions and
continued softness in specialty demand. Annual rubber contracts in
late 2025 were renegotiated amid elevated tire imports and weak
customer production levels, effectively locking in lower pricing
for 2026. In addition, limited fixed-cost absorption and soft
specialty demand linked to weak global purchasing managers' index
levels and auto production further compress margins. S&P said,
"While management's guidance range is $160 million-$200 million,
our base-case scenario assumes S&P Global Ratings-adjusted EBITDA
of approximately $180 million, implying margin compression to about
10.7%. Given the annual contract structure and limited intrayear
repricing flexibility, we expect earnings to remain subdued through
2026, with recovery depending on improved market conditions in
2027."

Credit metrics will weaken materially in 2026 and fall outside
levels consistent with the previous rating. S&P projects adjusted
debt to EBITDA of approximately 6.8x and FFO to debt of about 8% in
2026, reflecting both the lower earnings base and limited organic
deleveraging capacity. Even assuming stabilizing market conditions,
financial flexibility remains materially decreased, and leverage
becomes significantly more sensitive to operational
underperformance.

Free cash flow remains positive but insufficient to materially
reduce leverage. S&P forecasts free operating cash flow of about
$20 million in 2026 and $28 million in 2027, supported by
structurally lower capital expenditure (capex) of approximately $90
million following completion of the La Porte and Huaibei investment
phase. Of this amount, approximately $65 million is expected to
represent maintenance capex, reflecting a return to a normalized
and sustainable reinvestment level after the recent elevated growth
investment cycle. While management has suspended share repurchases
and remains focused on debt reduction, the modest level of cash
generation provides limited capacity to meaningfully reduce S&P
Global Ratings-adjusted debt from above $1.1 billion (including
factoring and other S&P Global Ratings adjustments). As a result,
deleveraging remains primarily dependent on earnings recovery
rather than debt repayment from internal cash flow. Nevertheless,
positive free cash flow and structurally lower capital spending
mitigate further balance-sheet deterioration.

S&P expects gradual stabilization in 2027, supported by moderating
tire imports, industry capacity rationalization, and lower capex.
Under our base-case scenario, adjusted debt to EBITDA improves only
modestly to approximately 5.3x and FFO to debt to about 11% in
2027. This stems largely from the embedded earnings recovery in our
base-case forecast, which assumes S&P Global Ratings-adjusted
EBITDA of approximately $230 million in 2027, rather than from
meaningful debt reduction. As a result, projected credit metrics
are highly sensitive to the pace and durability of EBITDA recovery.
Continued exposure to volatile tire trade flows, uncertain
specialty demand recovery, and limited pricing flexibility due to
annual contracts increases execution risk. If these drivers fail to
materialize, leverage could remain above 6x and FFO to debt of
7%-9% for a prolonged period, which would pressure the rating.

Liquidity is less than adequate, reflecting continued pressure on
covenant headroom despite recent amendments. Following the
September 2025 amendment, Orion executed its Fifteenth Amendment in
February 2026, resetting the first-lien leverage covenant to a peak
of 6.5x before stepping down through 2028. S&P said, "While this
provides temporary headroom relative to our projected 2026
leverage, we expect limited cushion by the end of 2026 under our
base-case scenario." As a result, the company is not immune to
unexpected market deterioration or operational underperformance,
which could quickly erode remaining headroom. With approximately
$200 million available under the revolving credit facility (RCF)
and about $60 million of cash at year-end 2025, near-term liquidity
sources remain sufficient; however, the reduced covenant cushion
and elevated leverage constrain financial flexibility and weaken
the company's ability to absorb additional shocks.

S&P said, "The stable outlook reflects our expectation that 2026
will represent the earnings trough, with gradual stabilization in
2027 supported by moderating tire imports, industry capacity
rationalization, and lower capex. While we expect credit metrics to
remain weak, we anticipate that adjusted debt to EBITDA and FFO to
debt will stabilize broadly at levels consistent with the 'B+'
rating over the next 12-18 months. Our base-case scenario assumes
partial pricing recovery in the next contract cycle and no further
material deterioration in tire production or specialty demand.

"We could lower the rating within the next 6–12 months if
operating performance deteriorates beyond our expectations or
liquidity pressures intensify."

Downward rating pressure could also arise if S&P Global
Ratings-adjusted FFO to debt remains at 7%-10% sustainably or
leverage above 6x, reflecting weaker-than-expected pricing
recovery, persistently elevated tire imports, or delayed specialty
demand improvement. Additionally, further erosion of covenant
headroom or the need for additional amendments could trigger a
downgrade, especially if leverage approaches covenant limits or
liquidity sources become constrained. Renewed working capital
volatility, oil-related pricing effects, or weaker free cash flow
could further pressure financial flexibility.

S&P could raise the rating if Orion demonstrates a sustained
recovery in earnings and cash flow, with FFO to debt meaningfully
exceeding 12% and leverage trending toward 5x or below, supported
by improved pricing dynamics, stronger tire production, normalized
trade flows, and stable specialty demand. Improved covenant
headroom and strengthened liquidity would also be required for a
positive rating action.




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

EUROSAIL-NL 2007-2: Fitch Hikes Rating on Class C Notes to 'B-sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded Eurosail-NL 2007-2 B.V.'s class B and C
notes and Eurosail-NL 2007-1 B.V.'s class D notes and affirmed the
others. Fitch has also affirmed EMF-NL Prime 2008-A B.V.'s notes.

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
Eurosail-NL 2007-2 B.V.

   Class B 29879JAB1        LT B+sf   Upgrade     B-sf
   Class C 29879JAC9        LT B-sf   Upgrade     CCCsf
   Class D1 29879JAD7       LT CCsf   Affirmed    CCsf
   Class M 29879JAF2        LT A+sf   Affirmed    A+sf

Eurosail-NL 2007-1 B.V.

   Class B 298797AB7        LT A+sf   Affirmed    A+sf
   Class C 298797AC5        LT A+sf   Affirmed    A+sf
   Class D 298797AD3        LT BBB-sf Upgrade     BB+sf
   Class E1 XS0307265370    LT CCCsf  Affirmed    CCCsf

EMF-NL Prime 2008-A B.V.

