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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

          Tuesday, April 7, 2026, Vol. 27, No. 69

                           Headlines



F R A N C E

GINKO SALES 2022: DBRS Confirms B Rating on Class F Notes


I R E L A N D

BLACKROCK EUROPEAN VII: S&P Assigns B-(sf) Rating to Cl. F-R Notes
DIAMETER CAPITAL I: S&P Assigns BB- (sf) Rating to Class D Notes
FLUTTER ENTERTAINMENT: S&P Affirms 'BB+' ICR, Alters Outlook to Neg
MONUMENT CLO 4: S&P Assigns B- (sf) Rating to Class F Notes
OCP EURO 2026-15: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes



I T A L Y

EMERALD ITALY 2019: DBRS Discontinues Ratings on 4 Note Classes
IMMOBILIARE GRANDE: S&P Withdraws 'BB' LT Issuer Credit Rating
SUNRISE SPV 98: DBRS Finalizes BB(high) Rating on Class E Notes
YOUNI ITALY 2025-1: DBRS Confirms B(low) Rating on Class E Notes


L U X E M B O U R G

COMPARTMENT BL 2024: DBRS Confirms CCC Rating on 2 Notes


N E T H E R L A N D S

E-MAC BV: Fitch Keeps 'CCCsf' Ratings of 6 Note Classes on RWN


P O L A N D

GLOBE TRADE: Fitch Keeps 'B' Long-Term IDR on Watch Negative


S P A I N

DEOLEO SA: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
SANTANDER CONSUMER 2020-1: DBRS Discontinues BB(high) on E Notes


S W I T Z E R L A N D

VAT GROUP: S&P Affirms 'BB+' Issue Rating, Alters Outlook to Pos.


T U R K E Y

TAV AIRPORTS: S&P Affirms 'BB' ICR on Resilient Cash Flows


U N I T E D   K I N G D O M

ACCESS COMMUNITY: FRP Advisory Appointed as Administrators
AFERIAN PLC: FRP Advisory Appointed as Joint Administrators
ENERGEAN PLC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
GOODGE STREET: FRP Advisory and BTG Begbies Named as Administrators
HOLBORN STUDIOS: Valentine & Co Appointed as Administrator

INDUSTRIAL FLOOR: BTG Begbies Appointed as Administrator
OCTANE DISTRIBUTION: Milsted Langdon Named as Joint Administrators
SEPLAT ENERGY: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
TOGETHER ASSET 15 2026-1ST1: DBRS Rates X2 Notes '(P)B(low)'
TRIDENT FUNDING: Grant Thornton Appointed as Joint Administrators


                           - - - - -


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F R A N C E
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GINKO SALES 2022: DBRS Confirms B Rating on Class F Notes
---------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) confirmed its credit ratings
on the bonds issued by Ginkgo Sales Finance 2022 (the Issuer), as
follows:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes confirmed at AA (low) (sf)
-- Class D Notes confirmed at BBB (high) (sf)
-- Class E Notes confirmed at BB (sf)
-- Class F Notes confirmed at B (sf)

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date in November 2049. The
credit ratings of the Class C, Class D, Class E, and Class F Notes
address the ultimate payment of scheduled interest while the class
is subordinated and the timely payment of scheduled interest while
the senior-most class outstanding, and the ultimate repayment of
principal by the legal final maturity date.

CREDIT RATING RATIONALE

The credit rating actions follow an annual review of the
transaction and are based on the following analytical
considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses as of the February 2026 payment date.

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement (CE) to the rated Notes to
cover the expected losses at their respective credit rating level.

The transaction is a securitisation of fixed-rate, unsecured,
amortising consumer loans granted to individuals domiciled in
France for the purchase of home equipment and recreational
vehicles, and the transaction is serviced by Credit Agricole
Consumer Finance SA (CACF).

PORTFOLIO PERFORMANCE

As of February 2026 payment date, loans that were two to three
months in arrears represented 0.2% of the outstanding portfolio
balance, stable from last annual review one year ago. The
90-plus-day delinquency ratio remained at 0.7%, and the cumulative
loss ratio increased to 3.0% from 2.4% in the same period.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base-case PD and LGD
assumptions at the B (low) (sf) credit rating level at 4.8% and
60.3%, respectively, based on the current portfolio composition.

CREDIT ENHANCEMENT

The credit enhancement to the rated notes consists of the
subordination of their respective junior class of notes. As of the
February 2026 payment date, credit enhancement to the Class A,
Class B, Class C, Class D, Class E, and Class F notes were 25.6%,
18.5%, 12.4%, 7.6%, 4.7%, and 3.6%, respectively, up from 18.3%,
13.2%, 8.9%, 5.4%, 3.4%, and 2.6%, respectively, at closing.

The transaction includes Class A and Class B liquidity reserve
funds that are available to the Issuer in restricted scenarios
where the interest and principal collections are not sufficient to
cover the shortfalls in senior expenses, swap payments, and
interests on the Class A Notes (available from both the Class A and
Class B liquidity reserves) and the Class B Notes (only available
from the Class B liquidity reserve). The Class A and Class B
liquidity reserve funds were both at their target levels of EUR 1.5
million and EUR 3.5 million, respectively, as of the February 2026
payment date.

CACF acts as the account bank for the transaction. Based on
Morningstar DBRS' private credit rating on CACF, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure,
Morningstar DBRS considers the risk arising from the exposure to
the account bank to be consistent with the AAA (sf) credit rating
on the Class A Notes, as described in Morningstar DBRS' "Legal and
Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

CACF acts also as the swap counterparty for the transaction.
Morningstar DBRS' private credit rating on CACF is consistent with
the first rating threshold as described in Morningstar DBRS' "Legal
and Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

Morningstar DBRS' credit ratings on the applicable classes address
the credit risk associated with the identified financial
obligations in accordance with the relevant transaction documents.
Where applicable, a description of these financial obligations can
be found in the transaction's respective press release at
issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes:
All figures are in euros unless otherwise noted.




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I R E L A N D
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BLACKROCK EUROPEAN VII: S&P Assigns B-(sf) Rating to Cl. F-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Blackrock
European CLO VII DAC's A loan and class A-R-R, B-R-R, C-R-R,
D-1-R-R, D-2-R-R, E-R, and F-R notes. The issuer has EUR39.25
million of outstanding unrated subordinated notes at closing and
also issued an additional EUR72.80 million of subordinated notes.

This transaction is a reset of the already existing transaction
that closed in December 2018 and refinanced in March 2021, that S&P
did not rate. The issuance proceeds of the refinancing debt were
used to redeem the refinanced debt, and pay fees and expenses
incurred in connection with the reset.

The reinvestment period will be approximately 4.50 years, while the
non-call period will be 1.50 years after closing.

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

The ratings assigned to the reset 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    2,701.75
  Default rate dispersion                                591.30
  Weighted-average life (years)                            4.70
  Obligor diversity measure                              147.87
  Industry diversity measure                              22.48
  Regional diversity measure                               1.38

  Transaction key metrics

  Total par amount (mil. EUR)                            400.00
  Defaulted assets (mil. EUR)                              0.00
  Number of performing obligors                             166
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          1.66
  Target 'AAA' weighted-average recovery (%)              35.15
  Target weighted-average spread (net of floors; %)        3.58
  Target weighted-average coupon (%)                       3.03

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
bonds. Therefore, we conducted our credit and cash flow analysis by
applying our criteria for corporate cash flow CDOs.

"In our cash flow analysis, we modeled the covenanted
weighted-average spread of 3.50%, the covenanted weighted-average
coupon of 3.00%, and the target weighted-average recovery rates for
all notes and loans. 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, 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.

"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 A loan
and class A-R-R to F-R notes.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-R-R to D-2-R-R notes could
withstand stresses commensurate with higher ratings than those
assigned. However, as the CLO will be in its reinvestment phase
starting from closing--during which the transaction's credit risk
profile could deteriorate--we capped our ratings on the notes."

The A loan and class A-R-R and E-R notes can withstand stresses
commensurate with the assigned ratings.

S&P said, "For the class F-R notes, our credit and cash flow
analysis indicates that the available credit enhancement could
withstand stresses commensurate with a lower rating. However, we
applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating
on this class of notes."

The ratings uplift for the class F-R notes reflects several key
factors, including:

-- Their available credit enhancement, which is in the same range
as that of other CLOs S&P has rated and that has recently been
issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 22.02% (for a portfolio with a weighted-average
life of 4.70 years), versus if it was to consider a long-term
sustainable default rate of 3.2% for 4.70 years, which would result
in a target default rate of 15.04%.

-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

"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 A-R-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 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 assets from being related
to certain activities. Accordingly, 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."

BlackRock European CLO VII DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. BlackRock Investment Management (UK) Ltd. manages the
transaction.

  Ratings

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

  A-R-R    AAA (sf)   213.00    38.00    Three/six-month EURIBOR
                                         plus 1.23%

  A loan   AAA (sf)    35.00    38.00    Three/six-month EURIBOR
                                         plus 1.23%

  B-R-R    AA (sf)     44.50    26.88    Three/six-month EURIBOR
                                         plus 1.80%

  C-R-R    A (sf)      24.00    20.88    Three/six-month EURIBOR
                                         plus 2.35%

  D-1-R-R  BBB- (sf)   25.50    14.50    Three/six-month EURIBOR
                                         plus 3.30%

  D-2-R-R  BBB- (sf)    3.00    13.75    Three/six-month EURIBOR
                                         plus 4.65%

  E-R      BB- (sf)    18.00     9.25    Three/six-month EURIBOR
                                         plus 6.10%

  F-R      B- (sf)     12.00     6.25    Three/six-month EURIBOR
                                         plus 8.61%

  Additional
  sub. Notes    NR      72.80    N/A    N/A

  Sub. Notes    NR      39.25    N/A    N/A

*The ratings assigned to the class A-R-R, and B-R-R notes and A
loan address timely interest and ultimate principal payments. The
ratings assigned to the class C-R-R, D-1-R-R, D-2-R-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.
Sub. notes--Subordinated notes.
NR--Not rated.
N/A--Not applicable.

DIAMETER CAPITAL I: S&P Assigns BB- (sf) Rating to Class D Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Diameter Capital EU CLO
I DAC's A-1 loan and class A-1, A-2, B, C, and D notes. At closing,
the issuer also issued unrated subordinated notes.

The ratings assigned to Diameter Capital EU CLO I DAC's notes and
loan 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 and loan 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    2,565.98
  Default rate dispersion                                 639.05
  Weighted-average life (years)                             5.34
  Obligor diversity measure                               138.81
  Industry diversity measure                               23.73
  Regional diversity measure                                1.42

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.75
  Actual 'AAA' weighted-average recovery (%)               36.15
  Actual target weighted-average spread (net of floors; %)  3.40

Rationale

Under the transaction documents, the rated notes and loan will pay
quarterly interest unless a frequency switch event occurs.
Following this, the notes and loan will switch to semiannual
payments. The portfolio's reinvestment period will end 4.5 years
after closing.

S&P said, "The portfolio is well-diversified at closing, primarily
comprising broadly syndicated speculative-grade senior secured term
loans and bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we modeled a target par of EUR400
million. We also modeled the actual weighted-average spread
(3.40%), the covenanted weighted-average coupon (4.00%), and the
target weighted-average recovery rates for all rating levels,
calculated in line with our CLO criteria for all classes of notes.
We applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category."

Until the end of the reinvestment period on Oct. 15, 2030, the
collateral manager may substitute assets in the portfolio as long
as S&P's 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.

S&P said, "Under our structured finance sovereign risk criteria, we
consider the transaction's exposure to country risk 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.

"Diameter EU CLO Advisors LLC manages the transaction, 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
A-1 notes, A-1 loan, and D notes. Our credit and cash flow analysis
indicates that the available credit enhancement for the class A-2
to C 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 and loan.

"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 A-1 loan and class A-1, A-2, B,
C, and D notes based on four hypothetical scenarios."

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."

Diameter Capital EU CLO I DAC 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 Diameter EU CLO Advisors LLC.

  Ratings

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

  A-1       AAA (sf)   121.00    38.00    Three/six-month EURIBOR
                                          plus 1.26%

  A-1 loan  AAA (sf)   127.00    38.00    Three/six-month EURIBOR  
                                        
                                          plus 1.26%

  A-2       AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                          plus 1.85%

  B         A (sf)      24.00    21.00    Three/six-month EURIBOR
                                          plus 2.20%

  C         BBB- (sf)   28.00    14.00    Three/six-month EURIBOR
                                          plus 3.25%

  D         BB- (sf)   18.00      9.50    Three/six-month EURIBOR
                                          plus 5.45%

  Sub notes    NR      43.50       N/A    N/A

*The ratings assigned to the A-1 loan and class A-1 and A-2 notes
address timely interest and ultimate principal payments. The
ratings assigned to the class B, C, and D 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.


FLUTTER ENTERTAINMENT: S&P Affirms 'BB+' ICR, Alters Outlook to Neg
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on Flutter Entertainment PLC
to negative from stable and affirmed the 'BB+' issuer credit
rating. At the same time, S&P affirmed its 'BBB-' issue rating on
Flutter's existing debt and kept the recovery rating at '2'
(rounded recovery estimate: 75%).

The negative outlook reflects that S&P could downgrade Flutter if
it does not progress toward its net leverage target of 2.0x-2.5x
(equivalent to 3.5x-4.0x on an S&P Global Ratings-adjusted basis).
This could result from slower-than-expected recovery in U.S.
sportsbook activity and profitability, heavier or longer-lasting
investment spending, more pronounced regulatory or tax headwinds,
or higher than expected shareholder returns or M&A spending.

Softer U.S. sportsbook performance, alongside continued investment
in growth initiatives in U.S. and international markets, led
Flutter Entertainment PLC to generate weaker-than-expected EBITDA.
This caused its S&P Global Ratings-adjusted leverage to increase to
about 5.2x in 2025, above our previous expectation of 4.5x.

S&P said, "While we expect Flutter to have a more prudent approach
to discretionary spending in 2026, higher gaming taxes in the U.K.,
alongside elevated expenses to support expansion in the U.S.
prediction market space, are expected to slow the recovery in
credit metrics, with our adjusted leverage likely to remain
elevated, at 4x-5x in 2026 before trending below 4x from 2027.

