260409.mbx

260409.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, April 9, 2026, Vol. 27, No. 71 Headlines C Z E C H R E P U B L I C DRASLOVKA HOLDING: Moody's Withdraws 'Caa1' CFR on Debt Repayment G E R M A N Y CURRENTA GROUP: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg I R E L A N D BLACKROCK EUROPEAN VII: Fitch Puts 'B-sf' Final Rating to F-R Notes DRYDEN 35 2014: Moody's Cuts Rating on EUR12.8MM F-R Notes to Caa2 MONUMENT CLO 4: Fitch Assigns 'B-sf' Final Rating to Class F Notes N E T H E R L A N D S MAXEDA DIY: Fitch Hikes Long-Term IDR to 'CCC+' S P A I N GRUPO ANTOLIN-TRAUSA: Moody's Cuts CFR to Caa1, Outlook Neg. S W E D E N AINAVDA PARENTCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable S W I T Z E R L A N D ALLWYN INTERNATIONAL: Fitch Ups IDR to 'BB' Then Withdraws Rating T U R K E Y TURK P&I: Fitch Affirms 'BB-' IFS Rating, Outlook Stable U N I T E D K I N G D O M AVON FINANCE NO.4: Fitch Affirms 'CCsf' Rating on Two Tranches ELVASTON PLACE: BTG Begbies, FRP Advisory Named as Administrators FRASER BLAIR: CG&Co Appointed as Joint Administrators GRAYS TRANSPORT: CBA Appointed as Joint Administrators MEIF II: PwC Appointed as Joint Administrators PACE CCS: Turpin Barker Appointed as Administrators SYNTHOMER PLC: Moody's Cuts CFR, Sr. Unsec. Notes Rating to Caa1 UTILITY METERS: KR8 Advisory Appointed as Administrators UXBRIDGE GLASS: KRE Corporate Appointed as Administrators VENUS BRIDGING: BTG Begbies Appointed as Joint Administrators WATER GARDEN: BTG Begbies, FRP Advisory Named as Administrators - - - - - =========================== C Z E C H R E P U B L I C =========================== DRASLOVKA HOLDING: Moody's Withdraws 'Caa1' CFR on Debt Repayment ----------------------------------------------------------------- Moody's Ratings has withdrawn the Caa1 corporate family rating and Caa1-PD probability of default rating of Draslovka Holding Alpha a.s. (Draslovka). The outlook prior to the withdrawal was stable. RATINGS RATIONALE Moody's have withdrawn Draslovska's ratings following the full repayment of its outstanding rated debt and at the request of the issuer. Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). COMPANY PROFILE Draslovka is a leading producer of cyanide (CN)-based chemicals and industrial services. ============= G E R M A N Y ============= CURRENTA GROUP: Fitch Affirms 'BB+' LT IDR, Alters Outlook to Neg ----------------------------------------------------------------- Fitch Ratings has revised the Outlook on Currenta Group Holdings S.a r.l.'s Long-Term Issuer Default Rating (IDR) to Negative from Stable and affirmed the IDR at 'BB+'. Fitch has also affirmed the senior secured notes at 'BBB-' with a Recovery Rating of 'RR2'. The Outlook revision reflects Fitch's view that the proposed EUR125 million tap of the existing EUR1 billion senior secured notes - primarily to fund a EUR70 million shareholder distribution - will exhaust rating headroom (pro forma net leverage at 3.6x vs rating sensitivity at 3.5x) due to a prolonged downturn in Germany's chemical sector and a record of debt‑financed shareholder distributions in 2025-2026. The rating reflects the defensive, infrastructure‑like business model with high contract coverage, earnings resilience, confirmed in 2025, effective covenant protections in senior secured documentation, and adequate post‑transaction liquidity supported by cash balances and a EUR185 million revolving credit facility. Key Rating Drivers Debt-funded Shareholder Distribution: The proposed EUR125 million tap on the existing senior secured notes, primarily to fund a shareholder distribution of EUR70 million, contributes to pension-adjusted EBITDA net leverage rising to 3.6x on average over 2026-2028, slightly above its negative sensitivity and its expectations last year. The transaction therefore limits the headroom and the flexibility at the current rating level, in a phase of downturn for the European chemical sector. The rating trajectory will depend on business performance and the financial policy pursued by the shareholders and management. Its base case assumes lower distributions for 2026-2028, which would leave the company's leverage marginally above the threshold for the rating. Resilient 2025 Performance; Higher Distributions: Fitch expects Fitch-adjusted EBITDA to rise to EUR311 million in 2025, excluding the one-off costs for the Dormagen fire, with sustained margin above 20%, despite weak chemical sector conditions, demonstrating good insulation from the sector. Cost discipline and Fund2Run efficiency gains supported recurring EBITDA growth and helped keep Fitch-adjusted leverage at 3.4x, despite higher debt-funded shareholder distributions and operating cash outflows related to Dormagen and one customer's insolvency. Higher dividends than Fitch expected in 2025 were driven by increased headroom under the permitted payments covenant at 3.0x by end-2025, below the 3.25x maximum allowance. Business Plan to 2028, Negative FCF: Its updated case to 2028 includes lower new growth expectations - given the weaker outlook for the underlying sector - higher EBITDA margins - due to the continued success of the Fund2run efficiency programme - and lower capex - due to a revised decarbonisation pathway - compared with its case last year. Lower investments and assumed distributions reduce the pressure on free cash flow (FCF) largely for 2027-2028, although it remains negative over the entire period. A gradual return to a neutral-to-positive FCF could result in a revision of the Outlook to Stable. Shareholder Financial Policy Risk: Shareholder distributions in 2025 and proposed for 2026, including repayments and interest on the EUR0.8 billion shareholder loan, exceed Fitch's prior expectations, largely reflecting additional covenant headroom. A permitted payments covenant limits a material re-leveraging, but wide allowed baskets and debt carveouts could dilute protection at the 'BB+' level, in the absence of a financial policy consistent with its rating sensitivities. Fitch expects annual distributions to moderate beyond 2026, in line with narrow covenant headroom. A record of disciplined financial policy aligned with its sensitivities would be key to a revision of the Outlook to Stable. European Chemical Sector Weakness: European chemical producers face weak demand, high energy costs and margin pressure due to prolonged oversupply. The Iran conflict has added to energy and feedstock cost inflation, while competitive conditions for certain products constrain cost pass-through. Impacts vary among producers, with some