   Class A2 26868QAB4       LT B-sf   Affirmed    B-sf
   Class A3 26868QAC2       LT B-sf   Affirmed    B-sf
   Class B 26868QAD0        LT CCCsf  Affirmed    CCCsf
   Class C 26868QAE8        LT CCsf   Affirmed    CCsf
   Class D XS0362466772     LT CCsf   Affirmed    CCsf

Transaction Summary

The transactions are securitisations of Dutch non-conforming
residential mortgages originated by ELQ Portefeuille I BV and
partially by Quion 50 (EMF only).

KEY RATING DRIVERS

Continued Deleveraging: All three transactions continue to amortise
sequentially, leading to increased credit enhancement (CE) for all
rated notes except EMF's class D notes and Eurosail-NL 2007-2's D1
notes, where the reserve fund continues to decrease. Eurosail
2007-1's class B notes have recently started amortising after the
class A notes were fully redeemed at the October 2025 payment date,
leading to an increase in CE to 77% from 69% at its last review.
Combined with the stable performance and sufficient excess spread,
this contributed to the upgrades.

Performance Stable, Risks Present: Portfolio performance at
September 2025 showed delinquencies have stabilised at levels
slightly lower than at its last review. Late-stage arrears are
around 2.2% in Eurosail 2007-1, 1.8% in Eurosail 2007- 2 and 0% in
EMF. However, high senior costs continue to pressure the available
excess spread for EMF and Eurosail 2007-2, leading to increasing
interest deferrals of the class D notes and a further reduction in
the current reserve fund amount, respectively.

EMF has no liquidity protection, principal borrowing or other
support to ensure timely interest payment of the senior notes.
Interest shortfalls occur even in some base-case scenarios in the
transaction tail. Eurosail 2007-2's ratings also reflect its
sensitivity to negative carry, which becomes more pronounced in
rising interest-rate scenarios.

Servicing Discontinuity Risk Limited: Fitch believes the risk of
servicing discontinuity is limited despite the initiation of
private statutory pre-insolvency proceedings on 11 February 2025
for the debt restructuring of CMIS Nederland B.V., a subsidiary of
CMIS group, which Adaxio B.V., the servicer of all three
transactions is also part of.

This assessment is based on its understanding that claims of the
swap counterparty in these proceedings cannot be extended to CMIS
group or any other group entity such as Adaxio B.V., the
availability of alternative servicers in the Dutch market, and for
the Eurosail transactions, the liquidity facilities, which provide
several quarters of liquidity coverage. EMF's notes remain capped
at the 'Bsf'-category due to unmitigated payment interruption
risk.

Transaction Adjustment Unchanged: Given the significant portion of
borrowers with adverse credit characteristics, Fitch continues to
apply a transaction adjustment of 4.2x for all three transactions.
Fitch believes that this adequately captures the portfolios'
sub-standard credit quality and weak performance reported since
closing compared with prime Dutch RMBS.

Eurosail Limited to 'Asf' Category: Fitch views the Eurosail
transactions' portfolio characteristics as incompatible with high
investment-grade categories ('AAsf' or higher) due to residual
uncertainty around high maturity concentrations of interest-only
loans plus the non-standard nature of the assets in both
portfolios. Consequently, Fitch has limited the transactions'
ratings to the 'Asf' rating category. As a result, the ratings on
Eurosail 2007-1's class B, C and D notes and Eurosail 2007-2's
class M, B and C notes are below their model-implied ratings.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses and reduce available
revenue funds. Lower available revenue funds may jeopardise the
transactions' ability to meet timely or ultimate interest payment
obligations. The notes can be called net of the principal
deficiency ledger (PDL), so material PDLs in Fitch's cash flow
analysis over the life of the transactions may trigger negative
rating action.

Fitch found that a decrease in recoveries by 30% would result in a
downgrade of three notches for Eurosail 2007-1's class D notes.

EMF's class A2 and A3 notes' ratings are particularly vulnerable to
a reduction in excess spread to meet timely interest payments. A
further reduction in excess spread driven by even higher senior
expenses towards the tail of the transaction, combined with
negative interest rates, may lead to a downgrade of the notes.

Eurosail 2007-2 is sensitive towards increasing interest rates as
they exacerbate negative carry, which could put pressure on the
ratings.

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

Stable or improved asset performance driven by low delinquencies
and defaults combined with ongoing prepayments or repayments of the
assets would lead to further deleveraging of the notes and may
result in upgrades of Eurosail 2007-1's class D notes and Eurosail
2007-2's class B and C notes.

An increase in excess spread driven by stable asset performance and
stable interest rates could lead to a replenishment of Eurosail
2007-2's and EMF's reserve funds and reduce the risk of non-timely
interest payments on EMF's class A notes. If EMF's reserve fund is
sustainably replenished, all else being equal, Fitch could lift the
'Bsf' category rating cap on the class A2 and A3 notes and upgrade
the notes.

CRITERIA VARIATION

The portfolios comprise over 90% of interest-only loans with
maturities clustered within two years, close to the notes' legal
final maturity. Combined with the adverse borrower profile, this
exposes the structures to more back-loaded losses than typically
assumed. In the scenarios analysed by Fitch, later defaults and
recoveries lead to later note principal amortisation, which results
in larger interest shortfalls being accumulated.

The issuers cannot borrow principal funds and so may not be able to
cover larger shortfalls by the legal final maturity date. To
account for this risk, Fitch applied a criteria variation by
changing the distribution of defaults for the back-loaded default
timing and extending the recovery timing for an additional 18
months across all ratings. The variation had no direct impact on
ratings.

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
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transaction's initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

EMF, Eurosail 2007-1 and Eurosail 2007-2 have an ESG Relevance
Score of '4' for Transaction Parties & Operational Risk due to
weaker underwriting standards that have manifested in
weaker-than-market performance of the asset portfolio, which Fitch
has reflected in originator adjustments to foreclosure frequency.
This has a negative impact on the credit profile and is relevant to
the ratings in conjunction with other factors.

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.




===========
S E R B I A
===========

TELEKOM SRBIJA: Fitch Affirms 'B+' IDR, Outlook Positive
--------------------------------------------------------
Fitch Ratings has affirmed Telekom Srbija a.d. Beograd's ratings.
These actions follow the update of Fitch's 'Corporate Rating
Criteria' and the 'Sector Navigators Addendum to the Corporate
Rating Criteria' on 9 January 2026. The company's ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

- The SCP is 'b'.