"The outlook revision reflects our view that Flutter's S&P Global
Ratings-adjusted debt to EBITDA will remain above 4.0x in 2026 and
that deleveraging will be slower than previously anticipated. While
we had already expected a material increase in debt in
2025--primarily to fund the acquisitions of Snaitech, NSX, and
Boyd's remaining 5% stake in FanDuel--EBITDA generation was weaker
than expected. This reflects softer U.S. sportsbook performance and
continued elevated investment across growth initiatives in the U.S.
and international markets. S&P Global Ratings-adjusted debt
increased to $11.0 billion in 2025 from $5.8 billion in 2024,
reflecting debt to EBITDA of 5.2x in 2025 (or 5.0x pro forma the
full consolidation of Snaitech and NSX) from 2.9x in 2024. This is
despite solid revenue growth of 16.6% to $16.4 billion, and
adjusted EBITDA at $2.1 billion, with EBITDA margins declining 140
basis points to 12.9%. We now expect only modest EBITDA growth
relative to revenue in 2026, with ongoing pressures including
continued U.S. investment, incremental spending in prediction
markets, losses in Brazil, the impact of the India exit, and higher
U.K. gaming taxes starting April 1, limiting margin expansion and
the pace of deleveraging. In our view, this results in a more
back-end-loaded deleveraging trajectory with reduced headroom for
underperformance, which underpins the negative outlook, despite
Flutter's solid business profile and leading market positions in
its core geographies."

Flutter's ability to further grow its U.S. business is key for our
rating assessment. The group remains the clear market leader
through FanDuel, with U.S. sportsbook gross gaming revenue market
share of about 41% and iGaming market share of about 28% in
fourth-quarter 2025. The U.S. segment delivered $922 million of
reported EBITDA in 2025 (32% of the group's reported EBITDA), an
increase of 82% year over year, underscoring the structural
earnings power of the business. S&P said, "That said, at year end
2025, we observed weaker-than-expected sportsbook trends in the
U.S., driven by adverse sports outcomes, lower customer recycling
(i.e. reduced reinvestment of winnings into subsequent bets), and
execution shortcomings in generosity and promotional mechanics,
which all weighed on betting volumes and customer activity.
Although the company has taken remedial actions and expects these
changes to support performance, we see a greater degree of
execution risk in the pace of U.S. recovery than we previously
assumed."

S&P said, "We view the current U.S. investment cycle as an
incremental credit constraint. Flutter's 2026 guidance includes
adjusted EBITDA investment toward the high end of the previously
stated $200 million-$300 million range for its prediction-market
initiative, with spending weighed toward the second half of 2026
and only limited revenue contribution from FanDuel Predicts
included in its guidance. In parallel, the group expects an
additional adjusted EBITDA drag of approximately $70 million in
2026 related to investments in newly regulated U.S. states, as it
positions ahead of potential market openings. While both
initiatives could strengthen Flutter's long-term competitive
position in the U.S., they represent front-loaded costs with
uncertain timing of returns, delaying earnings realization. In our
view, this increases the risk that cash deployment runs ahead of
near-term profitability and constrains the pace of deleveraging. We
therefore view these initiatives--particularly prediction
markets--not as a near-term upside driver, but as sources of
incremental execution risk and earnings volatility within the
current leverage context.

"Internationally, we continue to view Flutter's portfolio as broad
and resilient, but its earnings outlook has weakened compared with
our previous expectations. In August 2025, Flutter halted its
Junglee real-money gaming operations in India following an
unexpected regulatory change prohibiting real-money gaming
products, removing a profitable business and reducing EBITDA by
about $90 million in 2026 and $130 million in 2027. In addition,
the group faces significant fiscal headwinds in the U.K. following
announced increases in gambling duties, including the rise in
remote gaming duty to 40% from 21% effective April 2026, and the
introduction of a new 25% remote betting duty from April 2027 with
general betting duty remaining at 15%. Flutter has estimated a
gross EBITDA impact of approximately $320 million in 2026 and about
$540 million in 2027, with mitigation actions expected to offset
about $85 million and $201 million, respectively, through pricing,
promotional optimization, and cost efficiencies, reaching around a
40% mitigation run rate by end-2027. While we recognize that
Flutter is structurally better positioned than many peers to absorb
these changes--given its scale, leading brands, and diversified
geographic footprint--and that this could accelerate market
consolidation in its favor, we expect a still-material residual
impact on earnings. In our view, these developments reduce the
extent to which international operations can offset softer U.S.
earnings conversion and increase the group's exposure to execution
risk in its deleveraging trajectory, particularly as the full
impact of higher betting duties takes effect from 2027.

"That said, we do not expect Flutter's underlying competitive
position to deteriorate. The group has strengthened its market
positions in several attractive geographies through recent
acquisitions. It completed the acquisition of Snaitech in April
2025, acquired a 56% stake in NSX in May 2025, and completed the
purchase of Boyd's remaining 5% interest in FanDuel on July 31,
2025, bringing its ownership of FanDuel to 100%. We continue to
regard these transactions as strategically coherent and supportive
of business strength over the medium term. Flutter also benefits
from a solid track record of execution and integration across prior
acquisitions, which underpins our expectation that it can extract
synergies and operational efficiencies over time. We also note the
Boyd transaction revised commercial terms and extended the
strategic partnership to 2038, which management previously
associated with meaningful annual cost savings. However, while
strategically beneficial, these transactions have come at the
expense of materially higher debt and have therefore delayed credit
metric normalization."

Financial policy is a negative consideration of the current ratings
and outlook. While Flutter continues to generate good free cash
flow and benefits from strong capital markets access, discretionary
cash deployment has remained aggressive relative to its current
leverage profile, and contributed to leverage increasing beyond the
group's stated financial policy of net debt to management-adjusted
EBITDA of 2.0x–2.5x (equivalent to 3.5x-4.0x on an S&P Global
Ratings-adjusted basis). This has been driven by a combination of
significant merger and acquisition (M&A) activity and ongoing
shareholder returns, including about $1.1 billion of share
repurchases completed as of Dec. 31, 2025 and the confirmation in
March 2026 of a further tranche, at a lower scale, of up to $250
million, which was initially announced in the third quarter
results. S&P said, "In our view, this capital allocation has
contributed to the recent increase in leverage and constrained the
pace of deleveraging. While shareholder returns are not
inconsistent with the current rating in isolation, their
continuation at a time of elevated leverage limits financial
flexibility. That said, we expect cash returns to moderate in the
near term, with no major M&A assumed and a reduction in share
buybacks in 2026, before potentially increasing again from 2027
depending on operating performance and progress toward
deleveraging. Overall, we believe the rating trajectory will remain
closely linked to management's capital allocation choices,
particularly the balance between shareholder remuneration, further
M&A, and progress toward reducing leverage in line with its stated
financial policy."

S&P said, "The negative outlook reflects that we could downgrade
Flutter if it fails to progress in reducing leverage. This could
result from a slower-than-expected recovery in U.S. sportsbook
activity and profitability, heavier or longer-lasting investment
spending, more pronounced regulatory or tax headwinds, or higher
than expected shareholder returns or M&A spending."

S&P could lower the rating over the next 12-18 months if Flutter's
operating performance falls short of our expectations, sustaining
S&P Global Ratings-adjusted leverage structurally above 4.0x, and
if free operating cash flow (FOCF) is weaker than projected, with
adjusted FOCF to debt remaining below 10%. This could be due to:

-- U.S. operating performance remains weaker than we expect,
including through slower recovery in betting volumes, higher
promotional intensity, or weaker iGaming growth;

-- Prediction-market investment or other growth spending depresses
profitability more than S&P currently assume; or

-- Tax or regulatory changes in key jurisdictions create larger
earnings drag than currently forecast.

S&P said, "In addition, we could lower our ratings on Flutter if
the group continues significant shareholder returns or undertakes
further debt-funded acquisitions before leverage is more
meaningfully reduced to within its stipulated financial policy.

"We could revise the outlook to stable if Flutter demonstrates over
the next several quarters that leverage will decline more
meaningfully than we currently expect." This would likely require
clearer evidence of recovery in U.S. sportsbook activity and profit
conversion, disciplined execution around prediction markets and
Brazil investment, effective mitigation of the U.K. tax changes,
realization of expected benefits from recent acquisitions, and a
financial policy that prioritizes deleveraging. This implies
adjusted debt to EBITDA trending below 4x and FOCF to debt
progressively recovering above 10%.

MONUMENT CLO 4: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Monument CLO 4
DAC's class A-1 notes, A-1 loan, and A-2, B, C, D, E, and F notes.
At closing, the issuer also issued unrated subordinated notes.

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

The portfolio's reinvestment period will end approximately 4.5
years after closing, while the non-call period will end
approximately 1.5 years after closing.

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 weighted-average rating factor                    2,654.29
  Default rate dispersion                                 582.17
  Weighted-average life (years)                             5.12
  Obligor diversity measure                                89.70
  Industry diversity measure                               21.99
  Regional diversity measure                                1.33

  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                             B
  'CCC' category rated assets (%)                           1.00
  Target 'AAA' weighted-average recovery (%)               35.83
  Target weighted-average spread (net of floors; %)         3.49
  Target weighted-average coupon (%)                        4.48

Rating rationale

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average rating of
'B'. The portfolio is well-diversified, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.44%), the
covenanted weighted-average coupon (4.00%), and the covenanted
portfolio weighted-average recovery at all rating levels (35.83% at
the 'AAA' rating level). We applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

"Until the end of the reinvestment period on Oct. 15, 2030, the
collateral manager may substitute assets in the portfolio for as
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes and loan. 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.

"Following the application of 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. The issuer is a special-purpose entity that meets our
criteria for bankruptcy remoteness.

"Our credit and cash flow analysis shows that the class B, C, D,
and E notes benefit from break-even default rate and scenario
default rate cushions that we would typically consider to be in
line 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 ratings on the
notes."

The class A-1 notes, A-loan and A-2 notes can withstand stresses
commensurate with the assigned ratings.

S&P said, "For the class F notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with a lower rating. However, we applied our
'CCC' rating criteria, resulting in a 'B- (sf)' rating on this
class of notes." The ratings uplift for this class of notes
reflects several key factors, including:

-- Their available credit enhancement, which is in the same range
as other CLOs we have rated and that have recently been issued in
Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P said, "Our model generated break-even default rate at the
'B-' rating level of 24.30% (for a portfolio with a
weighted-average life of 5.17 years), versus if we were to consider
a long-term sustainable default rate of 3.2% for 5.17 years, which
would result in a target default rate of 16.54%."
-- S&P does not believe that there is a one-in-two chance of this
tranche defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

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

"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-1 to F 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 have also included the
sensitivity of the ratings on the class A to E notes and A-1 loan
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 notes."

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

  A-1       AAA (sf)    82.70    38.00     Three/six-month EURIBOR

                                           plus 1.25%

  A-1 loan  AAA (sf)   165.30    38.00     Three/six-month EURIBOR

                                           plus 1.25%

  A-2       AAA (sf)     8.00    36.00     Three/six-month EURIBOR

                                           plus 1.55% during the
                                           non call period, then
                                           1.85% following the
                                           expiry of the non call
                                           period

  B         AA (sf)     36.00    27.00     Three/six-month EURIBOR

                                           plus 1.95%

  C         A (sf)      24.00    21.00     Three/six-month EURIBOR
                                          
                                           plus 2.35%

  D         BBB- (sf)   28.00    14.00     Three/six-month EURIBOR

                                           plus 3.25%

  E         BB- (sf)    18.00     9.50     Three/six-month EURIBOR

                                           plus 5.45%

  F         B- (sf)     12.00     6.50  Three/six-month EURIBOR
                                           plus 8.59%

  Sub. notes   NR       30.75      N/A  N/A

*The ratings assigned to the class A-1 notes, A-1 loan, and A-2
notes address timely interest and ultimate principal payments. The
ratings assigned to the class B, C, D, E, and F 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. Sub. notes--Subordinated
notes.
NR--Not rated.
N/A--Not applicable.

OCP EURO 2026-15: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned OCP Euro CLO 2026-15 DAC final ratings,
as detailed below.

   Entity/Debt                 Rating              Prior
   -----------                 ------              -----
OCP Euro CLO
2026-15 DAC

   A XS3290536526           LT AAAsf  New Rating   AAA(EXP)sf
   B-1 XS3290536872         LT AAsf   New Rating   AA(EXP)sf
   B-2 XS3290537177         LT AAsf   New Rating   AA(EXP)sf
   C XS3290537334           LT Asf    New Rating   A(EXP)sf
   D XS3290537508           LT BBB-sf New Rating   BBB-(EXP)sf
   E XS3290537763           LT BB-sf  New Rating   BB-(EXP)sf
   F XS3290537920           LT B-sf   New Rating   B-(EXP)sf
   Sub Notes XS3290538142   LT NRsf   New Rating   NR(EXP)sf

Transaction Summary

OCP Euro CLO 2026-15 DAC is a securitisation of mainly (at least
90%) senior secured obligations with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds have been used to fund the identified portfolio with a
target par of EUR450 million.

The portfolio is actively managed by Onex Credit Partners, LLC. The
collateralised loan obligations (CLO) portfolio has an
approximately 4.5-year reinvestment period and an 8.5-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 at
'B+'/'B'. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 23.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62.1%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 10%, a top 10 obligor concentration limit at
15%, and a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has two sets of
matrices, each corresponding to two fixed-rate asset limits of 5%
and 10% and a top 10 obligors limit of 15%. The first matrix set
with a WAL test of 8.5 years is effective at closing. The second
matrix set that corresponds to a WAL test of 7.5 years will be
applicable after 12 from closing, subject to the aggregate
collateral balance (defaults at Fitch-treated collateral value)
being at least at the reinvestment target par amount.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is 12 months less than the WAL covenant at
closing to account for structural and reinvestment conditions after
the reinvestment period. These conditions include passing the
over-collateralisation and Fitch 'CCC' limit tests, and a WAL
covenant that gradually steps down over time, both before and after
the end of the reinvestment period. Fitch believes these conditions
would reduce the effective risk horizon of the portfolio during
stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A, B-1 and B-2 notes
and would lead to downgrades of one notch each for the class C, D
and E 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 defaults and portfolio deterioration. The class B-1,
B-2, C, D, E and F notes each have a rating cushion of two notches,
due to the better metrics and shorter life of the identified
portfolio than the Fitch-stressed portfolio. The class A notes do
not have any rating cushion as they are already at the highest
achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of four notches
each for all notes?