of Currenta's key customers less energy intensive and still retaining pricing power. Currenta's long-term, infrastructure-like contracts largely insulate it from direct volume and energy price risk, but sustained sector stress could indirectly weigh on site utilisation, growth prospects, and uncontracted or non-mandatory revenue. Defensive Business Model: Currenta operates critical chemical park infrastructure with limited volume and price risk. About 90% of 2026 revenues are contractually secured through long-term agreements (averaging five years), mandatory services and cost pass-through mechanisms. High customer switching costs support predictable cash flow across cycles, with most services provided under a physical monopolistic regime. In addition, the largest park managed by Currenta has attracted two new tenants with no closures, against the declining trend for some large chemical parks. Operational Fire Event Contained: The July 2025 Dormagen fire caused temporary utility disruption but did not materially impair assets or long-term earnings. Fitch treats the estimated EUR22 million EBITDA impact in 2025 as a one-off. Insurance recoveries materially limited the net financial impact for the company, and Fitch does not assume material consequences in the forecasts. Adequate Liquidity: The proceeds of the proposed tap will be primarily allocated to a EUR70 million shareholder distribution, repayment of EUR40 million drawings under the revolving credit facility (RCF), and general corporate purposes. Fitch believe the dividend will only be paid if market conditions and liquidity position are favourable for the company. Liquidity remains adequate after the transaction, supported by cash balances and access to the fully undrawn EUR185 million RCF. Fitch expects no material near-term refinancing risk, with the closest maturity in 2030. Pari Passu Issuance: The transaction does not introduce new structural complexity or material maturity risk, as the tapped instruments will be pari passu with existing senior secured creditors and align with existing maturities. Peer Analysis Fitch compares Currenta with business services companies such as SPIE SA (BB+/Positive) and Radar Topco SARL (Swissport; BB-/Stable). SPIE is a European leader in asset-light technical services, with larger scale, geographical diversification and a wider, less concentrated customer base than Currenta. However, the latter provides a broader range of infrastructure-like services with a longer-term contractual structure than the short-term contracts of SPIE. Swissport, which provides cargo and B2B aviation handling services, has a global presence and a more diversified customer base than Currenta, although it operates in the volatile aviation sector. Its three-to-five-year agreements limit inflation risk, but the company remains exposed to volume risk from flight operations. In contrast, Currenta's longer contracts mitigate volume risk with take-or-pay clauses. Both companies have similar EBITDA net leverage (before pension adjustment), but its sensitivities for Swissport are based on gross leverage. Fitch compares Currenta's circularity business with Seche Environnement S.A. (BB/Stable), a medium-sized waste treatment operator specialising in hazardous waste. Both have similar scale and operations largely in one country (France for Seche). Seche's services and contractual terms are similar to those of Currenta under its circularity segment. Both companies have similar margins and debt capacity. Fitch also compares Currenta with Holding d'Infrastructures des Metiers de l'Environnement (Saur; BB+/Stable), the third-largest water and wastewater operator in France. Saur's services are backed by medium-to-long-term contractual agreements with municipalities, but with less effective price and cost inflation protection clauses. Its leverage is higher than Currenta's, but Saur's business of water treatment entails lower risk. Fitch’s Key Rating-Case Assumptions - Weak chemical production index in Germany, increasing energy and feedstock prices, supply chain disruptions and some demand destruction for certain markets due to the Iran conflict in 2026 - Revenue CAGR of 1.3% (2025-2028), with only limited incremental revenue associated with newly signed contracts and growth capex - Operating company EBITDA CAGR of 4.4% (2025-2028), driven by Fund2Run cost efficiencies and operational recovery (Dormagen fire, Venator), with limited new contracts and growth capex - Operating company EBITDA margin (net of pass-through items) to increase to 26% by 2028 (2025:24%) - Around EUR600 million total capex for 2026-2028, of which around 45% is growth capex, including uncommitted special projects (i.e., related to fire brigade and decarbonisation goals) - Around EUR240 million of distributions to shareholder (including payments on the shareholder loan) over 2026-2028, including the EUR70 million proposed dividend - New EUR125 million tap on existing senior secured notes in 2026 - Shareholder loan of about EUR0.8 billion at end-2025 treated as equity, as it meets the requirements of its criteria Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool to produce the Standalone Credit Profile: - Business and financial profile factors (assessment, relative importance): Management (bb+, Moderate), Sector Characteristics (bbb, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb+, Higher), Profitability (bbb+, Moderate), Financial Structure (bb-, Higher), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom Corporate Rating Tool financial period parameters: 30% weight for the forecast year 2025, 30% for the forecast year 2026, 20% for the forecast year 2027 and 20% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The Standalone Credit Profile is 'bb+'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Outlook Stabilisation: The Negative Outlook could be revised to Stable, if the company demonstrates the following: - Pension-adjusted EBITDA net leverage metrics hovering around 3.5x for 2026-2028; - Ability to show consistently neutral to positive FCF over 2027-2028, as defined by Fitch after shareholder distributions - Sustained resilience business model despite a negative backdrop for the chemical sector in Germany Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Pension-adjusted EBITDA net leverage consistently above 3.5x - EBITDA margin (excluding pass-through items) below 20% and/or consistently negative FCF - Looser-than-expected financial protection from covenanted documentation or a more aggressive dividend policy - A worsening outlook