To derive the IDR:

- Application of Fitch's Government Related Entities Considerations
Rating Criteria results in a bottom-up +1 approach.

Recovery Analysis

Refer to the above RAC.

RATING SENSITIVITIES

Refer to the above RAC.

Liquidity and Debt Structure

Refer to the above RAC.

Issuer Profile

Refer to the above RAC.

Summary of Financial Adjustments

Refer to the above RAC.

Sources of Information

Refer to the above RAC.

Public Ratings with Credit Linkage to other ratings

Telekom Srbija's ratings are linked to the sovereign rating of
Serbia under its GRE Criteria.

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.

   Entity/Debt              Rating         Recovery   Prior
   -----------              ------         --------   -----
Telekom Srbija a.d.
Beograd             

                      LT IDR B+  Affirmed             B+

   senior unsecured   LT     B+  Affirmed   RR4       B+




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

MADRID RMBS I: S&P Raises Class E Notes Rating to 'BB+(sf)'
-----------------------------------------------------------
S&P Global Ratings raised its credit ratings on Madrid RMBS I,
Fondo de Titulizacion de Activos' class B notes to 'AAA (sf)' from
'AA+ (sf)', class D notes to 'AA (sf)' from 'A (sf)', and class E
notes to 'BB+ (sf)' from 'B+ (sf)'. S&P also affirmed its 'AAA
(sf)' and 'AA+ (sf)' ratings on the class A2 and class C notes,
respectively.

The rating actions reflect S&P's full analysis of the most recent
information that it has received and the transaction's current
structural features.

S&P's credit analysis is mostly unchanged since its previous review
and after applying its global RMBS criteria, considering the high
seasoning of the loans and stable collateral performance in terms
of arrears.

  Table 1

  Credit analysis results

         WAFF (%)  WALS (%)  Credit coverage (%)

  AAA    27.37     5.48      1.5
  AA     18.48     3.86      0.71
  A      14.15     2.07      0.29
  BBB     9.57     2         0.19
  BB      4.97     2         0.1
  B       3.87     2         0.08

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Arrears and defaults increased in the transaction during the
financial crisis in Spain, with several defaulted loans still
remaining in workout. Due to the uncertainty of when these
recoveries might be realized and to test if the outstanding
tranches can be repaid without the benefit of such recoveries, S&P
tested the transaction's sensitivity to various recovery scenarios
including no credit given to recoveries on already defaulted
assets.

The notes are repaying sequentially, as the reserve fund is not at
target, a condition for pro rata amortization. The reserve was
fully depleted between 2013 and 2019, but has been slowly
replenishing in recent years and is at about 30% of its target.
Thanks to the sequential repayment and the reserve replenishment,
credit enhancement for the notes has increased since our previous
review, driving the upgrades.

The class B to E notes feature interest deferral triggers based on
cumulative net defaults which, if breached, subordinates interest
payments on these notes below the payment of principal. None of
these triggers have breached to date and considering the
transaction's stable performance, they are unlikely to be
breached.

S&P said, "Our 'AAA (sf)' ratings on the class A2 and B notes
reflect their high credit enhancement and seniority in the
waterfall.

"Under our cash flow analysis, the class C, D, and E notes could
withstand stresses at higher ratings than those currently assigned.
However, our rating on the class C notes reflects their lower
credit enhancement than the senior notes, while our rating on the
class D notes reflects their sensitivity to increased defaults. We
limited our upgrade on the class E notes, considering the interest
deferral trigger is close to the current level of net defaults, at
8% versus 6.6%.

"Our operational, counterparty, sovereign, and legal risk analyses
remain unchanged since our previous review. Therefore, these risks
do not constrain our ratings, applying our related criteria."

Madrid RMBS I is a Spanish RMBS transaction that securitizes a
portfolio of first-ranking mortgage loans granted to Spanish
residents. Bankia S.A. originated the loans.


MADRID RMBS II: S&P Affirms 'B+(sf)' Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Madrid RMBS II,
Fondo de Titulizacion de Activos' class B notes to 'AAA (sf)' from
'AA+ (sf)' and class D notes to 'AA (sf)' from 'A (sf)'. We also
affirmed our 'AAA (sf)', 'AA+ (sf)', and 'B+ (sf)' ratings on the
class A3, C, and E notes, respectively.

The rating actions reflect S&P's full analysis of the most recent
information that it has received and the transaction's current
structural features.

S&P said, "Our credit analysis is mostly unchanged since our
previous review and after applying our global RMBS criteria,
considering the high seasoning of the loans and stable collateral
performance in terms of arrears. The overall credit enhancement
continues to increase, driving the upgrades."

  Table 1

  Credit analysis results

          WAFF (%)  WALS (%)  Credit coverage (%)

  AAA     24.93     6.06      1.51
  AA      16.87     4.31      0.73
  A       12.95     2.21      0.29
  BBB      8.73     2         0.17
  BB       4.51     2         0.09
  B        3.49     2         0.07

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

Arrears and defaults increased in the transaction during the
financial crisis in Spain, with several defaulted loans still
remaining in workout. Due to the uncertainty of when these
recoveries might be realized and to test if the outstanding
tranches can be repaid without the benefit of such recoveries, S&P
tested the transaction's sensitivity to various recovery scenarios
including no credit given to recoveries on already defaulted
assets.

The notes are repaying sequentially, as the reserve fund is not at
target, a condition for pro rata amortization. The reserve was
fully depleted between 2013 and 2019, but has been slowly
replenishing in recent years and currently is at about 30% of its
target. Thanks to the sequential repayment and the reserve
replenishment, credit enhancement for the notes has increased since
S&P's previous review driving the upgrades.

S&P said, "Our 'AAA (sf)' ratings on the class A3 and B notes
reflect their high credit enhancement and seniority in the
waterfall.

"Under our cash flow analysis, the class C and D notes could
withstand stresses at higher ratings than those currently assigned.
However, our rating on the class C notes reflects their lower
credit enhancement than the senior notes while our rating on the
class D notes reflects their sensitivity to increased defaults.