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of four notches
each for the class B-1, B-2, C and D, three notches for the class A
notes and to below 'B-sf' for the class E and F notes.

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

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

DATA ADEQUACY

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

Date of Relevant Committee

23 March 2026

ESG Considerations

Fitch does not provide ESG relevance scores for OCP Euro CLO
2026-15 DAC.

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



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

EMERALD ITALY 2019: DBRS Discontinues Ratings on 4 Note Classes
---------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit
ratings on the Class A, Class B, Class C and Class D notes
(together, the Notes) issued by Emerald Italy 2019 S.r.l.

The discontinuation reflects the full repayment of the Notes on the
25 March 2026 note payment date. This concludes Morningstar DBRS's
surveillance of this transaction.

Prior to their repayment, the credit ratings and the outstanding
principal balances of the Notes were as follows:

-- Class A notes rated BB (sf); EUR 40,610,721
-- Class B notes rated CCC (sf); EUR 13,133,751
-- Class C notes rated CC (sf); EUR 19,700,627
-- Class D notes rated C (sf); EUR 10,127,700

In Morningstar DBRS' opinion, a Discontinued-Repaid credit rating
action does not warrant the application of the entire principal
methodology.


IMMOBILIARE GRANDE: S&P Withdraws 'BB' LT Issuer Credit Rating
--------------------------------------------------------------
S&P Global Ratings withdrew its 'BB' long-term issuer credit rating
on Italian retail company Immobiliare Grande Distribuzione SIIQ SpA
at the company's request. The outlook on the rating was positive at
the time of the withdrawal.


SUNRISE SPV 98: DBRS Finalizes BB(high) Rating on Class E Notes
---------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) finalised the provisional
credit ratings on the following classes of notes (collectively, the
Rated Notes) issued by Sunrise SPV 98 S.r.l. - Sunrise 2026-1 (the
Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)
-- Class X Notes at A (high) (sf)

Morningstar DBRS did not rate the Class M Notes (together with the
Rated Notes, the Notes) also issued in this transaction.

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal on or before the legal final maturity date. The credit
ratings of the Class C, Class D and Class E Notes address the
ultimate payment of interest but the timely payment of scheduled
interest when they become the senior-most tranche, and the ultimate
repayment of principal on or before the legal final maturity date.
The credit rating of the Class X Notes addresses the ultimate
payment of interest and the ultimate repayment of principal on or
before the legal final maturity date.

The transaction is a securitisation of fixed-rate consumer, auto
and other purpose loans granted to private individuals residing in
Italy by Agos Ducato S.p.A. (Agos). Agos is also the initial
servicer of the transaction, which has no exposure to balloon
payments or residual value.

CREDIT RATING RATIONALE

Morningstar DBRS' credit ratings are based on the following
analytical considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the Issuer's financial obligations according
to the terms under which the Rated Notes are issued

-- The credit quality and the diversification of the collateral
portfolio, its historical performance and the projected performance
under various stress scenarios

-- The operational risk review of Agos' capabilities with regard to
originations, underwriting, servicing and financial strength

-- The transaction parties' financial strength with regard to their
respective roles

-- The consistency of the transaction's structure with Morningstar
DBRS' Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions methodology

-- Morningstar DBRS' long-term sovereign credit rating on the
Republic of Italy, currently A (low) with a Stable trend

TRANSACTION STRUCTURE

The transaction includes a six-month scheduled revolving period,
during which the Issuer is able to purchase additional loan
receivables, subject to the eligibility criteria and concentration
limits set out in the transaction documents. The revolving period
may end earlier than scheduled if certain events occur such as the
insolvency of Agos as the originator, the replacement of Agos as
the servicer, or the breach of performance triggers.

The transaction allocates collections in separate interest and
principal priorities of payments and benefits from an amortising
payment interruption risk reserve equal to 1.1% of Rated Notes
(excluding the Class X Notes) principal balances, subject to a
floor of EUR 850,000. This reserve was initially funded with the
(Class X) Notes issuance proceeds and can be used to cover senior
expenses, senior swap payments and interest payments on the Rated
Notes (excluding the Class X Notes) and would be replenished in the
interest waterfall. Principal funds can also be reallocated to
cover senior expenses, senior swap payments and interest payments
on the Rated Notes (excluding the Class X Notes) if the interest
collections and this reserve are not sufficient.

The transaction also benefits from a rata posticipata reserve to
supplement interest amounts that borrowers do not make during
payment holidays. This reserve will be funded through the
transaction interest waterfall if specific thresholds are breached
and will be released when the threshold breach is cured.

After the end of the revolving period, the repayment of the Notes
(excluding the Class X Notes) will be on the Class A Notes only for
six months, followed by a pro rata repayment between the Notes
(excluding the Class X Notes) until a sequential redemption event
occurs. Upon the occurrence of a sequential redemption event, the
repayment of the Notes (excluding the Class X Notes) will switch to
be sequential and non-reversible. On the other hand, the Class X
Notes begins to be repaid with the available funds in the interest
priority of payments immediately after the transaction closes.

Morningstar DBRS considers the interest rate risk for the
transaction to be limited as an interest rate swap is in place to
reduce the mismatch between the fixed-rate collateral and the Rated
Notes (excluding the Class X Notes).

TRANSACTION COUNTERPARTIES

Credit Agricole Corporate and Investment Bank (CA-CIB), Milan
branch is the account bank for the transaction. Based on
Morningstar DBRS' private credit ratings on CA-CIB, the downgrade
provisions outlined in the transaction documents and other
mitigating factors in the transaction structure, Morningstar DBRS
considers the risk arising from the exposure to the account bank to
be consistent with the credit ratings assigned.

CA-CIB is also the initial swap counterparty for the transaction.
CA-CIB meets the Morningstar DBRS' criteria to act in such
capacity. The transaction documents contain downgrade provisions
consistent with Morningstar DBRS' criteria.

PORTFOLIO ASSUMPTIONS

As Agos has a long operating history of consumer and auto loan
lending in Italy, Morningstar DBRS considers the performance data
to be meaningful for vintage analysis. Morningstar DBRS maintained
its expected default assumptions for each loan type and constructed
a portfolio lifetime expected gross default of 5.1% for this
transaction based on the potential portfolio migration during the
scheduled revolving period. Morningstar DBRS also maintained its
expected recovery rates of all loan types at 20% or a loss given
default (LGD) of 80%.

FINANCIAL OBLIGATIONS

Morningstar DBRS' credit ratings on the Rated Notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the Rated Notes are the related
interest amounts and the initial principal amounts.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.


YOUNI ITALY 2025-1: DBRS Confirms B(low) Rating on Class E Notes
----------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) confirmed the credit ratings
on the notes (the Rated Notes) issued by Youni Italy 2025-1 S.r.l.
(the Issuer) as follows:

-- Class A Notes at AA (sf)
-- Class B Notes at A (sf)
-- Class C Notes at BBB (sf)
-- Class D Notes at BB (low) (sf)
-- Class E Notes at B (low) (sf)

The credit rating on the Class A Notes addresses the timely payment
of interest and the ultimate repayment of principal on or before
the legal final maturity date in April 2035. The credit ratings on
the Class B, Class C, Class D, and Class E Notes address the
ultimate payment of interest (but timely once most senior) and the
ultimate repayment of principal on or before the legal final
maturity date.

The confirmations follow the annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, and defaults,
as of the March 2026 payment date;

-- Updated portfolio default rate (PD), loss given default (LGD),
and expected loss assumptions on the outstanding collateral pool;
and

-- The credit enhancement available to the Rated Notes to cover the
expected losses at their respective credit rating levels.

The Issuer is a static securitisation of unsecured consumer loans
without a specific purpose granted by Younited S.A., Italian branch
(Younited) to private individuals residing in Italy. Younited is
also the initial sub-servicer for the transaction with Zenith
Global S.p.A. (Zenith) as the master servicer and substitute
sub-servicer facilitator. The transaction closed in March 2026 with
an initial portfolio balance of EUR 240.3 million.

PORTFOLIO PERFORMANCE

As of the March 2026 payment date, loans 30 to 60 days in arrears
amounted to 0.5% of the outstanding portfolio balance, loans 60 to
90 days in arrears also amounted to 0.5%, while loans more than 90
days in arrears amounted to 0.7%. Cumulative defaults, defined as
receivables more than six instalments in arrears, amounted to 1.2%
of the initial collateral balance, with cumulative recoveries of
9.5% realised to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

Morningstar DBRS conducted a loan-by-loan analysis on the remaining
pool of receivables, updated its base case PD assumption to 5.4%,
and maintained its base case LGD assumption at 75.0%.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the Rated Notes. As of the March 2026 payment
date, credit enhancement to the Class A, Class B, Class C, Class D,
and Class E Notes amounted to 19.2%, 11.7%, 6.7%, 1.7%, and 0.0%,
respectively, unchanged from the initial rating date twelve months
ago as a result of the ongoing pro rata amortisation of the Rated
Notes.

The transaction benefits from a reserve fund providing liquidity
support to the Rated Notes, funded at closing to EUR 3.00 million
(equal to 1.25% of the initial Rated Notes balance). The reserve
fund is available to cover senior expenses, swap payments, and
interest payments on the Rated Notes. The reserve is amortising
with a target balance equal to 1.25% of the outstanding balance of
the Rated Notes, subject to a floor level of EUR 500,000, and as of
the March 2026 payment date was at its target amount of EUR 2.04
million.

Citibank, N.A., London Branch (Citibank London) acts as the account
bank for the transaction. Based on the Morningstar DBRS private
credit rating on Citibank London, the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction's structure, Morningstar DBRS considers the risk
arising from the exposure to the account bank to be consistent with
the credit ratings assigned to the Rated Notes, as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

Citibank Europe plc acts as the swap counterparty for the
transaction. Morningstar DBRS' credit rating on Citibank Europe plc
at AA (low) is consistent with the first rating threshold as
described in Morningstar DBRS' "Legal and Derivative Criteria for
European and Asia-Pacific Structured Finance Transactions"
methodology.

Morningstar DBRS' credit ratings on the notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. Where
applicable, a description of these financial obligations can be
found in the transaction press release at issuance.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes:
All figures are in euros unless otherwise noted.




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

COMPARTMENT BL 2024: DBRS Confirms CCC Rating on 2 Notes
--------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) confirmed the credit ratings
on the notes issued by BL Consumer Issuance Platform II S.a r.l.,
acting in respect of its Compartment BL Consumer Credit 2024 (the
Issuer) as follows:

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (low) (sf)
-- Class C Notes at A (low) (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at B (high) (sf)
-- Class G Notes at CCC (sf)
-- Class X2 Notes at CCC (sf)

The credit ratings of the Class A and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal final maturity date. The credit ratings of
the Class C, Class D, Class E, Class F and Class G Notes address
the ultimate payment of scheduled interest while subordinated, then
timely payment of scheduled interest as most senior class of notes
outstanding, and the ultimate repayment of principal by the legal
final maturity date. The credit rating of the Class X2 Notes
addresses the ultimate payment of interest and the ultimate
repayment of principal by the legal final maturity date.

DBRS said: "We note that the Class X1 Notes were discontinued
following full repayment on the 25 September 2025 payment date.
Prior to repayment, the outstanding principal balance of the Class
X1 Notes was EUR 499,819."

The Issuer is a securitisation of revolving loans with some
fixed-rate installment loans granted to individual residents in
Belgium and Luxembourg and serviced by Buy Way Personal Finance
(Buy Way).

CREDIT RATING RATIONALE

The credit rating confirmations follow an annual review of the
transaction and are based on the following analytical
considerations:

-- The transaction's structure, including the form and sufficiency
of available credit enhancement to withstand stressed cash flow
assumptions and repay the issuer's financial obligations according
to the terms under which the Notes are issued,

-- The credit quality of Buy Way's portfolio, the characteristics
of the collateral, its historical performance and Morningstar DBRS'
expectation of the yield, payment rates, charge-offs and cumulative
default rate under various stress scenarios,

-- Morningstar DBRS' operational risk review of Buy Way and its
capabilities regarding origination, underwriting, servicing,
position in the market and financial strength

-- Morningstar DBRS' operational risk review of Buy Way regarding
servicing,

-- The transaction parties' financial strength regarding their
respective roles,

-- The non-occurrence of a revolving termination event,

-- The expected consistency of the transaction's structure with
"Legal and Derivative Criteria for European and Asia-Pacific
Structured Finance Transactions" methodology.

PORTFOLIO PERFORMANCE AND ASSUMPTIONS

As of the February 2026 payment date, one-to-two months and
two-to-three months in arrears ratios were 0.52% and 0.29%,
respectively, while more than three months in arrears ratio was
0.14%. The annualised portfolio yield, monthly principal payment
rate (MPPR) and annualised charge-off rate for the revolving loans
portfolio were at 13.4%, 9.1% and 4.6% respectively.

On the other hand, the cumulative default rate for instalment loans
was at 2.1% as of February 2026 payment date.

Morningstar DBRS notes the Issuer's MPPR for the revolving loan
portfolio has been stable between around 9% and 10% since closing
in 2024, influenced by the prescribed zeroing legislation
applicable to Belgian revolving loans for a minimum payment so that
the due balance of a revolving loan must reach zero after up to 96
months. Based on the historical trends, Morningstar DBRS elected to
maintain the expected MPPR for the revolving loans at 8%.

The revolving loan portfolio yield are also influenced by the
Belgian usury rate, as Buy Way has historically set the Belgian
revolving loan interest rate at the legal maximum for both new and
existing accounts. As the yields have also been stable at around
13.9% since closing, Morningstar DBRS maintained the expected yield
for the revolving loans at 12%.

Morningstar DBRS also notes that annualised charge-off rates for
the revolving loan portfolio has steadily increased from closing,
and the current level of 4.6% as of February 2026 payment date is
slightly above our expected level. However, in light of the
downward trend observed since late 2025 and the usual volatility in
reported levels, Morningstar DBRS also elected to maintain the
expected charge-off rate for the revolving loans at 4.4%.

The cumulative default rate for instalment loans has steadily
increased since closing but remains below our expected level.
Morningstar DBRS maintained the expected default for instalment
loans at 7%.

After considering the historical recovery performance and
benchmarking against comparable with French consumer loan
portfolios, Morningstar DBRS also maintained the expected recovery
for the overall portfolio at 40%.