for the chemical industry in Germany or material weakening of the creditworthiness of Currenta's key customers - Operational underperformance affecting growth and profitability Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: A rating upgrade in the near term is unlikely given the Negative Outlook and the company's structural concentration in the cyclical chemical industry in Germany and in the customer base, but the following could lead to a positive rating action: - Sustainably low pension-adjusted EBITDA net leverage, coupled with a public financial policy supportive of investment grade rating and an improvement of the outlook of the chemical industry in Germany - Ability to show consistently neutral-to-positive FCF Liquidity and Debt Structure Fitch assumes Currenta's available liquidity sources by end-2025 were composed of EUR87 million readily available cash balance and an EUR145 million undrawn RCF. After the tap issuance, the RCF will be restored to EUR185 million with maturity in 2029. For 2026, Fitch forecasts negative FCF of EUR131 million, after the payment of the assumed dividend of EUR116 million, moderate capex and well-managed working capital. The EUR1 billion secured notes, and the proposed EUR125 million tap issuances, benefit from a standard security package related to issuer and guarantor shares, intercompany loans receivables and bank accounts, which leads to a one-notch uplift compared with the IDR. After the bond issuance, refinancing risk will be manageable, with long-dated debt maturities (2030 and 2032) and expected stable pension-adjusted EBITDA net leverage flat at about 3.6x until 2028. Issuer Profile Currenta is owner and operator of the largest independent German chemical, pharma and industrial parks by net sales. It provides critical infrastructure and services in Leverkusen, Dormagen and Krefeld-Uerdingen. It hosts more than 70 clients with 200 production plants. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate VS screener did not indicate an elevated risk for Currenta. 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 ----------- ------ -------- ----- Currenta Group Holdings S.a.r.l. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR2 BBB- ============= I R E L A N D ============= BLACKROCK EUROPEAN VII: Fitch Puts 'B-sf' Final Rating to F-R Notes ------------------------------------------------------------------- Fitch Ratings has assigned BlackRock European CLO VII DAC reset notes final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- BlackRock European CLO VII DAC A Loan LT AAAsf New Rating A-R XS2304369247 LT PIFsf Paid In Full AAAsf A-R-R XS3237080372 LT AAAsf New Rating B-1-R XS2304370096 LT PIFsf Paid In Full AAAsf B-2-R XS2304370682 LT PIFsf Paid In Full AAAsf B-R-R XS3237080539 LT AAsf New Rating C-1-R XS2304371227 LT PIFsf Paid In Full A+sf C-2-R XS2304371904 LT PIFsf Paid In Full A+sf C-R-R XS3237080968 LT Asf New Rating D-1-R-R XS3237081180 LT BBB-sf New Rating D-2-R-R XS3306602874 LT BBB-sf New Rating D-R XS2304372548 LT PIFsf Paid In Full BBB+sf E XS1904675110 LT PIFsf Paid In Full BB+sf E-R XS3237081420 LT BB-sf New Rating F XS1904675383 LT PIFsf Paid In Full Bsf F-R XS3237081859 LT B-sf New Rating Transaction Summary BlackRock European CLO VII DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to redeem the existing notes, except the subordinated notes, and to fund the portfolio with a target par of EUR400 million. The portfolio is actively managed by BlackRock Investment Management (UK) Limited (BlackRock). The CLO has an about 4.5-year reinvestment period, and a 7.5-year weighted average life (WAL) test covenant at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors as in the 'B' category. The Fitch weighted average rating factor of the identified portfolio is 23.8. High Recovery Expectation (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the indicative portfolio is 61.4%. Diversified Portfolio (Positive): The transaction includes various portfolio concentration limits, including 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. WAL Step-Up Feature (Neutral): The transaction can extend the WAL by one year, one year after closing. The WAL extension is subject to conditions including the satisfaction of all tests and the aggregate collateral balance (defaults at Fitch collateral value) being no less than the reinvestment target par balance. Portfolio Management (Neutral): The transaction has reinvestment period of 4.5 years and includes reinvestment criteria similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. The transaction includes four Fitch test matrices, two effective at closing and another two effective 18 months after closing, subject to the aggregate collateral balance (defaults at Fitch collateral value) being at least at the reinvestment target par balance. The closing matrices correspond to a 7.5-year WAL covenant and the two forward matrices correspond to a seven-year WAL covenant. All the matrices are based on the same top 10 obligors limit and each set has fixed-rate asset limits of 5% and 12.5%. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio analysis was reduced by 12 months. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period, which include passing the coverage tests and the Fitch 'CCC' maximum limit, and a WAL test covenant that progressively steps down. In Fitch's opinion, 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) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the current portfolio would have no impact on the class A and B notes and would lead to a downgrade of one notch for the class C to E notes, and to below 'B-sf' for the class F notes. Downgrades, which are based on the current portfolio, may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B to F notes have a rating cushion of two notches due to the better metrics and shorter life of the current portfolio than the stressed-case portfolio, while the class A notes do not have any rating cushion as they are already at the highest achievable rating. Should the cushion between the current portfolio and the stressed-case portfolio be eroded either due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR across all ratings and a 25% decrease of the RRR across all ratings of the stressed-case portfolio would lead to downgrades of one notch for the class D-1 notes; two notches for the class D-2 notes; three notches for the class A to C notes; and below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the RDR across all ratings and a 25% increase in the RRR across all ratings of the stressed-case portfolio would lead to upgrades of up to three notches for the rated notes, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the stressed-case portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, leading to the ability of the notes to withstand larger-than-expected losses for the remaining life of the transaction. Upgrades after the end of the reinvestment period, except for the 'AAAsf' notes, may occur if there is stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. The majority of the underlying assets or risk presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations or European Securities and Markets Authority registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch or other rating agencies to assess the asset portfolio information or information on the risk presenting entities. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. ESG Considerations Fitch does not provide ESG relevance scores for BlackRock European CLO VII DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. DRYDEN 35 2014: Moody's Cuts Rating on EUR12.8MM F-R Notes to Caa2 ------------------------------------------------------------------ Moody's Ratings has taken a variety of rating actions on the following notes issued by Dryden 35 Euro CLO 2014 Designated Activity Company: EUR15,100,000 Class C-1A-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Upgraded to Aa1 (sf); previously on Oct 3, 2025 Upgraded to Aa2 (sf) EUR10,000,000 Class C-1B-R Mezzanine Secured Deferrable Fixed Rate Notes due 2033, Upgraded to Aa1 (sf); previously on Oct 3, 2025 Upgraded to Aa2 (sf) EUR12,800,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Downgraded to Caa2 (sf); previously on Oct 3, 2025 Affirmed Caa1 (sf) Moody's have also affirmed the ratings on the following notes: EUR261,400,000 (Current outstanding amount EUR85,480,030) Class A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 3, 2025 Affirmed Aaa (sf) EUR22,100,000 Class B-1A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 3, 2025 Upgraded to Aaa (sf) EUR20,000,000 Class B-1B-R Senior Secured Fixed Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 3, 2025 Upgraded to Aaa (sf) EUR28,100,000 Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Affirmed Baa1 (sf); previously on Oct 3, 2025 Upgraded to Baa1 (sf) EUR24,700,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Affirmed Ba3 (sf); previously on Oct 3, 2025 Affirmed Ba3 (sf) Dryden 35 Euro CLO 2014 Designated Activity Company, issued in March 2015 and refinanced in May 2017 and January 2020, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Limited. The transaction's reinvestment period ended in July 2024. RATINGS RATIONALE The rating upgrades on the Class C-1A-R and Class C-1B-R notes are primarily a result of the deleveraging of the Class A-R notes following amortisation of the underlying portfolio since the last rating action in October 2025. The downgrade on the rating on the Class F-R notes is primarily a result of deterioration in over-collateralisation ratios following loss of par since the last rating action in October 2025. The affirmations on the ratings on the Class A-R, Class B-1A-R, Class B-1B-R, Class D-R and Class E-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-R notes have paid down by approximately EUR93.9 million (35.93%) since the last rating action in October 2025 and EUR175.9 million (67.30%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for the top of capital structure. The OC ratios for the bottom of capital structure have decreased following loss of par. According to the trustee report dated February 2026[1] the Class A/B, Class C, Class D, Class E and Class F OC ratios are reported at 177.64%, 148.43%, 125.36%, 110.29% and 103.82% compared to August 2025[2] levels of 150.01%, 134.74%, 120.96%, 110.98% and 106.43%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR226.40m Defaulted Securities: EUR3.01m Diversity Score: 34 Weighted Average Rating Factor (WARF): 3212 Weighted Average Life (WAL): 3.21 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.83% Weighted Average Coupon (WAC): 3.73% Weighted Average Recovery Rate (WARR): 41.31% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. MONUMENT CLO 4: Fitch Assigns 'B-sf' Final Rating to Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Monument CLO 4 DAC final ratings, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Monument CLO 4 DAC A-1 Loan LT AAAsf New Rating AAA(EXP)sf A-1 XS3294966869 LT AAAsf New Rating AAA(EXP)sf A-2 XS3299423767 LT AAAsf New Rating AAA(EXP)sf B XS3294967248 LT AAsf New Rating AA(EXP)sf C XS3294967594 LT Asf New Rating A(EXP)sf D XS3294967750 LT BBB-sf New Rating BBB-(EXP)sf E XS3294968055 LT BB-sf New Rating BB-(EXP)sf F XS3294968212 LT B-sf New Rating B-(EXP)sf Subordinated Notes XS3294968485 LT NRsf New Rating NR(EXP)sf Transaction Summary Monument CLO 4 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds have been used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Serone Capital Loan Management Limited. The CLO has a 4.5-year reinvestment period and a 7.5-year weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B+'/'B'. The Fitch weighted average rating factor of the identified portfolio is 23.2. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch weighted average recovery rate of the identified portfolio is 59.7%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a top-10 obligor concentration limit at 20% and a maximum exposure to the three-largest Fitch-defined industries in the portfolio at 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test by 12 months, from one year after closing, or from 18 months after closing if a matrix switch has occurred. The WAL extension is subject to conditions, including passing the collateral quality tests, coverage tests, portfolio profile tests and the collateral principal amount with defaulted assets at their collateral value being equal to, or greater than, the reinvestment target par. Portfolio Management (Neutral): The transaction includes four Fitch matrices. Two closing matrices correspond to a 7.5-year WAL, and two forward matrices correspond to a seven-year WAL, which can be selected starting from six months after closing, or 18 months after closing if the WAL test step up condition has been satisfied. Matrix switch is subject to the reinvestment target par condition and a rating agency confirmation. Each matrix set corresponds to two different fixed-rate asset limits at 7.5% and 12.5%. The transaction has a 4.5-year reinvestment period and includes reinvestment criteria that are similar to those of other European transactions. Fitch's analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed portfolio analysis and matrix analysis is 12 months less than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after the reinvestment period. These include the satisfaction of the coverage tests and Fitch 'CCC' limit, together with a consistently decreasing WAL covenant. 