"The class B to E notes feature interest deferral triggers based on
cumulative net defaults which, if breached, subordinates interest
payments on these notes below the payment of principal on the most
senior class of notes but still benefit from the reserve fund and
excess spread (if any). The class E notes' trigger was breached in
2009. We do not expect the trigger for the remaining notes to be
breached, considering the transaction's stable performance and
stagnating defaults. The outstanding balance of cumulative net
defaults represents 6.9% of the closing pool balance. As the
interest deferral trigger is breached, the issuer relies
significantly on recoveries for outstanding defaulted assets to
fully amortize the class E notes. Our affirmation of this tranche
reflects the uncertainty related to the size and timing of such
recoveries.

"Our operational, counterparty, sovereign, and legal risk analyses
remain unchanged since our previous review. Therefore, under our
related criteria, these risks do not constrain our ratings."

Madrid RMBS II is a Spanish RMBS transaction that securitizes a
portfolio of first-ranking mortgage loans granted to Spanish
residents. Bankia S.A. originated the loans.




=====================
S W I T Z E R L A N D
=====================

CONSOLIDATED ENERGY: Fitch Affirms B+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Consolidated Energy Limited's (CEL)
Long-Term Issuer Default Rating (IDR) at 'B+'. Fitch has also
assigned a rating of 'BB+' with a recovery rating of 'RR1' to
Consolidated Energy Finance S.A.'s $330 million in new senior
secured term loan debt, affirmed its existing secured debt at
'BB+'/'RR1', and affirmed its existing unsecured debt at
'B+'/'RR4'.

The 'B+' IDR reflects CEL's position as a leading global supplier
of methanol, advantaged North American positioning, methanol's
sensitivity to natural gas prices and Chinese demand, and the
potential for high capital outlays. Fitch also expects CEL's cash
generation to be strong in a supportive pricing environment.

Key Rating Drivers

Improving Capital Structure: On Feb. 5, 2026, CEL's parent company,
Proman AG, announced it would drop down its equity stakes in
Caribbean Nitrogen Company Limited (CNC) and N2000 Unlimited
(N2000) to CEL, bringing CEL's ownership share in each company to
around 70%. This was alongside a cash injection of $100 million,
which CEL used to fully repay the outstanding balance on its RCF.
CEL has since announced that it is raising a $330 million add-on to
its existing Term Loan B to refinance its existing $227 million
2026 senior unsecured notes.

CEL has emerged from these two transactions with stronger
liquidity, a much simpler capital structure, a more transparent
group structure, and EBITDA leverage below 5.5x. CEL will fully
consolidate the acquired Nitrogen assets, with Koch Industries
holding the remaining shares in each of CNC and N2000. Fitch
expects these assets to generate more than $100 million annually.
CEL also faces no major maturities until $830 million in senior
unsecured notes come due in October 2028 and maintains full
availability on its $140 million RCF.

Commodity Price Exposure: CEL and other methanol producers saw a
sharp decline in spot prices in the days following the announcement
of 'Liberation Day' tariffs, before stabilizing at around
$300/metric ton (MT)-$320/MT, partially offset by improving ammonia
prices. On the supply side, the company remains exposed to natural
gas pricing and availability. Though near-term trends in pricing
and feedstock availability are positive, the commodity pricing
exposure on both the supply and demand side requires CEL to
maintain sufficient liquidity and balance sheet flexibility through
the cycle.

There was an extended outage at the company's ammonia, urea,
melamine complex in Trinidad in 2023. In 2024, there was a major
turnaround at CEL's Natgasoline plant, followed by an outage due to
a pipe rupture. Though both facilities are operational and are
expected to continue to run at typical utilization rates moving
forward, these outages and the generally volatile commodity price
environment highlight the structural risks the company faces as a
commodity producer with three business lines.

Low-Cost Producer: The pricing dynamics of natural gas continue to
drive CEL's position as a low-cost producer of methanol. Natural
gas is the company's main feedstock, which is advantaged relative
to coal and coke oven production. The company's core methanol
plants are positioned within the lower quartile of the cost curve.
Fitch believes that modest capacity additions are unlikely to
change this dynamic. As a result, Fitch expects CEL to maintain
this advantage over the ratings horizon.

Energy Applications Drive Profitability: Methanol prices are
volatile, while methanol's feedstock costs are linked to natural
gas and coal prices in Asia. As a result, sharp declines in the
methanol/gas price ratio can periodically strain the credit
profile. Methanol demand is increasingly driven by methanol for
energy applications, including MTO plants, gasoline blendstocks to
increase octane (MTBE), which is a substitute for bunker fuel, and
as an industrial boiler fuel. Energy applications for methanol are
sensitive to demand in China, particularly MTO.

Peer Analysis

CEL is smaller than methanol industry peer Methanex Corp.
(Methanex; BB+/Stable) and fertilizer industry peers ICL Group Ltd.
(ICL; BBB-/Stable) and CF Industries Holdings, Inc. (CF Industries;
BBB/Stable). Although all issuers have benefited from periods of
strong pricing environments and robust cash flows in recent years,
methanol producers CEL and Methanex have elected to use this period
as an opportunity to pursue a more conservative capital deployment
strategy.

In contrast, CF Industries and ICL Group have more stable balance
sheets. Methanex is moving forward with a reduced dividend and
lower levels of share repurchases, while CEL has pursued a mix of
debt reduction and inorganic growth through the OMC transaction.
Both companies benefit from a North American orientation, which has
proven especially beneficial in the methanol industry. However,
CEL's slightly lower scale and reach, coupled with higher leverage,
result in more credit risk overall.

Fitch’s Key Rating-Case Assumptions

- Relatively flat methanol prices, with cost-advantaged production
driving earnings rather than price increases;

- Ammonia prices (FOB Middle East $ per tonne), according to
Fitch's nitrogen fertilizer price assumptions (published Dec. 5,
2025), are projected as follows: $340 in 2025 and $300 in 2026 and
thereafter;

- No significant capex beyond turnarounds are anticipated in 2026
and thereafter. Any decision to proceed with a substantial capacity
expansion during this period would likely require a much stronger
pricing environment than currently forecast;

- Excess cash used primarily for deleveraging;

- Maturing debt not repaid with cash is refinanced.

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 5% weight for the historical year
2024, 5% 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 assessment of 'Good' 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 CEL would be reorganized as a
going concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.