CREDIT ENHANCEMENT

As of the February 2026 payment date, credit enhancement based on
the subordination levels for the Class A, Class B, Class C, Class
D, Class E and Class F Notes remained unchanged from closing at
21.0%, 13.0%, 9.0%, 6.0%, 4.0% and 2.0%, respectively.

The transaction currently has a reserve of EUR 3,903,900 at the
target amount of 1.3% of the outstanding balance of the Class A,
Class B and Class C Notes that is available to cover any shortfalls
in senior expenses, senior hedging payments (only applicable during
the amortisation period if the Notes are not fully redeemed on the
first optional redemption date) and interest payments on the Class
A, Class B and Class C Notes (subject to the most senior class
status and/or the PDL condition). There is also a spread account
(with zero balance as of the February 2026 payment date) to trap
excess spread if it falls below 4%.

COUNTERPARTY

Citibank Europe plc is both the Issuer account bank (Luxembourg
Branch) and the interest rate hedge counterparty for the
transaction. Based on the Morningstar DBRS Long-Term Issuer Rating
of the Citibank Europe plc at AA (low) and the downgrade provisions
outlined in the transaction documents, Morningstar DBRS considers
the risk arising from the exposure to Citibank Europe plc to be
consistent with the credit ratings assigned.

FINANCIAL OBLIGATIONS

Morningstar DBRS' credit ratings on the Notes address the credit
risk associated with the identified financial obligations in
accordance with the relevant transaction documents. Where
applicable, a description of these financial obligations can be
found in the transaction's press release at issuance.

Morningstar DBRS' credit ratings do not address non-payment risk
associated with contractual payment obligations
contemplated in the applicable transaction documents that are not
financial obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of defaults to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in euros unless otherwise noted.




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

E-MAC BV: Fitch Keeps 'CCCsf' Ratings of 6 Note Classes on RWN
--------------------------------------------------------------
Fitch Ratings has maintained all tranches of seven Dutch
transactions on Rating Watch Negative (RWN), as detailed below.

The RWN reflects Fitch's view that risks negatively affecting the
seven transactions could arise following last year's English
Commercial Court judgment against CMIS Nederland B.V. and CMIS
Investments B.V. (both part of CMIS group, collectively CMIS) that
favour the swap counterparties.

   Entity/Debt          Rating                            Prior
   -----------          ------                            -----
E-MAC Program
B.V. Compartment
NL 2007-I

   Class A2
   XS0292255758      LT A+sf   Rating Watch Maintained    A+sf
   Class B
   XS0292256301      LT A-sf   Rating Watch Maintained    A-sf
   Class C
   XS0292258695      LT A-sf   Rating Watch Maintained    A-sf
   Class D
   XS0292260162      LT BBBsf  Rating Watch Maintained    BBBsf
   Class E
   XS0292260675      LT CCCsf  Rating Watch Maintained    CCCsf

E-MAC Program
B.V. - Compartment
NL 2007-III

   Class A2
   XS0307677640      LT A+sf   Rating Watch Maintained    A+sf
   Class B
   XS0307682210      LT A-sf   Rating Watch Maintained    A-sf
   Class C
   XS0307682723      LT BBB+sf Rating Watch Maintained    BBB+sf
   Class D
   XS0307683291      LT BBB-sf Rating Watch Maintained    BBB-sf
   Class E
   XS0307683531      LT CCCsf  Rating Watch Maintained    CCCsf

E-MAC NL
2006-II B.V.

   Class A
   XS0255992413      LT B-sf   Rating Watch Maintained    B-sf
   Class B
   XS0255993577      LT B-sf   Rating Watch Maintained    B-sf
   Class C
   XS0255995358      LT B-sf   Rating Watch Maintained    B-sf
   Class D
   XS0255996166      LT CCCsf  Rating Watch Maintained    CCCsf
   Class E
   XS0256040162      LT CCCsf  Rating Watch Maintained    CCCsf

E-MAC Program II
B.V. Compartment
NL 2008-IV

   Class A
   XS0355816264      LT AA+sf  Rating Watch Maintained    AA+sf
   Class B
   XS0355816421      LT AA+sf  Rating Watch Maintained    AA+sf
   Class C
   XS0355816694      LT AA+sf  Rating Watch Maintained    AA+sf
   Class D
   XS0355816934      LT A-sf   Rating Watch Maintained    A-sf

E-MAC Program II
B.V. - Compartment
NL 2007-IV

   A XS0325178548    LT A+sf   Rating Watch Maintained    A+sf
   B XS0325183464    LT A+sf   Rating Watch Maintained    A+sf
   C XS0325183621    LT A+sf   Rating Watch Maintained    A+sf
   D XS0325184355    LT BBB+sf Rating Watch Maintained    BBB+sf

E-MAC Program B.V.
Compartment NL
2006-III

   Class A2
   XS0274609923      LT B-sf   Rating Watch Maintained    B-sf
   Class B
   XS0274610855      LT B-sf   Rating Watch Maintained    B-sf
   Class C
   XS0274611317      LT B-sf   Rating Watch Maintained    B-sf
   Class D
   XS0274611747      LT CCCsf  Rating Watch Maintained    CCCsf
   Class E
   XS0275099322      LT CCCsf  Rating Watch Maintained    CCCsf

E-MAC Program III
B.V. Compartment
NL 2008-I

   Class A2
   XS0344800957      LT AAAsf  Rating Watch Maintained    AAAsf
   Class B
   XS0344801765      LT AAAsf  Rating Watch Maintained    AAAsf
   Class C
   XS0344801922      LT AA+sf  Rating Watch Maintained    AA+sf
   Class D
   XS0344802060      LT AAsf   Rating Watch Maintained    AAsf

Transaction Summary

E-MAC is a special-purpose company incorporated under the laws of
the Netherlands with limited liability and is registered on the
Commercial Register of the Chamber of Commerce of Amsterdam. Its
shares are owned by Stichting E-MAC NL Holding, established under
the laws of the Netherlands as a foundation.

At closing, the issuer acquired portfolios of residential mortgages
from the seller that form the collateral for the notes. The
portfolios consist of first-ranking or first- and sequentially
lower-ranking fixed- and variable-rate mortgages secured over
residential properties located in the Netherlands.

KEY RATING DRIVERS

Counter-indemnity Claims against Issuers: Fitch placed four Dutch
E-MAC transactions on RWN in February 2025 and three in April 2025
to reflect the risk to payment of the notes following an English
commercial court judgment against CMIS relating to unpaid swap
subordinated amounts owed to swap counterparties. The court
judgment involved seven Dutch and German E-MAC transactions, five
of which are rated by Fitch. Fitch understands CMIS has not
appealed the January 2025 English commercial court judgement.

Following the judgment, CMIS Nederland B.V., involved in the Dutch
E-MAC transactions, initiated private statutory pre-insolvency
proceedings on 11 February,2025, for debt restructuring. Fitch is
not aware of any material public update on the private statutory
pre-insolvency proceedings initiated by CMIS.

RWN Maintained: CMIS stated in court that it intends to seek
counter indemnities from the issuers of the seven transactions.
E-MAC transactions not parties to the English court proceedings
could also be subject to counter indemnity claims where unpaid swap
subordinated amounts exist according to the investor reports. This
concerns E-MAC NL 2006-III, 2007-III and 2008-IV, which Fitch
placed on RWN in April 2025. If successfully pursued, these counter
indemnities could jeopardise payment of the notes.

Fitch believes payments arising from any successful
counter-indemnity claims are likely to maintain their subordinated
rank in the transactions' waterfalls. However, it is uncertain
whether CMIS will attempt any actions to secure a more favourable
position. Fitch is not aware of any material public update on such
counter indemnity claims.

Liquidity Support: All seven transactions feature a liquidity
facility and funded liquidity reserve. The liquidity facility is
available to cover interest shortfalls while the funded reserve is
also available to credit principal deficiency ledgers once losses
are recorded on them. The liquidity facility and the funded reserve
are at their floors for all seven transactions. Consequently,
liquidity support for the notes is increasing with amortisation due
to more funds being available to cover interest and principal
shortfall.

Interest-only Concentration: The reported interest-only
concentrations in the transactions are at 86% (2006-II), 83%
(2006-III), 83% (2007-I),81% (2007-III), 82% (2007-IV), 88%
(2008-I)and 90% (2008-IV) of the outstanding portfolios, which are
high compared with other Fitch-rated Dutch RMBS. According to its
updated European RMBS criteria, Fitch assumed a back-loaded default
distribution, driven by the concentration of IO maturities.

Stable Transaction Performance: The asset composition and
performance have remained broadly stable since the last review and
has developed in line with expectations. Late-stage arrears have
remained below 2% for all transactions and no loans are currently
in repossession.

Non-Standard Features: In instances of good asset performance, the
transactions can amortise pro rata until the legal maturity date,
which Fitch deems a non-standard structural feature that adds
additional risk, particularly for the senior notes. Where
appropriate, Fitch has assigned ratings that are different from
those derived from its cash flow model. This reflects that ratings
could be lower if performance is better than assumed in the
respective rating scenarios and thereby principal payments continue
to be pro-rata. Fitch also considered cash-flow models with solely
sequential amortisation to reflect worse-than-expected performance
and prolonged periods of high arrears.

Servicer-related Risks Limited: Fitch believes the risk of
servicing discontinuity following the English commercial court
judgment is limited, despite CMIS Nederland B.V.'s initiation of
private statutory pre-insolvency proceedings. Fitch relies on a
public statement that heads of terms have been signed between the
Dutch E-MAC transactions, CMIS Nederland B.V. and Adaxio B.V.,
setting out preliminary agreements to transfer servicing to CMIS
group's subsidiary Adaxio B.V. Fitch understands that discussions
on servicing continuity are ongoing. In Fitch's view, the amounts
owed by CMIS under the court judgment are unlikely to be imposed on
CMIS group or any related subsidiary.

Sufficient Liquidity, Developed Servicing Market: Servicing
continuity risk is further mitigated by sufficient liquidity
coverage provided by the liquidity facilities in each transaction,
and the well-developed servicing industry in the Netherlands, which
should allow for transfer to an entity outside the CMIS group.
Primary servicing activities for the transactions have been
subserviced to Stater N.V. and Quion B.V. (only Stater N.V. in
2008-IV). For more details see 'Limited Servicer Disruption Risk
from CMIS Litigation' dated 21 April 2023.

Ongoing Monitoring: Fitch will continue to monitor developments
around CMIS, including any progress toward CMIS's pursuit of any
counter indemnity claims against the issuers and their impact on
the CMIS group. Fitch aims to resolve the RWN once CMIS's situation
and response become clearer. However, in the absence of sufficient
information ahead of the next annual review, Fitch may take rating
action on the affected transactions and servicer ratings and, where
applicable, may also consider withdrawing the ratings.

RATING SENSITIVITIES

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

Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode credit enhancement, leading to negative rating action.

The notes of E-MAC NL 2007-I, 2007-III, 2007-IV, 2008-I and 2008-IV
could be significantly downgraded if CMIS successfully pursues
counter indemnity claims against the E-MAC issuers and this leads
to a reduction in available funds to meet payment obligations under
the notes

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

Due to the lack of a hard switch-back to sequential amortisation, a
slight and persistent increase in delinquencies and larger losses
might also be beneficial to the senior notes, as this would cause
the transaction to switch to sequential amortisation and lead to an
increase in their credit enhancement.

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

E-MAC NL 2006-II B.V., E-MAC Program B.V. - Compartment NL
2007-III, E-MAC Program B.V. Compartment NL 2006-III, E-MAC Program
B.V. Compartment NL 2007-I, E-MAC Program II B.V. - Compartment NL
2007-IV, E-MAC Program II B.V. Compartment NL 2008-IV, E-MAC
Program III B.V. Compartment NL 2008-I

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' 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

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.



===========
P O L A N D
===========

GLOBE TRADE: Fitch Keeps 'B' Long-Term IDR on Watch Negative
------------------------------------------------------------
Fitch Ratings has maintained Globe Trade Centre S.A.'s (GTC) 'B'
Long-Term Issuer Default Rating (IDR) on Rating Watch Negative
(RWN).

Fitch has also assigned GTC Aurora Luxembourg S.A.'s EUR455 million
secured bond a final 'B+' rating with a Recovery Rating of 'RR3'
and maintained it on RWN. The final rating follows the redemption
of all of GTC's existing unsecured bond, assumption of GTC Finance
DAC's bond by GTC Aurora (guaranteed by GTC) and transfer of
investment property collateral as security for the secured bond.
Reflecting this transfer in the Recovery Ratings, Fitch has
downgraded GTC's senior unsecured rating to 'CCC+'/'RR6' (RWN) from
'B'/'RR4' (RWN) and withdrawn the rating.

Disposal-supported deleveraging and refinancing of the group's
near-term secured bank fundings still have execution risks.
Resolution of the RWN is contingent on GTC's progress in
refinancing other, predominantly German residential portfolio, bank
loans.

Fitch Ratings is withdrawing the senior unsecured rating as the
bonds were repaid in full.

Key Rating Drivers

Bond Refinancing Completed: In March 2026, GTC used the remaining
secured bond funds on escrow (EUR237 million) and its own funds to
redeem the previous untendered EUR299 million of GTC Aurora's June
2026 unsecured bond. The redemption was executed at par.

Secured Bond Conditions Completed: Following the redemption of the
unsecured bond, the EUR523 million collateral package of assets,
including income-producing properties of EUR349 million, was
allocated to the new secured bond issue initially issued by GTC
Finance DAC. GTC Aurora has assumed the new EUR455 million secured
bond, which is now additionally guaranteed by GTC.

Maturing Banking Loans Partially Addressed: Within the group, GTC
is making progress in negotiations for refinancing or extending
about EUR410 million secured banking loans maturing in 2026. With
the June 2026 bond repayment completed, the execution risk of
refinancing banking loans may reduce, and banks may be more open to
refinancing their funding. However, resolution of the RWN requires
greater momentum in completing sustainable, long-dated, affordable,
financing within the group.

Deconsolidated Portfolio Analytical Approach: Fitch does not use
GTC's consolidated profile, which includes the residential-for-rent
portfolio in Germany (19% of GTC's assets) acquired from Peach
Properties Group AG (IDR: B/Stable) in December 2024. As the
resultant metrics lack comparable central and eastern Europe (CEE)
weighted peers with exposure to German residential assets, Fitch
insteads applied a 'B' rating category 21x net debt/rental-derived
EBITDA benchmark to GTC's German residential portfolio and allocate
any excess debt (above the 21x debt capacity) to its CEE commercial
property profile.