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 lead to downgrades of one notch each for the class B, C, D and E notes, to below 'B-sf' for the class F notes and have no impact on the class A-1 loan or the class A-1 and A-2 notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. The class B, D and E notes each have a rating cushion of two notches and the class C and F notes each have a rating cushion of one notch, due to the better metrics and shorter life of the identified portfolio than the Fitch-stressed portfolio. The class A-1 loan and the class A-1 and A-2 notes have no rating cushion. Should the cushion between the identified portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches each for the class A-1 loan and the class A-1 to E notes and to below 'B-sf' for the class F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to three notches each, except for the 'AAAsf' rated notes. Upgrades during the reinvestment period, which are based on the Fitch-stressed portfolio, may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the transaction's remaining life. Upgrades after the end of the reinvestment period may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY 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. ESG Considerations Fitch does not provide ESG relevance scores for Monument CLO 4 DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ===================== N E T H E R L A N D S ===================== MAXEDA DIY: Fitch Hikes Long-Term IDR to 'CCC+' ----------------------------------------------- Fitch Ratings has downgraded Maxeda DIY Holding B.V.'s Long-Term Issuer Default Rating (IDR) to 'Restricted Default' (RD) from 'CCC-' and removed it from Rating Watch Negative (RWN). The downgrade follows what Fitch views as a distressed debt exchange (DDE), which resulted in a material reduction in terms and was conducted to allow Maxeda to avoid an eventual probable default. Subsequently, Fitch has upgraded Maxeda's IDR to 'CCC+'. The rating reflects Maxeda's more sound capital structure after restructuring, with reduced leverage and good liquidity, and resilient performance since FY24 (financial year-end January 2024) and large domestic market shares. However, continued pressure on market share from competitors, the prospect of low consumer confidence and the expectation of incremental investment in the company's under-invested property portfolio, pose risks to a full recovery of profit to pre-pandemic levels and could erode cash flow generation. The completed debt restructuring proved the difficulty of attracting financing at market terms. Fitch has withdrawn the rating on the old senior secured notes and assigned a rating of 'B' to the newly restructured notes. The Recovery Rating is 'RR2'. Key Rating Drivers Debt Exchange Completed: Fitch views Maxeda's completed debt exchange as a DDE, as the amendments to its debt terms constituted a material reduction of the original terms, including a considerable reduction in bond principal to EUR295 million from EUR434 million. The company completed the recapitalisation on 24 March 2026. The downgrade of the IDR to 'RD' on completion of the DDE is in line with its Corporate Rating Criteria. The debt exchange has materially improved the group's debt maturity profile by extending the senior notes' maturity to March 2031. However, it also showed difficulties in attracting financing at market terms. Maxeda also extended its super senior revolving credit facility (RCF) to September 2030 from March 2026, with a reduction of EUR10 million to the committed amount. The updated maturity has enhanced its liquidity profile to satisfactory levels. Challenged Benelux Market Leader: Maxeda's credit profile benefits from leading positions in the DIY markets in Belgium and the Netherlands, with historically stable bricks and mortar market shares of 45% and 21%, respectively, at end-October 2025. At 2 November 2025 the company had 330 stores, 135 of which were franchise operated, in prime retail locations with strong brand awareness. The two markets have had a record of rational competition, which mitigates profit sustainability risks, but suffered from volume decline over 2023-2025 and increased penetration by online retailers, which Fitch sees as particularly competitive in the homeware and garden segments. Maxeda's like-for-like growth has been weak in 9M26 with performance below the market in the Netherlands, where in the bricks and mortar market, it has lost 1% of share in the period. Operating Performance Recovery: The company's overall revenue and profits remained stable over FY24-FY26, after profit contracted heavily following the pandemic. Fitch assumes profitability will mildly improve to 6.0% in FY27 from 5.6% in FY25, supported by reduced selling, distribution and promotional costs. Fitch does not exclude higher marketing investments in the pursuit of defending market shares in a competitive environment, which could affect profitability. Fitch expects revenue growth of 1.0%-1.5% across the forecast horizon, largely resulting from price increases rather than volume. Positive FCF at Risk: Following the transaction, Fitch projects Maxeda's annual FCF could remain positive at about EUR5 million-6 million until 2029, driven by tight and increasingly efficient working capital management and cost-control initiatives demonstrated as well as reduced interest costs, but offset by increased capex as the company invests in its store estate, after it operated in a cash flow preservation mode over the past two years. FCF could be further affected by higher investments or marketing spend to maintain competitiveness. Leverage Reduced; Coverage Pressured: Fitch projects Maxeda's leverage should reduce to 4.3x by end-FY27 from about 5.4x at FYE26, driven by the reduced debt. This is relatively modest for the rating, but it creates a more sustainable capital structure for the company, particularly as it faces the risk of prolonged demand weakness and operational volatility. However, Fitch estimates EBITDAR fixed-charge coverage will remain weak at about 1.5x. Format Diversification: The company is focused on two countries but benefits from some