The GC EBITDA estimate represents Fitch's view of a sustainable,
post-reorganization EBITDA level, upon which the valuation of the
company is based. This estimate reflects a scenario in which a
lasting and structural decline in methanol demand, combined with
persistently high gas prices, result in a significant contraction
in the company's earnings and cash flow profile. It also accounts
for corrective measures undertaken in the reorganization to offset
the adverse conditions that led to default, including cost-cutting
measures and industry recovery efforts.

A 6.0x EBITDA enterprise value (EV) multiple is applied to the GC
EBITDA to determine post-reorganization EV. This multiple is
consistent with historical bankruptcy case study exit multiples for
peer companies, which typically ranged from 5.0x to 8.0x.
Bankruptcies in this sector are related to either litigation or
significant cyclical troughs. The revolving credit facility is
assumed to be fully% drawn. Fitch's recovery assumptions result in
an 'RR1' recovery rating and a 'BB+' for senior secured debt, and
an 'RR4' recovery rating and a 'B+' rating for senior unsecured
debt.

RATING SENSITIVITIES

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

- Midcycle EBITDA leverage durably above 5.5x;

- Failure to address the 2028 maturities in a timely manner;

- Elevated capital or equity-friendly spending, representing a
departure from management's commitment to deleveraging;

- Sustained disruption in operations of major facilities.

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

- Midcycle EBITDA leverage durably below 4.5x, potentially driven
by increased global demand for methanol as a power source and
marine fuel;

- Demonstrated commitment to a conservative capital deployment
strategy even during periods of strong earnings and cash flow
metrics;

- Increased product diversification.

Liquidity and Debt Structure

Fitch expects CEL to maintain solid liquidity throughout the
ratings horizon, with solid medium-term cash generation and full
availability on its $140 million RCF.

Issuer Profile

CEL is a leading methanol and nitrogen producer with facilities in
Trinidad and Tobago, the U.S., and Oman, serving markets globally.
Its ammonia from Trinidad and Tobago is mainly exported to the U.S.
for fertilizers.

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 Consolidated Energy Limited.

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
   -----------                ------           --------   -----
Consolidated Energy
Limited                 LT IDR B+  Affirmed               B+

Consolidated Energy
Finance S.A.

   senior secured       LT     BB+ New Rating   RR1

   senior unsecured     LT     B+  Affirmed     RR4       B+

   senior secured       LT     BB+ Affirmed     RR1       BB+


TRANSOCEAN LTD: 2025 Loss Widens to $2.9B Amid Asset Impairments
----------------------------------------------------------------
Transocean Ltd. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K reporting a net loss of
$2.9 billion for 2025, compared to a net loss of $512 million for
2024.

As of December 31, 2025, the Company had $15.6 billion in total
assets, $1.3 billion in total current liabilities, $6.2 billion in
long-term liabilities, and $8.1 billion in total equity.

Significant Events

     * Agreement to acquire Valaris  --  On February 9, 2026, the
Company and Valaris Limited, an exempted company limited by shares
incorporated under the laws of Bermuda, entered into a Business
Combination Agreement providing for the combination of Transocean
and Valaris.  Pursuant to the Agreement, and on the terms and
subject to the conditions thereof, we will acquire all of the
issued and outstanding common shares, par value $0.01 each, of
Valaris in exchange for Transocean Ltd. shares, par value $0.10
each, at an exchange ratio of 15.235 Transocean Ltd. shares for
each Valaris Share.  

     * Held-for-sale asset impairments  --  In the year ended
December 31, 2025, the Company recognized an aggregate loss of
$3.05 billion ($3.04 billion, or $3.16 per diluted share, net of
tax), associated with the impairment of six ultra-deepwater
floaters and one harsh environment floater, together with related
assets, which the Company determined were impaired at the time it
classified the assets as held for sale, and two ultra-deepwater
floaters, together with related assets, which it previously
classified as held for sale and determined the assets were further
impaired.

     * Disposal of assets -- In the year ended December 31, 2025,
the Company completed the sale of the ultra-deepwater floaters
Development Driller III, Discoverer Americas, Discoverer Clear
Leader, Discoverer Inspiration, Discoverer Luanda and GSF
Development Driller I, together with related assets, for aggregate
net cash proceeds of $71 million.  In January 2026, the Company
completed the sale of the ultra-deepwater drillship Discoverer
India, together with related assets, for aggregate net cash
proceeds of $14 million, including $1 million received as a deposit
in the year ended December 31, 2025.  

     * Share issuance -- In September 2025, the Company issued
143.8 million Transocean Ltd. shares and received $421 million
aggregate cash proceeds, net of issue costs.  

     * Debt issuance -- In October 2025, the Company issued $500
million aggregate principal amount of 7.875% senior guaranteed
notes due October 2032 and received $492 million aggregate cash
proceeds, net of issue costs.  

     * Debt redemption -- In October 2025, the Company made an
aggregate cash payment of $903 million, including related costs, to
fully redeem $655 million aggregate principal amount of 8.00%
senior notes due February 2027 and $248 million aggregate principal
amount of 6.875% senior secured notes due February 2027.  

     * Debt exchanges -- In the year ended December 31, 2025, the
Company entered into separate, individually negotiated agreements
with certain holders of the 4.00% senior guaranteed exchangeable
bonds due December 2025.  In the year ended December 31, 2025, the
holders exchanged $196 million aggregate principal amount of 4.00%
Exchangeable Bonds under the terms of the Exchange Agreements and
received an aggregate 73.3 million Transocean Ltd. shares.

     * Debt tender offers -- In October 2025, the Company made an
aggregate cash payment of $100 million, including related costs, to
complete cash tender offers for $89 million aggregate principal
amount of the validly tendered 7.35% senior notes due December 2041
and $16 million aggregate principal amount of the validly tendered
7.00% notes due June 2028.

     * Debt repurchases -- In the year ended December 31, 2025, the
Company made an aggregate cash payment of $36 million, including
related costs, to complete open market repurchases of $36 million
aggregate principal amount of the 7.00% notes due June 2028 and $1
million aggregate principal amount of the 7.35% Senior Notes.

A full text copy of the Company's Form 10-K is available at
https://tinyurl.com/2sd2d6bu

                          About Transocean

Transocean Ltd. is an international provider of offshore contract
drilling services for oil and gas wells. The Company specializes in
technically demanding sectors of the offshore drilling business,
with a particular focus on ultra-deepwater and harsh environment
drilling services. As of Feb. 14, 2024, the Company owned or had
partial ownership interests in and operated 37 mobile offshore
drilling units, consisting of 28 ultra-deepwater floaters and nine
harsh environment floaters. Additionally, as of Feb. 14, 2024, the
Company was constructing one ultra-deepwater drillship.