German Portfolio Impact on Leverage: Fitch assumes no residential
property disposals in its approach, while Fitch acknowledges the
company is working on disposing some of the portfolio acquired from
Peach, given few sales to date and an unconducive investment
market. This results in adding EUR190 million-210 million of debt
annually above the 21x debt capacity to GTC's commercial property
portfolio profile in 2026-2029, which increases its net debt/EBITDA
by about 2.0x.

Residential Portfolio Interest Burden: Fitch calculates that GTC's
commercial property profile's interest cover is 1.4x-1.5x in
2025-2028. This ratio includes deduction of debt servicing
shortfall on an acquisition loan held at the German residential
portfolio. Fitch deducts these interest shortfall amounts from
GTC's EBITDA of EUR14 million-17 million annually during 2025-2028,
assuming delayed residential disposals.

Disposal and Development-Driven Deleveraging: During 1Q25-3Q25, GTC
closed disposal transactions of land plots in Poland and GTC X in
Belgrade, raising net proceeds of about EUR88 million. A further
EUR36 million of properties was scheduled to be sold in 4Q25. The
deleveraging is contingent on disposal proceeds from CEE assets
that Fitch forecasts to total over EUR300 million during 2025-2028.
Fitch forecasts the company's 2025 adjusted net debt/EBITDA will be
13.8x and fall to 12.5x in 2028.

Challenging CEE Office Portfolio: Occupancy of the total CEE
portfolio remained nearly unchanged at 85% at end-September 2025
(end-2024: 86%). The occupancy is dragged down by low 81% occupancy
in offices, especially in Poland (76% occupancy) struggling with
continued high vacancies in regional cities. The average office
rent slight decreased to EUR17.4 per square metre (sqm)/month
(2024: EUR17.5) and the actual average rent continues to exceed
estimated rent values (ERVs) in all GTC's office markets except
Romania. The weighted average unexpired lease term (WAULT
)shortened to 3.6 years at end-September 2025 (end-2024: 3.8
years).

Robust Retail Portfolio Performance: GTC's six retail assets,
located predominantly in capital cities, benefit from the resilient
purchase power of CEE households, rising tenants' sales and stable
footfall. Occupancy slightly improved to 97% at end-September 2025
and the WAULT remained at 3.7 years. GTC's largest retail asset
(constituting one-third of its retail portfolio), the Galeria
Północna mall (valued at EUR239 million, 65,000sqm of space)
faces high competition in north, Warsaw resulting in an unimproved
92% occupancy and a below-ERV average rent of EUR18.4/sqm/month.

Peer Analysis

GTC's EUR2.4 billion portfolio is similar in size to Globalworth
Real Estate Investments Limited's (BBB-/Stable) EUR2.5 billion
office-focused portfolio. NEPI Rockcastle N.V.'s (BBB+/Stable)
EUR7.7 billion retail-focused portfolio is over three times larger.
However, only GTC's portfolio benefits from meaningful asset class
diversification with offices (51% of market value), retail (30%)
and residential-for-rent in Germany (19%), as reflected in its
looser leverage rating sensitivities.

Its closest peers' assets are in CEE. By market value, 39% of GTC's
CEE income-producing assets are in Poland (A-/Negative), 5% in
Croatia (A-/Stable) and the rest in four countries rated in the
'BBB' rating category or below. This results in an average country
risk exposure similar to that of NEPI, which operates in eight
countries, with about 40% of assets located in countries rated 'A-'
or above. Globalworth's average country risk is similar, but its
assets are almost equally split between Poland and Romania
(BBB-/Negative).

Fitch expects GTC's residential-adjusted net debt/EBITDA to remain
higher than peers. Adjusted for the German residential-for-rent
portfolio's excess debt, Fitch forecasts GTC's adjusted leverage to
decrease to 12.5x in 2028 (2025: 13.8x). This compares unfavourably
with Globalworth's net debt/EBITDA at 8.1x-8.5x or NEPI's max 5.1x
during 2025-2028.

GTC's CEE portfolio quality is broadly similar to that of
Globalworth and NEPI, although not all CEE peers have directly
comparable net initial yield data (annualised net rents/investment
property asset values).

Fitch’s Key Rating-Case Assumptions

Assumptions for the German residential-for-rent portfolio:

- Like-for-like (lfl) rents to increase 3% year-on-year consistent
with the previous owner's historical performance and the regulated
Mietspiegel and Kappungsgrenze's rent frameworks; rental yield at
8% of capex for the retained portfolio

- EBITDA margin of about 40% that reflects stable occupancy and
void costs

- Debt, including loans, secured on residential assets, the EUR190
million acquisition funding, plus interest expense on additional
debt funding for the retained portfolio's tenant improvement capex

Assumptions for the GTC portfolio:

- Rental income modelled on an annualised rent basis

- Rental income fluctuates due to timing of disposals and completed
developments; average 1% lfl increase in rent a year due to CPI
indexation of leases, fluctuations of occupancy and some rent
changes on lease renewals

- Committed and uncommitted capex totalling about EUR230 million
during 2025-2028

- No cash dividend payments in 2026-2028

- About EUR300 million of cash proceeds related to disposals of
income-producing assets and land plots during 2025-2028, not
including proceeds from the sale of Kildare Innovation Campus in
Ireland

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, Higher), Access to Capital (b+,
Moderate), Liability Profile (b+, Moderate), Property Portfolio
(bbb, Moderate), Rental Income Risk Profile (bb+, Moderate),
Profitability (bbb-, Moderate), Financial Structure (b, Higher),
and Financial Flexibility (b+, Higher).

- Assessments of the quantitative financial subfactors include
bespoke calculations.

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

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

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

- The SCP is 'b'.

Recovery Analysis

Its recovery analysis assumes that GTC's portfolio would be
liquidated rather than restructured as a going concern in a
default. Fitch also assumes no cash and receivables are available
for recoveries.

Secured Bond

Recoveries for the EUR455 million secured bond are based on the
EUR349 million income-producing investment properties collateral
package, which are now pledged to the secured bond. Fitch applies a
standard 20% discount to the asset values and deducts an additional
standard 10% for administrative claims, leaving EUR251 million
available to secured creditors. In its analysis, the remaining
EUR204 million shortfall is guaranteed by GTC on a senior unsecured
basis.

Its waterfall-generated recovery computation generates recoveries
for the EUR455 million secured bond, consistent with a 'RR3'
Recovery Rating, based on current metrics and assumptions,
resulting in one-notch uplift from the 'B' IDR.

Senior Unsecured

Recoveries for unsecured creditors claims are based on the
consolidated end-September 2025 EUR2.39 billion of income-producing
assets. However, EUR0.99 billion of assets are pledged to the
secured banking loans at the GTC level, EUR238 million assets are
held by GTC Magyarorszag Zrt (GTC M), EUR813 million assets are
held by GTC Paula SARL and EUR349million has been allocated as a
collateral of the EUR455 million secured bond. Therefore,
effectively, no value of investment property assets remain is
available to GTC's unsecured ranking claims.

Unsecured ranking claims (totalling EUR447 million) include the
Fitch-calculated shortfall on GTC Aurora's secured notes uncovered
by the collateral package and shortfalls under the GTC M bonds and
the GTC Paula SARL acquisition loan, which are all guaranteed by
GTC. Assets held by GTC M and GTC Paula SARL will be used primarily
to cover most of their secured and unsecured debt, with only their
shortfalls guaranteed by GTC on an unsecured basis. The Recovery
Rating of 'RR6' indicates two notches below the IDR resulting in a
'CCC+' senior unsecured rating. As GTC Aurora's unsecured bond
(which used GTC's senior unsecured rating) has been prepaid, this
rating is withdrawn.

RATING SENSITIVITIES

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

- Unsuccessful or disrupted refinancing of debt

- Fitch-adjusted net debt/EBITDA above 14.5x

- EBITDA net interest coverage below 1.0x

- Loan-to-value of about 65%

- Operating metric deterioration including occupancy below 90%,
weighted average lease term (including tenants' earliest breaks)
below three years and lfl rental decline

- 12-month liquidity score below 1.0x

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

- Progress in mitigating the refinance risk of near-term secured
bank debt funding

- Fitch-adjusted net debt/EBITDA below 13.5x

- EBITDA net interest coverage above 1.25x

- Weighted average debt tenor above five years

- An improved operating profile with a longer lease tenor, lfl
rental growth and a group occupancy rate above 90%

Liquidity and Debt Structure

At end-September 2025, GTC held readily available cash of about
EUR87 million and EUR44 million in the 'blocked' account for the
June 2026 bond maturity refinancing. With this cash and the interim
mechanism of the remaining EUR237 million proceeds from the new
EUR455 million secured bond, the company redeemed the remaining
EUR299 million of unsecured bond in March 2026 left after the
tender in October 2025.

Other debt liabilities due by end-2026 are secured bank loan
repayments and amortisations totaling about EUR410 million,
including about EUR145 million loans secured on German residential
assets and about EUR260 million of loans secured on CEE properties
(with some extensions already negotiated). The group does not have
a committed revolving credit facility as a liquidity buffer. GTC
may use multiple strategies to address maturing debt, including
loans extensions and asset disposals.

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 Climate.VS for 2035 is 31 out of 100. This reflects a VSp of 20
and a VSt of 25. The results of its Climate.VS screener did not
indicate an elevated risk for GTC.

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
   -----------       ------                    --------   -----
Globe Trade
Centre S.A.    LT IDR B Rating Watch Maintained           B

   senior
   unsecured   LT  CCC+ Downgrade                 RR6     B

   senior
   unsecured   LT    WD Withdrawn

GTC Aurora
Luxembourg
S.A.

   senior
   unsecured   LT  CCC+ Downgrade                 RR6     B

   senior
   unsecured   LT    WD Withdrawn

   senior
   secured     LT    B+ New Rating                RR3     B+(EXP)



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

DEOLEO SA: S&P Withdraws 'B-' Long-Term Issuer Credit Rating
------------------------------------------------------------
S&P Global Ratings withdrew all its ratings on Deoleo S.A. and on
its debt, including the 'B-' long-term issuer credit rating, at the
issuer's request. At the time of the withdrawal, the outlook on its
issuer credit rating was stable.


SANTANDER CONSUMER 2020-1: DBRS Discontinues BB(high) on E Notes
----------------------------------------------------------------
DBRS Ratings GmbH (Morningstar DBRS) discontinued its credit
ratings on the Series A, Series B, Series C, Series D and Series E
Notes (together, the Rated Notes) issued by Santander Consumer
Spain Auto 2020-1, FT (the Issuer).

The discontinuations reflect the full repayment of the Rated Notes
following the early liquidation of the Fund on the 20 March 2026
payment date. Prior to their repayment in full, the credit ratings
and the outstanding principal balances of the Rated Notes were as
follows:

-- Series A Notes rated AA (high) (sf); EUR 39,407,940.00
-- Series B Notes rated AA (low) (sf); EUR 3,723,876.00
-- Series C Notes rated A (high) (sf); EUR 2,948,068.50
-- Series D Notes rated BBB (high) (sf); EUR 2,637,745.50
-- Series E Notes rated BB (high) (sf); EUR 1,551,615.00




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

VAT GROUP: S&P Affirms 'BB+' Issue Rating, Alters Outlook to Pos.
-----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Switzerland-based
VAT Group AG to positive from stable and affirmed its 'BB+'
long-term issuer rating.

The positive outlook indicates that S&P may raise the rating by one
notch within the next 12 to 24 months, provided VAT Group maintains
its EBITDA margin above 30%, while continuing to improve its scale
and market share in its niche, as well as maintaining adjusted debt
to EBITDA below 1.5x.

As the leading supplier of high-end vacuum valves, VAT Group is
well-positioned to benefit from growing demand driven by
investments in AI-related semiconductor capacity and the increasing
complexity of advanced chip manufacturing processes. S&P projects
revenue growth of 14%-15% per year over 2026-2027, driven by
favorable industry dynamics, and adjusted EBITDA margin of 32%-33%,
supported by higher volumes and improved operating leverage.

S&P said, "We anticipate VAT Group will continue to gain market
share in its niche and expand its scale, supported by its sustained
technological leadership, following a 25 percentage point market
share increase to 71% over the past decade.

"Furthermore, we expect the group will maintain a conservative
balance sheet, supported by its strong cash flow generation, with
adjusted debt to EBITDA of 0.4x in 2026 and 0.3x in 2027."

VAT Group is poised to benefit significantly from the accelerating
demand for advanced-node technologies, driven by investments in
AI-related semiconductor capacity. As the leading supplier of
critical vacuum valves and components essential for wafer
fabrication equipment, in particular for etching and deposition
tools, VAT Group is strategically positioned within the
semiconductor supply chain. Increased investment in AI-capable data
centers and the rising demand for high-performance devices are
fueling demand for advanced logic and memory chips manufactured
using leading-edge, vacuum-intensive technologies. The ongoing
technological shift toward sub-2 nanometer (nm) node sizes,
innovative architectures like gate-all-around transistors, and the
increasing use of vacuum processes in advanced packaging will
further enhance the complexity and vacuum intensity of chip
manufacturing. With a market share of 71% in 2025, and over 90% in
leading-edge applications, VAT Group is well positioned to capture
a disproportionate share of the projected growth in the wafer
fabrication equipment (WFE) market, which the company expects will
expand to over US$150 billion by 2029 from approximately US$115
billion in 2025. S&P anticipates VAT Group will outperform its core
markets and project revenue growth of 14%-15% annually over
2026-2027, supported by these favorable industry dynamics.

S&P said, "We expect VAT Group's technology leadership, underpinned
by consistent and substantial investments in research and
development (R&D), will sustain its growth trajectory and drive
continued market share gains. Since 2015, the company has increased
its market share by approximately 25 percentage points to 71% and
expanded its revenue to Swiss franc (CHF)1.1 billion in 2025 from
CHF411 million in 2015--a compound annual growth rate of around
10%. In 2025, VAT Group achieved a record of 150 specification
wins, up 14% from 2024, with roughly half originating in
leading-edge applications. These refer to new contracts that
usually convert into revenue in the next two to five years. We
believe this demonstrates VAT Group's ability to keep up with
technological advancements in evolving semiconductor technology,
having supplied vacuum valves used in manufacturing processes from
1,500nm nodes in 1988 to 2nm and smaller. VAT Group maintains a
robust innovation pipeline, supported by a team of over 400
scientists and research engineers globally and a portfolio of
approximately 500 patents, which creates a significant barrier to
entry. While the group aims to invest about 5% of sales in R&D over
the cycle, this ratio has been higher in recent years, at 7% in
2025 and 6.5% in 2024. We forecast a continued high pace of R&D
investments at 7% of sales over 2026-2027 in preparation for future
technological inflection points in semiconductor manufacturing,
which will support further market share gains in its niche.