diversification due to its three store formats (city stores, medium box and big box), operated under three brands (Praxis in the Netherlands, and Brico and BricoPlanit in Belgium), partly through a franchised network. These stores offer a wide product range, including private labels (about a quarter of sales). However, Fitch believes Maxeda's greater focus on the B2C channel reduces sales opportunities and cost synergies that benefit peers serving tradesmen with dedicated points of sale and which other European DIY companies, such as Groupe ADEO and Kingfisher, also offer. Peer Analysis Kingfisher plc (BBB/Stable) also focuses on DIY retail but has a broader customer proposition, as it also serves the B2B channel. Kingfisher is the largest DIY retailer in the UK and the second largest in France after Groupe Adeo. Its business profile is stronger than Maxeda's, with sales nearly 10 times larger, providing scale advantages. It is also more diversified by geography and brand, which provides competitive benefits and supports its 'BBB' rating. Maxeda's leverage, of about 4.3x under the new capital structure, is significantly higher than Kingfisher's 2x. Mobilux Group SCA (B+/Stable), a French furniture and home decor retailer, has similarities with Maxeda in market concentration, competitive positioning and exposure to home improvement spend. Both hold leading positions in their respective markets and have comparable geographic diversification. Their EBITDAR margins are similar, but Maxeda is smaller. This, combined with its higher leverage and weaker coverage, results in a rating below Mobilux's. Fitch’s Key Rating-Case Assumptions - Store count broadly unchanged over FY26-FY29 with three directly operated stores a year migrating to franchise model - Marginally positive revenue evolution (about 1%) over FY27-FY29 - Stable EBITDA margin of about 6.0% over FY27-FY29 - Yearly working capital outflow of EUR3 million over FY27-FY29 - Annual capex of 3% of revenue over FY27-FY29 - No stock repurchases, dividends or M&A through to FY29 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool to produce the Standalone Credit Profile: - Business and financial profile factors (assessment, relative importance): Management (b-, Higher), Sector Characteristics (bb, Moderate), Market and Competitive Positioning (b, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb, Lower), Profitability (bb-, Moderate), Financial Structure (b+, Moderate), and Financial Flexibility (b-, Higher). - The quantitative financial subfactors are based on custom Corporate Rating Tool financial period parameters: 20% weight for the forecast year FY27, 40% for the forecast year FY28 and 40% for the forecast year FY29. - B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a+' results in no adjustment. - The Standalone Credit Profile is 'ccc+'. Recovery Analysis Fitch assumes that Maxeda would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim in the recovery analysis. In its bespoke recovery analysis, Fitch estimates GC EBITDA available to creditors of about EUR70 million. The GC EBITDA is based on a stressed scenario, including prolonged low economic growth combined with sustained competitive pressures in an inflationary environment. Fitch continues to apply a distressed enterprise value/EBITDA multiple of 5.0x, lower than 5.5x for combined Mobilux, which increased in size and improved its market position after the combination with Conforama. Based on the debt waterfall analysis, Maxeda's EUR55 million RCF, which Fitch assumes to be fully drawn on default, ranks super senior to the EUR295 million senior secured notes. Therefore, after deducting 10% for administrative claims, the analysis generates a ranked recovery for the senior secured bonds in the 'RR2' band, indicating a 'B' instrument rating based on current metrics and assumptions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Significant EBITDA decline, reflecting falling selling volumes and cost inflation, which cannot be offset by cost-saving initiatives - EBITDAR fixed-charge coverage below 1.2x on a sustained basis - EBITDAR leverage above 6.0x on a sustained basis - Negative FCF leading to falling liquidity headroom Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Evidence of market share and EBITDA margin recovery after restructuring - Positive FCF generation while supporting a sustained programme of store renovations to maintain competitiveness - Maintenance of an adequate liquidity buffer - EBITDAR fixed-charge coverage above 1.4x on a sustained basis - EBITDA margin sustained above 5.5%, with neutral-to-positive like-for-like sales growth contributing to sustained top-line growth Liquidity and Debt Structure The cash balance at end-January 2026 was EUR89 million (of which Fitch excludes EUR10 million for working-capital purposes), including EUR37.5 million drawn from the previous EUR65 million RCF. As part of the transaction, the RCF was downsized to EUR55 million, of which EUR27.5 million remains drawn. The remaining portion of the RCF (EUR27.5 million) is an overdraft facility and is undrawn. Fitch expects FCF could remain slightly positive across the rating horizon. However, this depends on the size of the capex investment and efficient working-capital management. Cash flow generation will be supported by lower interest costs stemming from the new capital structure. Issuer Profile Maxeda is a leading DIY retailer in Benelux. At 2 November 2025, it operated 330 stores in prime retail locations, of which 183 were in the Netherlands, 145 in Belgium and two in Luxembourg. 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. 