                             *     *     *

In Feb. 2026, S&P Global Ratings placed all ratings on offshore
drilling contractor Transocean Ltd., including the 'CCC+' Company
credit rating, on CreditWatch with positive implications. The
CreditWatch placement reflects the likelihood that S&P will raise
its ratings by one notch on Transocean after the deal closes,
assuming the transaction is completed as proposed and there are no
substantial changes to its operating assumptions.

Transocean Ltd. announced it will acquire Valaris Ltd. for $5.8
billion of stock and the assumption of Valaris' $1.1 billion of
debt. The acquisition would improve leverage and cash flow metrics
while also enhancing scale and diversification.




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

ANDRA JEWELS: Moorfields Appointed as Joint Administrators
----------------------------------------------------------
Andra Jewels Limited, was placed into administration in the High
Court of Justice, Business and Property Courts, Insolvency &
Companies List (ChD), Court Number CR-2026-000739.  Andrew Pear (IP
No. 9016) and Milan Vuceljic (IP No. 20172) of Moorfields were
appointed as Joint Administrators on February 12, 2026.

Andra Jewels is a UK-based, active private limited company
(incorporated in 1959) that specializes in the manufacture of
jewelry and related articles.  The company's registered office is
at 7 Clive Avenue, Hastings, East Sussex, TN35 5LD.  Its principal
trading addresses are 7 Clive Avenue, Hastings, East Sussex, TN35
5LD and 154 & 155 Hockley Hill, Hockley, Birmingham, B18 5AN.

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:

     The Joint Administrator
     Tel: 020 7186 1182
     Email: tess.mitchell@moorfieldscr.com
     Alternative contact: Tess Mitchell


ELSTREE 2026-1: S&P Assigns Prelim. BB-(sf) Rating on X-Dfrd Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Elstree 2026-1 Mix PLC's class A to X-Dfrd notes. At closing,
Elstree 2026-1 Mix will also issue unrated RC1 and RC2 residual
certificates.

S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on the other rated
notes.

Elstree 2026-1 Mix PLC is an RMBS transaction securitizing a
portfolio of second-lien owner-occupied and first- and second-lien
buy-to-let residential mortgage loans located in the U.K.

The loans in the pool were originated by a division of Enra
Specialist Finance Ltd., predominantly during 2025.

Of the loans in the provisional pool, 30.6% are first-lien
buy-to-let (BTL) mortgages, 65.1% are second-lien owner-occupied
mortgages, and 4.3% are second-lien BTL mortgages.

The loans in the provisional pool were originated by West One
Secured Loans Ltd. (WOSL), which is a wholly owned subsidiary of
Enra Specialist Finance Ltd., predominantly in 2025. This is Enra's
eighth securitization and sixth composed of exposure to both their
first- and second-lien mortgage book.

The class A and B-Dfrd notes benefit from liquidity provided by a
liquidity reserve fund, and principal can be used to pay senior
fees and interest on the rated notes, subject to various
conditions.

The transaction features a swap that will pay to the issuer a
coupon based on the compounded daily Sterling Overnight Index
Average, and the issuer pay to the swap provider a fixed rate on
the fixed-rate loans before reversion.

The provisional pool of GBP250.9 million is expected to be
supplemented by a prefunding pool of up to 10%. These loans are
subject to eligibility criteria and will be drawn from mortgages
already under offer.

WOSL will service the portfolio. There are no rating constraints in
the transaction under our counterparty, operational risk, or
structured finance sovereign risk criteria. S&P considers the
issuer to be bankruptcy remote, subject to our review of the
executed transaction documents and legal opinions.

  Preliminary ratings

  Class    Preliminary rating*  Class size (%)

  A               AAA (sf)          82.50
  B-Dfrd          AA (sf)            7.50
  C-Dfrd          A (sf)             4.75
  D-Dfrd          BBB (sf)           3.25
  E-Dfrd          BB (sf)            1.50
  F-Dfrd          B+ (sf)            0.50
  X-Dfrd          BB- (sf)           2.00
  RC1 residual
  Certificates    NR                  N/A
  RC2 residual
  Certificates    NR                  N/A

*S&P said, "Our preliminary ratings address timely receipt 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
receipt of interest on the rated notes when they become most senior
outstanding." Any deferred interest is due immediately when the
class becomes the most senior class outstanding.
SONIA--Sterling Overnight Index Average.
NR--Not rated.
N/A--Not applicable.


FK FACADES: Begbies Traynor Appointed as Joint Administrators
-------------------------------------------------------------
FK Facades Limited was placed into administration in the Business
and Property Courts in Manchester, Insolvency & Companies List
(ChD), Court Number CR-2026-MAN-000187.  David Hopkins (IP No.
25652) and Paul Stanley (IP No. 008123) of Begbies Traynor
(Central) LLP were appointed as Joint Administrators on February
13, 2026.

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

The Joint Administrators can be reached at:

   David Hopkins (IP No. 25652)
   Paul Stanley (IP No. 008123)
   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 No: 0161 837 1700


FK GROUP: Begbies Traynor Appointed as Joint Administrators
-----------------------------------------------------------
FK Group Limited, was placed into administration in the Business
and Property Courts in Manchester, Insolvency & Companies List
(ChD), Court Number CR-2026-000190.  David Hopkins (IP No. 25652)
and Paul Stanley (IP No. 008123) of BTG Begbies Traynor (Central)
LLP were appointed as Joint Administrators on February 13, 2026.

The company operates as a construction holding company.  The
company's registered office is Keenan House, 22 - 26 Stockport
Road, Altrincham, Cheshire, WA15 8EX.

The Joint Administrators can be reached at:

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

For further details, contact:

      The Joint Administrator
      Tel: 0161 837 1700
      Email: Rumena.Govedarova@btguk.com
      Alternative contact: Rumena Govedarova


IMPERIAL CABINET: KBL Advisory Appointed as Joint Administrators
----------------------------------------------------------------
Imperial Cabinet NE Limited was placed into administration in the
High Court of Justice Business and Property Court in Newcastle
Company & Insolvency List, Court Number CR-2026-000012.   Steven
Brown (IP No. 10930) and Steve Kenny (IP No. 24030) of KBL Advisory
Ltd were appointed as Joint Administrators on February 13, 2026.