"We project S&P Global Ratings-adjusted EBITDA margin will improve
to 32% in 2026 and 33% in 2027, from 29.4% in 2025, driven by
higher volumes and improved operating leverage. The margin
improvement will be further supported by a favorable product mix
shift toward higher-margin service revenue, where reported EBITDA
margin stood at 46% in 2025, compared with 30% in the valve
segment, as high fabrication utilization rates and demand for
manufacturing capacity will drive upgrading activity.

"Given VAT Group's significant exposure to the semiconductor
end-market, which accounted for 68% of sales in 2025, its margin
profile is subject to the cyclical nature of the industry. We
believe the group is able to mitigate some of this volatility
through its flexible operating model, with two-thirds of the costs
being variable and 75% of components being outsourced. The group is
also continuously increasing the share of components sourced from
best-cost countries, which reached 34% in 2024 (latest available
data) compared with 30% in 2022, with a target of 55% by 2027,
which will further enhance cost flexibility. We view positively
that VAT Group was able to maintain good EBITDA margins of 31% on a
reported basis in 2023, when the WFE market went through a cyclical
low. In our view, this performance compares favorably with the 27%
achieved in the 2019 downturn and 23% during the 2008 financial
crisis. We therefore believe that the continued cost improvements
will enable the group to maintain margins of at least 30% on a
reported basis during downturns, at the lower end of its 30%-37%
guidance range, and well above that during periods of growth."

VAT Group's recent capacity investments pave the way for strong
free cash flow generation, with no immediate need for significant
additional capital expenditure (capex). Between 2022 and 2024, VAT
Group invested in expanding the capacity of its manufacturing
facility in Malaysia to over CHF1.2 billion, resulting in the
group's S&P Global Ratings-adjusted capex increasing to 6% of sales
on average during this period, compared with 3% during 2019-2021.
Combined, the production sites in Switzerland and Malaysia have
available factory output of CHF2.3 billion at full capacity
utilization, more than double the group's sales of CHF1.1 billion
in 2025. This ensures that VAT Group is prepared to meet the
anticipated growth without material additional capex investments.
S&P also views positively that the group is seen as a dual-source
supplier by its customers, thanks to the ability to produce its
full product portfolio at both the Swiss and Malaysian facilities.
In addition, the group also inaugurated a third manufacturing site
in Romania in 2025, which serves as an internal supplier.

S&P said, "As a result, we forecast capex moderating to 5.3% of
sales in 2026 and 4.5% in 2027, equivalent to CHF60 million-CHF70
million per year, mainly for continued investments in automation.
Coupled with resilient profitability, this will drive strong free
operating cash flow (FOCF) of about CHF200 million in 2026 and
CHF250 million-CHF300 million in 2027.

"While VAT Group's customer base exhibits some concentration, we
believe its strong relationships with leading semiconductor
original equipment manufacturers (OEMs) mitigate associated risks.
The group's three main customers represented 43% of sales in 2025
(45% in 2024), with revenue from these customers accounting for
approximately 16%, 14%, and 13% of total sales, respectively. This
concentration is largely attributable to the structure of the
semiconductor market, as node size shrinkage over the last decades
has resulted in considerable consolidation among integrated device
manufacturers and OEMs, with only a limited number operating at the
smallest node sizes. We believe the risks associated with this
concentration are offset by the financial strength and market
positions of VAT Group's key customers, many of which are leading
semiconductor OEMs (such as Applied Materials, Lam, TEL, ASML, and
ASMI), with whom VAT Group has well-established relationships. We
note that VAT Group's customer concentration has improved over
time, as the two top customers accounted for 40% of sales in 2021,
benefitting from the emergence of new Chinese OEMs in the
semiconductor space.

"We anticipate that VAT Group will maintain a conservative balance
sheet through the cycle. In January 2026, the group repaid its
CHF200 million term loan due May 2026 early and upsized its
existing revolving facility of CHF250 million through an
incremental facility of CHF125 million. As a result, the group's
debt now consists solely of drawings under the upsized CHF375
million revolving facility. We expect the group to maintain low
leverage, supported by its limited quantum of debt and strong cash
flow generation, with S&P Global Ratings-adjusted debt to EBITDA of
0.4x in 2026 and 0.3x in 2027.

"Our current base case incorporates no acquisitions, as VAT Group
has historically prioritized organic growth. However, we understand
that the group may pursue smaller, complementary
acquisitions--similar to the CHF1.6 million sensor business
acquisition in 2021--to expand into adjacent markets. We also
project dividend payments of CHF210 million in 2026 and CHF235
million in 2027, representing about 90% of the previous year's
FOCF. This is in line with the group's stated dividend policy of
distributing up to 100% of free cash flow to equity. We anticipate
FOCF to significantly exceed shareholder returns, providing ample
headroom for continued R&D investments, as well as potential small
acquisitions. We also believe that, given its aim to maintain a
strong balance sheet, VAT Group could adapt dividend distributions
to changing market conditions or consider reducing the payout if a
larger acquisition target materializes.

"While we do not foresee material direct impacts to VAT Group from
the Middle East war, broader geopolitical uncertainty could delay
investments in AI-related semiconductor capacity. This could
potentially affect the projected growth trajectory of the WFE
market and, consequently, VAT Group's revenue growth. S&P Global
Ratings believes there is a high degree of unpredictability around
the duration and scale of the Middle East war, and its potential
effect on commodity prices, supply chains, economies and credit
conditions. As a result, our baseline forecasts carry a significant
amount of uncertainty. As situations evolve, we will gauge the
macro and credit materiality of potential shifts and reassess our
guidance accordingly.

"The positive outlook indicates that we may raise the rating by one
notch within the next 12 to 24 months, provided VAT Group maintains
its EBITDA margin above 30%, while continuing to improve its scale
and market share in its niche. In addition, we expect VAT Group to
maintain adjusted debt to EBITDA below 1.5x and to demonstrate a
flexible financial policy, balancing shareholder remuneration with
potential strategic acquisitions."

S&P could revise the outlook to stable if the company fails to
maintain its EBITDA margins at around 30%. This could occur if:

-- VAT Group is unable to adapt to a sharp cyclical decline in its
end markets;

-- The group loses its dominance of the market and one of its
major clients migrates to another supplier; or

-- A breakthrough innovation were to alter the demand for vacuum
valves, resulting in a declining market for the company.

S&P said, "We could also revise the outlook to stable if the
company were unable to maintain its debt to EBITDA well below 1.5x.
This could materialize, for example, if it pursued a more
aggressive dividend policy that resulted in materially negative
discretionary cash flow or larger debt-financed acquisitions
without adjustments to the dividend payout.

"We could raise the rating if VAT Group continues to increase its
revenue base and market share in its niche, while maintaining an
EBITDA margin above 30% and its debt to EBITDA comfortably below
1.5x."



===========
T U R K E Y
===========

TAV AIRPORTS: S&P Affirms 'BB' ICR on Resilient Cash Flows
----------------------------------------------------------
S&P Global Ratings affirmed its issuer credit rating on TAV
Airports at 'BB' and its issue rating on TAV's 8.5% $400 million
senior unsecured notes due 2028 at 'BB-'.

The stable outlook reflects S&P's expectation that the group will
maintain funds from operations (FFO) to debt comfortably above 10%,
with sound liquidity to manage capital expenditure (capex) plan and
future debt maturities.

Although Middle East traffic makes up only 3.5% of TAV's total
traffic, S&P believes the conflict may depress summer leisure
traffic, while the evolution of inflation and the foreign exchange
rate are also uncertain.

The recently secured five-year extension of TAV's Tbilisi airport
concession (to 2031) reinforces group's cash flows, and combined
with good portfolio diversification and spending flexibility, S&P
anticipates that TAV can withstand scenarios of traffic disruptions
due to the conflict in the Middle East.

S&P said, "In our view, TAV's portfolio diversification and limited
Middle East exposure mitigate the impact of the regional conflict
on traffic volumes, for now. As the war persists, we now anticipate
traffic growth will slow to 0%-1% (excluding Madinah and Zagreb
airports) in 2026, with 2.0%-3.0% growth expected thereafter, down
from a prior estimate of 2.5%-3.0%. We estimate that TAV's Middle
Eastern traffic flows on a total portfolio basis account for 3.5%
of total traffic (excluding equity affiliates such as Medina
Airport in Saudi Arabia), or 7% including Medina and Zagreb, and
TAV's exposure is limited to its Turkish (2.3% of traffic) and
Georgian airports (about 30% of traffic). There is minimal Middle
Eastern exposure at other airports, offsetting these traffic
disruptions. We note TAV's current traffic disruptions coincide
with the airports' low season, and the majority of TAV's traffic
comes from Germany, Russia, and the U.K. (about 40% across the
portfolio and almost 60% within Turkish airports), contributing
disproportionately to revenue due to higher airport charges and
per-passenger spend.

"However, given TAV's dependency on tourism and proximity to the
conflict area, our revised forecast reflects uncertainty stemming
from weaker economic conditions and security risks, which could
depress passenger volumes beyond direct Middle East routes. Our
base case for the Middle East war assumes the most intense phase of
the conflict in the Middle East to ease over the course of April.
However, acknowledging the risk of spillovers, our analysis of TAV
incorporates a three-month period of potential traffic disruptions.
Nevertheless, a prolonged conflict could further dampen traffic
volumes at TAV's airports, particularly if higher ticket prices
(driven by higher jet fuel prices) and weakened travel demand for
destinations served by the group start to impact the group's key
summer season. Unlike other airport peers, TAV would not be
supported by a regulatory mechanism to recuperate lost traffic.
That said, the group demonstrated resilience in 2025, achieving 6%
overall traffic growth (higher than our expectations) despite lira
appreciation and geopolitical factors, with strong gains in Georgia
(+16%), Ankara (+8%), and Izmir (+10%) offsetting slower growth in
Antalya (2.7%) and Bodrum (2.1%), which have higher international
traffic.

"TAV's Tbilisi airport's five-year concession extension (now
maturing on Dec. 31, 2031) will strengthen group cash flows amid
ongoing geopolitical risks. Signed with the Georgian government in
January 2026, we forecast the extended concession to operate
Tbilisi airport will generate EUR75 million-EUR100 million EBITDA
per year, with margins of about 70%. The extension includes a US$25
million upfront payment along with an investment commitment of
US$150 million, which is fully debt funded with a two-year
amortization grace period. Although the fee structure remains the
same, concession rent has been revised to 30% of the passenger fee
starting in 2027 (previously being 10% of landing and ground
handling gross revenue). The investments will increase overall
capacity of the airport to cater for more than 10 million
passengers. While TAV's airports in Georgia have the highest
exposure to the Middle East and have seen around a sharp drop in
passenger traffic since the start of the war, we still anticipate
annual traffic growth of about 3% from 2027.

"Despite weaker growth prospects, we expect that TAV's financial
strength will allow it to withstand the short-term effects of the
war in the Middle East. While TAV's FFO to debt in 2025 improved to
about 13%-14% (pending Antalya's 2025 proportional adjustments)
from 10.9% in 2024, we anticipate that operational disruptions due
to the regional conflict combined with elevated capital spending
could delay further deleveraging, depending on the conflict's
length. Nevertheless, we expect TAV's FFO to debt to remain above
10% over the next three years, commensurate with the 'BB' issuer
credit rating. Alongside the concession extension in Georgia, we
anticipate tariff increases in certain concessions will support
group cash flows. Namely at Ankara (following its renewed
concession in 2025) and Almaty (as a result of its new terminal) in
2026 and in 2027, at Antalya coinciding with the start of its new
concession. This cash flow resiliency will support continued
capital spending, including US$150 million (EUR126 million) for the
concession extension at Tbilisi airport and EUR150 million at
Almaty in 2026, before normalizing in 2027 to EUR75 million-EUR100
million annually for maintenance and refurbishments. Despite
elevated spending, we expect the group's capex flexibility and cost
control to support financial metrics even in a sensitivity scenario
where a more prolonged conflict could lead to a traffic contraction
in 2026 of about 3.5%.

"We believe the predominance of hard currency revenue generation
supports the rating at the level of our 'BB' transfer and
convertibility (T&C) assessment on Turkiye. We estimate that about
55%-60% of TAV's adjusted EBITDA will continue to be generated from
operations in Turkiye, followed by Kazakhstan and Georgia, each
contributing about 15%. As a result, we assess the relevant
sovereign risk as a blended weighted average of these three
countries, currently one notch above Turkiye's (BB-/Stable/B).
Additionally, because TAV's stand-alone credit profile (SACP) is
below our 'BB' T&C assessment on Turkiye, we add a one-notch uplift
for group support from its largest shareholder, Aeroports de Paris
(A-/Stable/--; 46% stake). However, this would not apply if the
SACP were to improve, as TAV's final rating cannot exceed our T&C
on Turkiye on account of extraordinary group support. TAV's sizable
offshore cash reserves and 75% hard currency revenue stream are key
credit strengths, particularly given its hard currency-denominated
debt. With manageable debt maturities, we expect successful
refinancing well in advance of the due date, particularly for the
$400 million notes due in 2028.

"The stable outlook reflects our expectation that TAV will maintain
S&P Global Ratings-adjusted FFO to debt comfortably above 10%, with
positive free operating cash flow (FOCF). We expect the group can
successfully execute its capex plan, while proactively managing its
liquidity and refinancing needs.

"We could take a negative rating action if TAV is unable to
maintain leverage commensurate with its 'BB' rating or if the group
is unable to manage its capex plan and refinancing needs with a
sufficient liquidity buffer." This could materialize, for example,
if:

-- Larger capex, acquisitions, or significantly weaker traffic
than currently anticipated were to depress FFO to debt
substantially below 10% or result in significant negative FOCF;

-- The group was not proactively managing its liquidity, capex,
and refinancing needs, or did not maintain sufficient offshore
account reserves to mitigate exposure to the Turkish lira.