The company's nature of business is the manufacture of kitchen
furniture.  The company's registered office and principal trading
address is at Haugh Lane, Addison Industrial Estate, Blaydon, Tyne
& Wear, NE21 4TE.

The Joint Administrators can be reached at:

   Steven Brown (IP No. 10930)
   Steve Kenny (IP No. 24030)
   KBL Advisory Ltd
   Stamford House
   Northenden Road
   Sale, Cheshire M33 2DH

For further details contact:

   Steven Brown
   Email: steven.brown@kbl-advisory.com

   Steve Kenny
   Email: Steve@kbl-advisory.com

Alternative contact:

   Charlene Heslop
   Email: charlene.heslop@kbl-advisory.com
   Tel: 0191 607 7303


JULES B LIMITED: FRP Advisory Appointed as Joint Administrators
---------------------------------------------------------------
Jules B Limited was placed into administration in The Business and
Property Courts Newcastle upon Tyne, Court Number CR-2026-000019.
Steven Philip Ross (IP No. 9503) and Allan Kelly (IP No. 9156) of
FRP Advisory Trading Limited appointed as Joint Administrators on
February 17, 2026.

The company operates as a designer clothing retailer – high
street and online.  The company's registered office is Yellow Brick
House, Back New Bridge Street, Newcastle Upon Tyne, NE1 2TY (in the
process of being changed to Suite 5, 2nd Floor, Bulman House,
Regent Centre, Gosforth, Newcastle Upon Tyne, NE3 3LS).  Its
principal trading address is Yellow Brick House, Back New Bridge
Street, Newcastle Upon Tyne, NE1 2TY.

The Joint Administrators can be reached at:

     Steven Philip Ross (IP No. 9503)
     Allan Kelly (IP No. 9156)
     FRP Advisory Trading Limited
     Suite 5, 2nd Floor
     Bulman House, Regent Centre
     Newcastle Upon Tyne NE3 3LS

Further details contact:

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


POLARIS 2025-1: S&P Affirms 'BB(sf)' Rating on Cl. F-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Polaris 2025-1
PLC's class B-Dfrd notes to 'AA+ (sf)' from 'AA (sf)', C-Dfrd notes
to 'AA- (sf)' from 'A+ (sf)', D-Dfrd notes to 'A (sf)' from 'A-
(sf)', and X-Dfrd notes to 'BBB+ (sf)' from 'B+ (sf)'. At the same
time, S&P affirmed its 'AAA (sf)', 'BBB (sf)', and 'BB (sf)'
ratings on the class A, E-Dfrd, and F-Dfrd notes, respectively.

The rating actions reflect the lower required credit coverage at
all rating levels and the slight increase in credit enhancement
since closing. The upgrade of the class X-Dfrd notes reflects their
significant paydown and high excess spread since closing.

Loan-level arrears have increased since closing and currently stand
at 4.05%. Arrears exceeding 90 days stand at 1.90%. Both total
arrears and arrears exceeding 90 days are currently below our U.K.
nonconforming index for post-2014 originations. Minor losses have
been recorded since closing.

S&P said, "Since closing, our weighted-average foreclosure
frequency assumptions have increased across all rating levels
except 'AAA', driven by higher loan-level arrears. The pool's
weighted-average indexed current loan-to-value (LTV) ratio has
declined by 9.21 percentage points over the same period. The lower
weighted-average current LTV ratio and updates to our under- and
overvaluation assessments for the U.K. residential real estate
market have led to a decline in our weighted-average loss severity
assumptions."

  Credit analysis results

  
  Rating level  WAFF (%)  WALS (%)  Credit coverage (%)

     AAA        28.77     31.15     8.96
     AA         20.17     26.11     5.27
     A          15.78     18.02     2.84
     BBB        11.33     13.66     1.55
     BB          6.82     10.67     0.73
     B           5.68      8.03     0.46

WAFF--Weighted-average foreclosure frequency.
WALS--Weighted-average loss severity.

S&P said, "Counterparty risk does not constrain the ratings on the
notes. The replacement language in the documentation is in line
with our counterparty criteria.

"Our credit and cash flow results indicate that the available
credit enhancement for the class A notes remains commensurate with
the assigned rating. We therefore affirmed our 'AAA (sf)' rating on
this class of notes.

"Our cash flow analysis indicates that the class B-Dfrd notes can
withstand stresses commensurate with a rating higher than the
assigned rating. However, the presence of an interest deferral
mechanism is, in our view, inconsistent with the definition of a
'AAA' rating. We therefore limited our upgrade and raised our
rating to 'AA+ (sf)' from 'AA (sf)'.

"Our cash flow analysis indicates that the class C-Dfrd, D-Dfrd,
E-Dfrd, and F-Dfrd notes can withstand stresses commensurate with
ratings higher than those assigned. However, we limited our
upgrades on these notes, given their relative positions in the
capital structure and their sensitivity to higher default rates. We
therefore raised our ratings on the class C-Dfrd notes to 'AA-
(sf)' from 'A+ (sf)', D-Dfrd notes to 'A (sf)' from 'A- (sf)', and
X-Dfrd notes to 'BBB+ (sf)' from 'B+ (sf)'. We also affirmed our
'BBB (sf)' rating on the class E-Dfrd notes and 'BB (sf)' rating on
the class F-Dfrd notes.

"As of the December 2025 investor report, the class X-Dfrd notes
have paid down by £9.74 million since closing. As a result, our
credit and cash flow analysis indicate that these notes can
withstand our stress levels at a higher level than previously
assigned. Although the rating is below our standard cash flow
analysis, we have limited our upgrade given the notes' relative
position in the capital structure and absence of hard credit
enhancement. While the notes do not benefit from any hard credit
enhancement, total credit enhancement requirements are fully met
through soft credit enhancement (excess spread). Tail-end risk is
limited given this class of notes' relatively short
weighted-average life. We therefore raised our rating on this class
of notes to 'BBB+ (sf)' from 'B+ (sf)'."

Polaris 2025-1 PLC is a static RMBS transaction that securitizes a
portfolio of owner-occupied and BTL mortgage loans secured on
properties in the U.K.