S&P said, "We could also take a negative rating action on TAV if we
lowered our T&C assessment or sovereign credit rating on Turkiye by
one notch.

"We see rating upside as unlikely at this stage.

"Absent changes to our T&C assessment on Turkiye, TAV's SACP would
need to strengthen by at least two notches to 'bb+' to trigger a
positive rating action, which we consider unlikely given our
current forecasts. This is because we cannot apply notches for
extraordinary group support to rate a company above the T&C
assessment.

"An upgrade could also stem from TAV improving its SACP by one
notch to 'bb', combined with a sovereign upgrade on Turkiye and an
upward revision of the T&C assessment. An improvement of the
company's SACP could materialize if the company's leverage were to
fall, such that FFO to debt improved to more than 15% on a
sustainable basis. Nevertheless, we note that the outlook on the
sovereign rating is stable."



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

ACCESS COMMUNITY: FRP Advisory Appointed as Administrators
----------------------------------------------------------
Access Community Trust (Company Number 07140266) was placed into
administration in the High Court of Justice, Court Number
CR-2026-001471 and Richard Bloomfield (IP No. 28390), Christopher
McKay (IP No. 9466) and Philip David Reynolds (IP No. 21190)  of
FRP Advisory Trading Limited were appointed as Administrators on
March 11, 2026.

The company operates in charity service activities.

The company's registered office is at Sams Cafe, 132 Bevan Street
East, Lowestoft, NR32 2AQ in the process of being changed to
Dencora Court, 2 Meridian Way, Norwich, Norfolk, NR7 0TA.

Its principal trading addresses are:

   24a Carr Street, Ipswich, IP4 1EJ  
   Beaconsfield House, 7 Surrey Street, Lowestoft, NR32 1AE  
   Bostock House, 9 Commercial Road, Lowestoft, NR32 2TD  
   Bridge View, 8 Commercial Road, Lowestoft, NR32 2TD  
   Safe to Stay Hub, Denmark House, 220/222 Denmark Road,
Lowestoft, NR32 2EN  
   Elm House, Elm Road, Thetford, IP24 3HL  
   Tanner St, Thetford (Café and upstairs office), IP24 2BQ  
   Fyffe Centre, Belvedere Road, Lowestoft, NR33 0PR  
   John Room House, London Road, Thetford, IP24 3JA  
   Nouvotech House, Harbour Road, Oulton Road, Lowestoft, NR32 3LZ

   Olive Centre, Clapham Road South, Lowestoft, NR32 1QS  
   Phoenix House, 45/46 Kirkley Cliff, Lowestoft, NR33 0DF  
   Sams Lowestoft, 132 Bevan Street East, Lowestoft, NR32 2AQ  
   Steam Café, The Malthouse, 8 Elsey's Yard, Bury St Edmunds,
IP33 3AA  
   Steam Café, 140 High Street, Gorleston, NR31 6RB  
   Steam Café, 102 High Street, Kings Lynn, PE30 1BW  
   Waveney Centre, New Market, Beccles, NR34 9HE  

The Administrators can be reached at:

   Richard Bloomfield (IP No. 28390)  
   Christopher McKay (IP No. 9466)
   Philip David Reynolds (IP No. 21190)  
   FRP Advisory Trading Limited
   Dencora Court  
   2 Meridian Way  
   Norwich, Norfolk, NR7 0TA

Alternative contact for enquiries on proceedings:

   Jordan Fawcett  
   Tel. No: 01603 703 173  
   Email: Jordan.Fawcett@frpadvisory.com  

AFERIAN PLC: FRP Advisory Appointed as Joint Administrators
-----------------------------------------------------------
Aferian PLC was placed into administration in the High Court of
Justice, Court Number CR-2026-001705. David Hudson (IP No. 8977)
and Philip Lewis Armstrong (IP No. 9397) of FRP Advisory Trading
Limited were appointed as Joint Administrators on March 6, 2026.

The company operates in television programming and broadcasting
activities.

The company's registered office is at FRP Advisory Trading Limited,
2nd Floor, 110 Cannon Street, London, EC4N 6EU. Its principal
trading address is Botanic House, 100 Hills Road, Cambridge, CB2
1PH.

The Joint Administrators can be reached at:

  David Hudson (IP No. 8977)  
  Philip Lewis Armstrong (IP No. 9397)  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London, EC4N 6EU  

For further details, contact:

  The Joint Administrators
  Tel: 020 3005 4000  
  Alternative contact: Bobby Cotter  
  Email: Bobby.Cotter@frpadvisory.com


ENERGEAN PLC: S&P Alters Outlook to Negative, Affirms 'B+' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on independent exploration
and production company Energean PLC to negative from stable. S&P
also affirmed its 'B+' long-term issuer credit rating on Energean
PLC and the 'BB-' issue rating on the EUR400 million senior secured
notes due 2031. The recovery rating remains at '2' (rounded
estimate: 70%).

The negative outlook reflects the risks related to the ongoing
conflict in Israel and the potential incremental negative pressure
on the company's credit metrics if production does not resume after
a few weeks.

Energean PLC reached production of 154 thousand barrels of oil
equivalent per day (kboepd) in 2025, with 85% derived from its
operations in Israel. S&P understands that on Feb. 28, 2026, the
Israeli government suspended production for security reasons.

S&P said, "We understand that Energean's assets in Israel remain
intact, and the group has sufficient liquidity to operate in the
country for at least 12 months, assuming creditor friendly measures
are implemented, should operations remain suspended for a prolonged
period. We also note that the group has no debt maturities before
March 2027 when its $125 million unsecured loan matures."

The negative outlook reflects heightened risk to cash flows due to
the conflict in the Middle East. The group's operations in Israel,
which account for 85% of production, were suspended on Feb. 28,
2026, as instructed by Israel's Ministry of Energy and
Infrastructure. Since then, local natural gas production and the
operation of its floating production, storage, and offloading
(FPSO) unit have been halted. S&P said, "While we understand that
the group's capital expenditure (capex) plans have not yet been
affected by the conflict, its cash generation has been materially
affected over the last month. Although the situation is rapidly
evolving and difficult to predict, the negative outlook indicates
the risk that security threats to its assets in Israel could
escalate, given its concentrated asset base and strategic role in
local energy supplies. We will continue to monitor the situation
and repercussions on the group's operations and cash generation."

S&P said, "We understand that Energean has sufficient liquidity to
sustain operations for at least 12 months, even if the suspension
of its operations in Israel is prolonged. This liquidity assessment
assumes supportive financial policies, such as a temporary
suspension in dividend payments and limitations on capital outlays.
We understand the group has limited operating expenses of up to $10
million per month in Israel if the production there remains
suspended. We anticipate that the group will be able to honor the
interest payments on all its debt. Liquidity is supported by cash
balances of $222 million, and availabilities under committed credit
facilities ($38 million). The group has no debt maturities until
March 2027 when a $125 million unsecured loan becomes due."

Energean's Israeli assets are insured by the local government for
direct, physical damage to assets caused by war or terrorism. The
group's assets in Israel are included in the compensation scheme
provided by the Israeli government under the Property Tax and
Compensation Fund Law.

The negative outlook reflects the risks related to the ongoing
conflict in Israel and the potential incremental negative pressure
on the company's credit metrics if production--which accounts for
the vast majority of Energean's cash flows--not resume after a few
weeks.

S&P said, "We could lower the rating on Energean if the security
and geopolitical risks in Israel deteriorate and negatively impact
the group's production and cash generation for more than several
weeks, and we do not see a credible path where funds from
operations (FFO) to debt reverts to 15% in the near term.

"We could revise our outlook to stable if we see a substantial
reduction in the geopolitical and security risks from the conflict,
translating into a supportive and stable operating environment and
credit metrics remaining commensurate with our rating (including
FFO to debt of 15%-20%)."


GOODGE STREET: FRP Advisory and BTG Begbies Named as Administrators
-------------------------------------------------------------------
Goodge Street (WS) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001891. David Hudson
(IP No. 8977), Simon Baggs (IP No. 29950) of FRP Advisory Trading
Limited, and Paul Cooper (IP No. 15452) of BTG Begbies Traynor
(London) LLP were appointed as Joint Administrators on March 12,
2026.

The company engages in the buying and selling of its own real
estate.

The company's registered office is at 134 Buckingham Palace Road,
London, SW1W 9SA (in the process of being changed to c/o FRP
Advisory Trading Limited, Derby House, 12 Winckley Square, Preston,
PR1 3JJ).

The Joint Administrators can be reached at:

  David Hudson (IP No. 8977)  
  Simon Baggs (IP No. 29950)  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London, EC4N 6EU  

  Paul Cooper (IP No. 15452)  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London, E14 5NR  

For further details, contact:

  The Joint Administrators
  Tel: 01772 440700  
  Alternative Contact: Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com


HOLBORN STUDIOS: Valentine & Co Appointed as Administrator
----------------------------------------------------------
Holborn Studios Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-001225. Mark Reynolds (IP
No. 8838) of Valentine & Co was appointed as Administrator on March
12, 2026.

The company operates as an operator and letting provider of
photographic studios.

The company's registered office is at 18 Hyde Gardens, Eastbourne,
East Sussex, BN21 4PT. Its principal trading address is 49/50 Eagle
Wharf Road, London, N1 7ED.

The Administrator can be reached at:

  Mark Reynolds (IP No. 8838)  
  Valentine & Co  
  Galley House  
  Moon Lane  
  Barnet, EN5 5YL  

For further details, contact:

  The Joint Administrators
  Tel: 020 8343 3710  
  Email: info@valentine-co.com
  Alternative contact: Lisa Pollack  


INDUSTRIAL FLOOR: BTG Begbies Appointed as Administrator
--------------------------------------------------------
Industrial Floor Treatments Ltd. (trading as IFT) was placed into
administration, and George Lafferty (IP No. 9584) of BTG Begbies
Traynor (Central) LLP was appointed as Administrator on March 10,
2026.

Previously known as Industrial Floor Treatments (Scotland) Limited,
the company provides floor and wall coverings.

The company's registered office and principal trading address is 10
Lithgow Place, East Kilbride, Glasgow, G74 1PW.

The Administrator can be reached at:

  George Lafferty (IP No. 9584)  
  BTG Begbies Traynor (Central) LLP  
  2 Bothwell Street  
  Glasgow, G2 6LU

For further details, contact:

  George Lafferty  
  Tel: 0141 222 2230  
  Email: glasgow@btguk.com  

  Alternative contact: Jennifer Warren  
  Tel: 0161 837 1700  
  Email: Jennifer.Warren@btguk.com


OCTANE DISTRIBUTION: Milsted Langdon Named as Joint Administrators
------------------------------------------------------------------
Octane Distribution Limited was placed into administration in the
High Court of Justice, Business and Property Courts in Bristol,
Court Number CR-2026-BRS-000037. Richard Warwick (IP No. 9741) and
Rachel Hotham (IP No. 12510) of Milsted Langdon LLP were appointed
as Joint Administrators on March 11, 2026.

The company operates in the wholesale trade of motor vehicle parts
and accessories, and business and domestic software development.

The registered office is currently Unit 4 Vantage Park, Goodwood
Drive, Sparkford, Somerset, BA22 7FQ, soon to be changed to
Winchester House, Deane Gate Avenue, Taunton, Somerset, TA1 2UH.
The principal trading address is Unit 4 Vantage Park, Goodwood
Drive, Sparkford, Somerset, BA22 7FQ.

The Joint Administrators can be reached at:

  Richard Warwick (IP No. 9741)  
  Rachel Hotham (IP No. 12510)  
  Milsted Langdon LLP  
  Winchester House  
  Deane Gate Avenue  
  Taunton, Somerset, TA1 2UH  

For further details, contact:

  Jason Bevan  
  Tel: 01823 445566  
  Email: JBevan@milstedlangdon.co.uk


SEPLAT ENERGY: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Seplat Energy Plc's Long-Term Issuer
Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also
affirmed its senior unsecured rating at 'B' with a Recovery Rating
of 'RR4'

The rating remains constrained by Nigeria's Country Ceiling of 'B'
due to the concentration of Seplat's assets and export funds flows
in the country.

The rating also reflects Seplat's increased scale, strong reserves
and greater diversification into offshore assets in Nigeria, which
strengthened its business profile following the acquisition of
Mobil Producing Nigeria Unlimited (MNPU). It also captures Seplat's
conservative balance sheet management. Fitch forecasts Seplat's
profits to cover higher capex and dividends while keeping EBITDA
net leverage below 1.0x through to 2029.

Key Rating Drivers

Country Risk Drives Rating: Seplat continues to source all its
production from Nigeria. Under Central Bank of Nigeria regulations,
export revenue must be transferred to domestic accounts within 90
days of receipt. The company transfers export proceeds to domestic
accounts before repatriating them to offshore accounts, typically
after 24 hours. This, alongside its exposure to Nigeria's operating
environment, continues to constrain the company's rating at
Nigeria's Country Ceiling of 'B'. Seplat has a policy to maintain
70% of its hard-currency balance in offshore accounts. However, the
cash-transfer mechanism currently offsets this structural
enhancement.

Production Growth Path: The contribution from the acquisition of
MPNU, completed in December 2024, increased Seplat's average
production to about 131,500 barrels of oil equivalent a day (kboed)
in 2025, from about 53,000 boed in 2024. The company targets
working interest production of 200 kboed by 2030. Growth will be
driven mainly by offshore output through an expanded drilling
programme, restoration of idle wells and development of gas assets.
Fitch conservatively assumes production growth up to 175 kboed by
2029.

Strong Reserve Life: Seplat's 2P reserves as of December 2025 were
1 billion boe. Based on 2025 production of 131 kboed, this implies
reserve life of about 20.8 years on a 2P basis. Projected
production growth may moderately reduce reserve life. At end-2025,
Seplat's 2C resources totalled 1.5 billion boe providing an option
for reserve replacement.

Capex and Dividends Increase: Fitch forecasts annual capex will
average about USD550 million in 2026-2029, compared with an average
of about USD205 million a year in 2022-2025, as Seplat invests in
growth. It also guides to cumulative dividends of USD1 billion in
2026-2029. Its forecast is about 25% lower due to its assumption of
oil prices reducing to midcycle levels and a more conservative view
of the production ramp-up. The cumulative distributions to
shareholders under its forecast are nonetheless about twice as high
compared to 2022-2025. The company's minimum payout is USD120
million. This provides flexibility to scale down distributions.