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

[] Fitch Affirms Ratings on 3 Central European Operators
--------------------------------------------------------
Fitch Ratings has affirmed three Central European Operators and
their associated entities' ratings:

    1. Cyfrowy Polsat S.A.
    2. e& PPF Telecom Group B.V.
    3. PLT VII Finance S.a r.l.

These actions follow the update of Fitch's 'Corporate Rating
Criteria' and the 'Sector Navigators Addendum to the Corporate
Rating Criteria' on January 9, 2026. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

Cyfrowy Polsat 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+, Higher),
Diversification and Asset Quality (bb+, Moderate), Company
Operational Characteristics (bb+, Moderate), Profitability (b+,
Moderate), Financial Structure (bb-, Higher), 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.

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

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

- The SCP is 'bb'.

e& PPF Telecom 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 (bbb, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bbb, Moderate),
Diversification and Asset Quality (bb, Higher), Company Operational
Characteristics (bb+, Moderate), Profitability (a-, Lower),
Financial Structure (bbb, Higher), 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.

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

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

- The SCP is 'bbb-'.

To derive the IDR:

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

PLT VII Finance 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-, Lower), Sector Characteristics (bbb,
Lower), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (bb, Moderate), Company
Operational Characteristics (bbb, Moderate), Profitability (bbb,
Lower), Financial Structure (b, Higher), and Financial Flexibility
(b, Higher).

- The quantitative financial subfactors are based on 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 Impact assessment of 'Good' results in no
adjustment.

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

- The SCP is 'b'.

RATING ACTIONS

   Entity/Debt                   Rating           Recovery   Prior
   -----------                   ------           --------   -----
Cyfrowy Polsat S.A.    

                           LT IDR BB   Affirmed              BB

PLT VII Finance S.a r.l.   

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

e& PPF Telecom Group B.V.  

                           LT IDR BBB  Affirmed              BBB
   senior unsecured        LT     BBB  Affirmed              BBB


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

   1. Nouryon Limited (Nouryon)
   2. Envalior Finance GmbH (Envalior)
   3. AI Plex (Luxembourg) S.a r.l. (AI Plex)
   4. Root Bidco S.a.r.l. (Rovensa)
   5. Sasa Polyester Sanayi Anonim Sirketi A.S.'s (SASA)
   6. Petkim Petrokimya Holdings A.S. (Petkim)
   7. Lune Holdings S.a.r.l.(Kem One)

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):

Nouryon

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

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

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

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

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

- The SCP is 'b+'.

Envalior

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2024, 10% for the forecast year 2025, 20% 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 assessment of 'Good' results in no adjustment.

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

- The SCP is 'b'.

AI Plex

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

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

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

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

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

- The SCP is 'b-'.

Rovensa

- 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 (b+, Higher), Company Operational
Characteristics (bb, Moderate), Profitability (bb+, Lower),
Financial Structure (ccc+, Higher), and Financial Flexibility (b-,
Moderate).

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

- 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-'.

SASA

- Business and financial profile factors (assessment, relative
importance): Management (b, Moderate), Sector Characteristics (bb,
Lower), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (b, Moderate), Company
Operational Characteristics (bb, Moderate), Profitability (ccc+,
Moderate), Financial Structure (ccc-, Higher), and Financial
Flexibility (ccc, 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, 20% for the forecast year 2027 and 10% for the forecast year
2028.

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

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

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

- The SCP is 'ccc'.

To derive the IDR:

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

Petkim

- Business and financial profile factors (assessment, relative
importance): Management (bb, Moderate), Sector Characteristics (bb,
Lower), Market and Competitive Positioning (b, Moderate),
Diversification and Asset Quality (b, Moderate), Company
Operational Characteristics (b+, Moderate), Profitability (ccc,
Moderate), Financial Structure (ccc-, Higher), and Financial
Flexibility (ccc, 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, 20% for the forecast year 2027 and 10% 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 'b+' results in no
adjustment.

- The SCP is 'ccc'.

Kem One

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

- 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 'ccc-'.

RATING ACTIONS

   Entity/Debt             Rating           Recovery   Prior
   -----------             ------           --------   -----
Roehm Holding GmbH

   senior secured    LT     B-   Affirmed    RR4       B-

Lune Holdings
S.a r.l.        

                     LT IDR CCC- Affirmed              CCC-
   senior secured    LT     CCC- Affirmed    RR4       CCC-

Root Bidco S.a.r.l.  

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

AI Montelena
(Netherlands) BV

   senior secured    LT     B    Affirmed    RR4       B

Roehm US Holding LLC

   senior secured    LT     B-   Affirmed    RR4       B-

Nouryon Finance B.V.

   senior secured    LT     BB-  Affirmed    RR3       BB-

Sasa Polyester Sanayi
Anonim Sirketi    

                     LT IDR CCC  Affirmed              CCC

AI Montelena Bidco LLC (USA)

   senior secured    LT     B    Affirmed    RR4       B

Petkim Petrokimya
Holdings A.S.        LT IDR CCC  Affirmed              CCC

Envalior Finance GmbH

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

AI Plex (Luxembourg) S.a r.l.

                     LT IDR B-   Affirmed              B-

Nouryon Limited      

                     LT IDR B+   Affirmed              B+


[] Fitch Affirms Ratings on Three EMEA Pharmaceuticals Companies
----------------------------------------------------------------
Fitch Ratings has affirmed three EMEA high-yield pharmaceuticals
companies' ratings:

   1. ADVANZ PHARMA HoldCo Limited
   2. Neopharmed Gentili S.p.A.
   3. Triley Midco 2 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. The companies' ratings and
Outlooks are unaffected by the criteria changes.

Corporate Rating Tool Inputs and Scores

ADVANZ PHARMA HoldCo Limited

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

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

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

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

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

- The SCP is 'b'.

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 40% weight for the forecast year 2025,
30% for the forecast year 2026 and 30% 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'.

Triley Midco 2 Limited

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

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

RATING ACTIONS

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
Triley Midco 2 Limited  

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

Cidron Aida Finco S.a.r.l.

   senior secured        LT     B+ Affirmed     RR3       B+

ADVANZ PHARMA HoldCo Limited  

                         LT IDR B  Affirmed               B

Neopharmed Gentili S.p.A.  

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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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                * * * End of Transmission * * *