Moderate Leverage: Seplat targets EBITDA net leverage below 1.5x.
Fitch assumes that, despite higher dividends and capex,
Fitch-defined EBITDA net leverage will remain below 1.0x in
2026-2029. The company has about USD256 million of contingent
payments for the MPNU acquisition, subject to an oil price
threshold above USD70/bbl. Fitch does not assume those payments
under Fitch's oil price assumptions for 2026 and 2027.
Decommissioning obligations totalled USD0.8 billion at end-2025,
but Fitch does not expect most of them to materialise until the
mid-2030s. Liquidity is robust with cash and undrawn credit
facilities of USD0.75 billion at end-2025.

Gas Business Expands: Seplat's gas production was up 54% at about
29.6 kboed in 2025 and accounted for 23% of total hydrocarbon
volumes. The regulated gas price under the domestic supply
obligation for power generation, which accounts for about 30% of
Seplat's gas volumes, has been revised to USD2.42 per thousand
cubic feet (mcf) from USD2.18/mcf. Seplat sells the rest of its gas
to commercial companies at higher contract prices. This offsets
fluctuations in regulated prices and resulted in stable realised
prices of USD3.06/mcf in 2024 and USD2.95/mcf in 2025.

ANOH JV: The ANOH gas plant, a 50:50 joint venture with Nigerian
Gas Company Limited, achieved first gas in January 2026. Fitch
expects Seplat to benefit from wet gas sales and dividends from
ANOH based on its net 40% working interest. The facility has a
capacity of 300 mmcf/d. The project was previously planned to start
in 2025. The company has further gas expansion projects, including
the Sapele gas plant and the Oso-BRT project.

Moderate-Size Nigerian Independent Producer: Seplat's operations
are concentrated onshore in Nigeria's Niger Delta region. New
assets diversify its portfolio into shallow-water offshore
operations with three associated export terminals. Nigeria's oil
and gas sector faces high operational risks and regulatory
uncertainty. Fitch expects the addition of offshore assets will
help mitigate oil shipment disruption risk, which has historically
reduced deliveries from onshore assets.

Peer Analysis

Energean plc's (BB-/Stable) scale is larger than Seplat's at 154
kboed in 2025; however, its reserve life is lower at 17.5 years on
a 2P basis. Fitch expects Seplat's operating costs in 2026 to be at
USD14/boe versus USD10/boe for Energean.

Ithaca Energy (BB-/Stable) is smaller in scale than Seplat, with
2025 production of 119 kboed, and has shorter 2P reserve life of
approximately eight years. Ithaca has higher operating costs but
its operations benefit from higher-rated jurisdictional exposure in
the UK.

Harbour Energy PLC (BBB-/Stable) is much larger than Seplat with
2025 production of 474 kboed, has comparable operating costs per
barrel but its reserve life is much shorter at eight years on a 2P
basis.

Seplat's financial profile compares well with that of peers with
leverage metrics below Energean's and Harbour's and largely in line
with Ithaca's at gross leverage of 0.8x. However, the rating is
predominantly constrained by Seplat's lower operating environment
score relative to peers', driven by the sole exposure to Nigeria.

Fitch’s Key Rating-Case Assumptions

- Brent oil price and Henry Hub gas prices in line with Fitch's
price deck

- Total production growing to 175 kboed by 2029 from 145 kboed in
2026

- Dividends growing to USD210 million by 2029 from USD150 million
in 2026

- Capex averaging about USD550 million a year in 2026-2029

Corporate Rating Tool Inputs and Scores

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

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

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

- 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 an
adjustment of -1 notch(es).

- The SCP is 'b+'.

To derive the IDR:

- Country Ceiling considerations apply and result in an adjustment
of -1 notch(es).

Recovery Analysis

The recovery analysis assumes that Seplat would be restructured as
a going concern (GC) rather than liquidated in bankruptcy.

Seplat's post-reorganisation GC EBITDA is estimated at USD800
million, which assumes a drop in EBITDA, due to risks associated
with hydrocarbon-price volatility, potential unplanned downtime or
other adverse factors, followed by a modest recovery including
corrective actions.

Fitch has applied a 4x enterprise value (EV)/EBITDA to calculate a
GC EV, reflecting the risks associated with the operating
environment in the Niger Delta region.

Its waterfall analysis assumes Seplat's USD400 million senior
secured RCF and USD80 million Westport reserve-based lending
facility are fully drawn and rank senior to Seplat's USD650 million
senior unsecured notes.

Fitch's analysis, after deducting 10% for administrative claims,
resulted in a waterfall-generated recovery computation for the
senior unsecured notes in the 'RR4'band, indicating a 'B'
instrument rating.

RATING SENSITIVITIES

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

- A downgrade of Nigeria's rating

- EBITDA net leverage consistently above 3.0x

- Longer-than-forecast downtime as a result of unforeseen events,
resulting in a material loss of production

- Failure to maintain sufficient liquidity to absorb potential
pipeline downtime shocks

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

- An upgrade of Nigeria' s sovereign rating or consistent record of
Seplat' s offshore structural enhancements

- A meaningful diversification of operations to countries with a
more favourable operating environment than Nigeria while
maintaining strong credit metrics

- EBITDA net leverage consistently below 2.0x

Liquidity and Debt Structure

Seplat maintains adequate liquidity including USD332 million of
cash at end-2025, with an additional fully undrawn USD400 million
RCF due in 2029 and USD24.8 million undrawn under a USD80 million
Westport reserve base lending facility due in 2030. The company has
no material maturity until December 2027 when a USD300 million
advance payment facility is due, while its USD650 million senior
notes mature in 2030.

Issuer Profile

Seplat is a medium-sized independent oil and gas exploration and
production company located in Nigeria. The company has stakes in
several oil and gas fields yielding working interest production of
132 kboe/d in 2025 (53 kboe/d in 2024).

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 Climate.VS for 2035 for Seplat Energy Plc is 51. This score
indicates a high risk from the energy transition, which is in line
with the industry average. Key transition risks arise from
potential reductions in demand driven by policies designed to
reduce the use of oil and gas in the global economy and, in the
shorter term, from policies designed to limit greenhouse gas
emissions from oil and gas production. At present this risk does
not have a material influence on the rating, given the very
long-term timescale over which the transition may take place,
uncertainty regarding the extent and nature of changes, and the
response of markets and companies to them.

ESG Considerations

Seplat has an ESG Relevance Score of '4' for Human Rights,
Community Relations, Access & Affordability due to its focus on
upstream operations in the troubled Niger Delta region, which 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.

   Entity/Debt               Rating          Recovery   Prior
   -----------               ------          --------   -----
Seplat Energy Plc      LT IDR B  Affirmed               B

   senior unsecured    LT     B  Affirmed     RR4       B

TOGETHER ASSET 15 2026-1ST1: DBRS Rates X2 Notes '(P)B(low)'
------------------------------------------------------------
DBRS Ratings Limited (Morningstar DBRS) assigned provisional credit
ratings to the residential mortgage-backed notes to be issued by
Together Asset Backed Securitisation 15 2026-1ST1 PLC (the Issuer)
as follows:

-- Class A at (P) AAA (sf)
-- Class B at (P) AA (sf)
-- Class C at (P) A (sf)
-- Class D at (P) BBB (high) (sf)
-- Class E at (P) BBB (sf)
-- Class X1 at (P) BB (high) (sf)
-- Class X2 at (P) B (low) (sf)

The provisional credit rating on the Class A notes addresses the
timely payment of interest and the ultimate repayment of principal
on or before the final maturity date in March 2067. The provisional
credit ratings on the Class B, Class C, Class D, and Class E notes
address the timely payment of interest once they are the most
senior class of notes outstanding and, until then, the ultimate
payment of interest and the ultimate repayment of principal on or
before the final maturity date. The provisional credit ratings on
the Class X1 and Class X2 notes address the ultimate payment of
interest and the ultimate repayment of principal on or before the
final maturity date. Morningstar DBRS does not rate the residual
certificates also expected to be issued in this transaction.

CREDIT RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in England and Wales. The notes to be issued will fund
the purchase of residential assets originated by Together Personal
Finance Limited (TPFL) and Together Commercial Finance Limited
(TCFL), part of the Together Financial Group (Together) in the UK.
TPFL and TCFL both act as the servicers of the respective loans in
the portfolio. Together is a UK specialist provider of property
finance. BCMGlobal Mortgage Services Limited will act as the
standby servicer.

The initial mortgage portfolio consists of GBP 544 million of
first-lien owner-occupied (OO) and buy-to-let (BTL) mortgages
secured by properties in the UK.

The Issuer is expected to issue five tranches of collateralised
mortgage-backed securities (the Class A, Class B, Class C, Class D,
and Class E notes) to finance the purchase of the portfolio.
Additionally, the Issuer is expected to issue two classes of
noncollateralised notes, the Class X1 and Class X2 notes.

The transaction is structured to initially provide 10.0% of credit
enhancement to the Class A notes, including subordination of the
Class B to Class E notes.

The transaction features a fixed-to-floating interest rate swap,
given the presence of a portion of fixed-rate loans with a
compulsory reversion to floating in the future. The liabilities
will pay a coupon linked to the daily compounded Sterling Overnight
Index Average. Natixis S.A. (Natixis) is to be appointed as swap
counterparty as of closing. Based on Morningstar DBRS' private
credit rating on Natixis, the downgrade provisions outlined in the
documents, and the transaction structural mitigants, Morningstar
DBRS considers the risk arising from the exposure to the swap
counterparty to be consistent with the credit ratings assigned to
the rated notes as described in Morningstar DBRS' "Legal and
Derivative Criteria for European and Asia-Pacific Structured
Finance Transactions" methodology.

Furthermore, U.S. Bank Europe DAC, U. K. Branch will act as the
Issuer Account Bank, and National Westminster Bank Plc will be
appointed as the Collection Account Bank. Morningstar DBRS
privately rates both entities, which meet the eligible credit
ratings in structured finance transactions and are consistent with
the credit ratings assigned to the rated notes as described in
Morningstar DBRS' "Legal and Derivative Criteria for European and
Asia-Pacific Structured Finance Transactions" methodology.

A Liquidity Facility (LF) provides liquidity in the transaction and
is amortising and sized at 1.1% of the outstanding Class A and
Class B notes' balance. It covers senior costs and expenses, swap
payments, and interest shortfalls for the Class A and Class B notes
(the latter if the Class B principal deficiency ledger (PDL) is not
greater than 10% of the Class B outstanding principal amount (PDL
condition) or when the Class B notes are the most senior class
outstanding). A Liquidity Reserve Fund (LRF) will be funded from
the step-up date through available principal and sized at 1.1% of
the outstanding balance of the Class A and Class B notes, while the
LF is reduced by the amounts transferred to the LRF ledger. Any
liquidity reserve excess amount will be applied as available
principal receipts. The reserve will be released in full once the
Class B notes are fully repaid. In addition, principal borrowing is
also envisaged under the transaction documentation and can be used
to cover for any shortfall in payment of senior fees, swap
payments, issuer profit amount, amounts due to the LF provider, and
interest shortfalls of the most senior outstanding class of notes
(except the Class X1 and Class X2 notes). Principal is to be used
ahead of the LRF and LF.

Morningstar DBRS based its credit ratings on a review of the
following analytical considerations:

-- The transaction's capital structure, including the form and
sufficiency of available credit enhancement;

-- The mortgage portfolio's credit quality and the servicer's
ability to perform collection and resolution activities.
Morningstar DBRS estimated stress-level probability of default
(PD), loss given default (LGD), and expected losses (EL) on the
mortgage portfolio. Morningstar DBRS used the PD, LGD, and EL as
inputs into the cash flow engine and analysed the mortgage
portfolio in accordance with its "European RMBS Insight
Methodology";

-- The transaction's ability to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, Class
E, Class X1, and Class X2 notes according to the terms of the
transaction documents;

-- The structural mitigants in place to avoid potential payment
disruptions caused by operational risk, such as a downgrade, and
replacement language in the transaction documents;

-- Morningstar DBRS' sovereign credit rating on the United Kingdom
of Great Britain and Northern Ireland of AA with a Stable trend as
of the date of this press release; and

-- The expected consistency of the transaction's legal structure
with Morningstar DBRS' "Legal and Derivative Criteria for European
and Asia-Pacific Structured Finance Transactions" methodology and
the presence of legal opinions that are expected to address the
assignment of the assets to the Issuer.

Morningstar DBRS' credit ratings on the rated notes address the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations for each of the rated notes are the related
interest amounts and the related class balances.

Morningstar DBRS' credit ratings on the rated notes also address
the credit risk associated with the increased rate of interest
applicable to each of the rated notes if the rated notes are not
redeemed on the Optional Redemption Date (as defined in and) in
accordance with the applicable transaction document(s).

Morningstar DBRS' credit ratings do not address nonpayment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations.

Morningstar DBRS' long-term credit ratings provide opinions on risk
of default. Morningstar DBRS considers risk of default to be the
risk that an issuer will fail to satisfy the financial obligations
in accordance with the terms under which a long-term obligation has
been issued.

Notes: All figures are in British pound sterling unless otherwise
noted.


TRIDENT FUNDING: Grant Thornton Appointed as Joint Administrators
-----------------------------------------------------------------
Trident Funding Limited was placed into administration in the High
Court of Justice, Business And Property Court, No. 001803 of 2026.
Chris M Laverty (IP No. 9121), Russell Simpson (IP No. 21494), and
Jarred H Erceg (IP No. 29392) of Grant Thornton UK Advisory & Tax
LLP were appointed as Joint Administrators on March 10, 2026.

The company offers in financial intermediation services.

The registered office is c/o Grant Thornton UK Advisory & Tax LLP,
11th Floor, Landmark St Peter's Square, 1 Oxford St, Manchester, M1
4PB. The principal trading address is c/o TMF Group, 13th Floor,
One Angel Court, London, EC2R 7HJ.

The Administrators can be reached at:

  Chris M Laverty (IP No. 9121)
  Russell Simpson (IP No. 21494)
  Jarred H Erceg (IP No. 29392)
  Grant Thornton UK Advisory & Tax LLP
  8 Finsbury Circus
  London, EC2M 7EA
  Telephone: 020 7184 4300

For further details, contact:

  CMU Support
  Grant Thornton UK Advisory & Tax LLP
  8 Finsbury Circus
  London, EC2M 7EA
  Tel: 0161 953 6906
  Email: cmusupport@uk.gt.com



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

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

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

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

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

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


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