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 ----------- ------ -------- ----- Maxeda DIY Holding B.V. LT IDR RD Downgrade CCC- LT IDR CCC+ Upgrade senior secured LT B New Rating RR2 senior secured LT WD Withdrawn RR3 CCC ========= S P A I N ========= GRUPO ANTOLIN-TRAUSA: Moody's Cuts CFR to Caa1, Outlook Neg. ------------------------------------------------------------ Moody's Ratings has downgraded to Caa1 from B3 the corporate family rating and to Caa1-PD from B3-PD the probability of default rating of Spanish automotive parts supplier Grupo Antolin-Irausa, S.A.U. ("Grupo Antolin" or "the group"). Moreover, Moody's downgraded to Caa1 from B3 the instrument ratings on the group's EUR390 million guaranteed senior secured notes due 2028 and EUR250 million backed senior secured notes due 2030. The outlook remains negative. RATINGS RATIONALE The downgrade reflects Grupo Antolin's sustained weak profitability and credit metrics, which Moody's expects to remain pressured also during 2026 amid continued muted vehicle production in its key regions, as well as a recently increased negative macroeconomic impact stemming from the conflict in the Middle East. Based on preliminary figures for fiscal year 2025, Moody's expects the group's Moody's-adjusted leverage remained high at around 7.2x gross debt to EBITDA at the end of 2025, well above Moody's below 6.5x guidance for a B3 rating. Also, Grupo Antolin's 0.3% EBIT margin, 1.9x interest coverage in terms of EBITDA to interest expense and EUR81 million negative free cash flow (FCF) on a Moody's-adjusted basis for the 12 months through September 2025 remained below the requirements for the previous rating category. Moody's positively recognize implemented disposal activities. The divestment of three Indian entities for EUR159 million at the beginning of this year helped bolster Grupo Antolin's liquidity, which Moody's considers as still adequate currently. Moody's also expects liquidity to remain sufficient throughout 2026, reflecting the group's current cash position and Moody's forecasts of only moderate negative Moody's-adjusted FCF this year. At the same time, Moody's notes Grupo Antolin's EUR390 million guaranteed senior secured notes that will mature in April 2028 and need to be refinanced within the next 18 months. Moody's believes that an orderly refinancing could prove challenging if market conditions continued to be challenging and geopolitical risks high. With the senior secured notes due 2028 carrying a 3.5% coupon and currently trading at below 60%, a refinancing would likely result in significantly higher financing costs. These would additionally weigh on Grupo Antolin's already weak and projected ongoing negative Moody's-adjusted FCF over the next two years. That said, Moody's expects the group to strengthen its profitability on additional cost savings from implemented initiatives under its Transformation Plan in 2026 and recognize its 0.5%-point increased reported EBITDA margin to 8.0% year-over-year in 2025, despite a 11.1% year-over-year decrease in sales (or 4.4% like-for-like). Expecting further declining sales in 2026, also due to recent asset disposals, and only limited EBITDA growth, however, Grupo Antolin's credit metrics will remain weak this year. In the absence of significant debt maturities in 2026 and 2027, and assuming no material prepayments, Moody's expects its Moody's-adjusted leverage to continue to exceed Moody's below 6.5x guidance for a B3 rating over the next 12-18 months. The negative outlook, therefore, incorporates uncertainty around the time and pace of a recovery in credit metrics, a successful refinancing of upcoming debt maturities, as well as some risk of a potential breach of financial covenants during 2026. Other factors that constrain the ratings include Grupo Antolin's exposure to the cyclicality of the automotive industry; a highly competitive market environment for interior products, with relatively little growth prospects and high pricing pressure, illustrated by an average 0.6% Moody's-adjusted EBIT margin over the last five years (0.3% as of LTM September 2025); and execution risks related to the ongoing Transformation Plan, aimed at improving its competitive position, profitability and returning to sustainable positive FCF. The ratings continue to be supported by Grupo Antolin's strong position in the market for automotive interior products, its size and scale as a tier 1 automotive supplier, balanced geographic presence in North America (34% of net sales in the three quarters ended September 2025), Asia (18%) and Europe and the rest of the world (48%), its long-standing customer relationships and product offering that is agnostic to any type of propulsion technology used in cars, limiting its exposure to carbon transition risks. LIQUIDITY Moody's considers Grupo Antolin's liquidity as adequate. At the end of 2025, liquidity sources included EUR256 million of cash and cash equivalents (of which Moody's considers around EUR50 million as restricted) and EUR125 million available under its EUR194 million committed revolving credit facilities (RCF, of which EUR9 million maturing in March 2026 and the remainder in 2029). Moreover, the divestment of three Indian entities for EUR159 million in January this year contributed significant additional liquidity. Moody's expects the group's liquidity sources to be sufficient to fund its basic cash needs over the next 12-18 months, including moderate negative Moody's-adjusted FCF in the low to mid double-digit million euro range and contractual debt maturities of around EUR60 million in 2026 and about EUR35 million in the first half of 2027. At the end of 2025, Grupo Antolin had EUR175 million of trade receivables sold under its EUR220 million non-recourse syndicated factoring facility agreement, which was renewed in January 2026. Moody's currently expect the group to comply with its financial covenants, or to obtain waivers from its banks during 2026, if needed, in order to avoid a breach. RATIONALE FOR THE NEGATIVE OUTLOOK The negative outlook mirrors Grupo Antolin's sustained weak credit metrics and Moody's expectations of ongoing negative Moody's-adjusted FCF over the next 12-18 months. Even though recent assets disposals enabled the group to maintain adequate liquidity for now, the negative outlook also reflects potential challenges regarding a successful refinancing of the group's senior secured notes due in April 2028 and some risk of non-compliance with financial covenants emerging throughout 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings, if Grupo Antolin's (1) Moody's-adjusted EBIT margin improves towards 1.5%; (2) leverage reduces below 6.5x Moody's-adjusted gross debt to EBITDA; (3) interest coverage exceeds 2.5x Moody's-adjusted EBITDA to interest expense; (4) Moody's-adjusted FCF turns sustainably positive; and (5) liquidity remains adequate. Moody's could downgrade the ratings, if Grupo Antolin's (1) organic sales and earnings continued to decline, (2) leverage consistently exceeds 7.5x Moody's-adjusted gross debt to EBITDA, (3) Moody's-adjusted FCF remained significantly negative, (4) liquidity weakened, including through an inability to refinance upcoming debt maturities in a timely manner, or a likely breach of financial covenants. An increased risk of a distressed exchange, potentially implying a default under Moody's definitions, could also exert negative pressure on the rating or outlook. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Automotive Suppliers published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Burgos, Spain, Grupo Antolin-Irausa, S.A.U. is a family-owned tier 1 supplier to the automotive industry. The company focuses on the design, development, manufacturing and supply of components for vehicle interiors, including central consoles and instrument panels, overheads (headliners), door trims and interior lighting and electronic components. Based on preliminary results for financial year 2025, Grupo Antolin generated revenue of around EUR3.7 billion and EUR296 million EBITDA (8.0% margin) in 2025. =========== S W E D E N =========== AINAVDA PARENTCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Ainavda Parentco AB's (Advania or the company) B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's have also affirmed the B3 ratings to the EUR425 million backed senior secured term loan B1, EUR250 million equivalent GBP-denominated backed senior secured term loan B2, EUR100 million equivalent NOK-denominated backed senior secured term loan B, EUR95 million equivalent SEK-denominated backed senior secured term loan B, and EUR210 million backed senior secured revolving credit facility (RCF), all of which are borrowed by Ainavda Bidco AB, a subsidiary of Ainavda Parentco AB. The outlook for all entities remains stable. "The action reflects Advania's good business profile and Moody's expectations that the company will continue to grow revenue and company adjusted EBITDA over the course of 2026 and 2027" said Fabrizio Marchesi, a Moody's Ratings Vice President-Senior Analyst and lead analyst for the company. "This growth, in combination with a significant reduction in exceptional costs, is necessary to ensure that Advania's Moody's-adjusted credit metrics improve materially, to levels that are consistent with a B3 credit rating, over the next 12-18 months." added Mr. Marchesi. RATINGS RATIONALE The B3 CFR reflects Advania's status as a recognised provider of IT services in Northern Europe, with solid technical expertise; an IT services market which benefits from increasing digitalisation; the recurring and repeatable nature of a portion of the company's revenue, which provides some revenue visibility; and Moody's expectations that Advania's financial performance will improve over the next 12-18 months. Concurrently, the rating is constrained by the company's limited geographical diversification, particularly when compared to Moody's broader rated universe; limited size and market share in a competitive IT services market; high Moody's-adjusted leverage of 8.2x as of December 31, 2025 (based on preliminary 2025 financial data) and weak Moody's-adjusted EBITA/interest of 0.8x; as well as the risk of future debt-funded acquisitions or shareholder-friendly distributions. Advania's financial performance has been mixed since the initial CFR was assigned in 2024. Headline revenue and company adjusted EBITDA have grown strongly, largely driven by acquisitions, while organic growth has been positive – Moody's estimates around 2% year-over-year in 2025 (or 3-4% on a constant currency basis). However, the company has also incurred significant exceptional costs over the past two years (which Moody's deducts when computing Moody's-adjusted EBITDA). As a result, Moody's-adjusted leverage has increased to 8.2x as of December 31, 2025 while Moody's-adjusted EBITA/interest has fallen to only 0.8x (Moody's calculations are based on preliminary unaudited 2025 financials). Moody's-adjusted FCF/debt was negative 0.5% in 2025, despite a significant working capital inflow over the course of the year. More positively, Moody's expects an improvement in credit metrics over the course of 2026 and 2027. Moody's forecasts that revenue will continue to grow at c. 4% year-over-year which, in combination with stable margins and a gradual reduction in exceptional items, will drive an increase in Moody's-adjusted EBITDA towards SEK 1.7bn in 2026 and SEK 1.9bn in 2027, up from SEK 1.5bn in 2025. This should lead to an improvement in Moody's-adjusted leverage to 7.1x and 6.5x by December 2026 and 2027, respectively, with Moody's-adjusted EBITA/interest rising to 1.1x and 1.3x. Although Moody's forecasts that Moody's-adjusted FCF/debt will remain negative in 2026, due to the reversal of working capital inflows recorded in 2025 and stronger growth in the VAR business line, Moody's expects it will turn positive in 2027 (around 1.2%). LIQUIDITY Advania's liquidity is still adequate, supported by a cash balance of SEK 888 million (equivalent to EUR82 million) as of December 31, 2025 and access to a EUR210 million senior secured RCF (equivalent to SEK 2.3 billion), SEK 920m of which was drawn at December 31, 2025. However, Moody's expects that the company will report negative Moody's-adjusted FCF in 2026, which will reduce liquidity available, and the company will need to ensure that it delivers significantly positive Moody's-adjusted FCF in 2027. STRUCTURAL CONSIDERATIONS The company's capital structure consists of a EUR210 million backed senior secured RCF, a EUR425 million backed senior secured term loan B1, a EUR250 million equivalent GBP-denominated backed senior secured term loan B2, a EUR100 million equivalent NOK-denominated backed senior secured term loan B and a EUR95 million equivalent SEK-denominated backed senior secured term loan B, all of which are borrowed by Ainavda Bidco AB. Security provided consists of pledges over shares, intercompany receivables and bank accounts, which Moody's considers to be weak. RATING OUTLOOK The stable outlook reflects Moody's expectations that the company will continue to grow, such that Moody's-adjusted leverage and Moody's adjusted FCF improve materially over the course of the next 12-18 months. The outlook also assumes no material releveraging from any future debt-funded acquisitions or shareholder distributions, as well as the company maintaining an adequate liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure is unlikely given the company's weak positioning in its rating category at present, but could develop over time if Advania delivers solid organic revenue and EBITDA growth such that the company improves its Moody's-adjusted leverage to around 5.5x on a sustained basis. This level of leverage is consistent with other factors which are required for positive rating pressure, including Moody's-adjusted EBITA/interest improving towards 2.0x and Moody's-adjusted FCF/debt rising to around 5%, both on a sustained basis. An upgrade would also require that the company maintains at least adequate liquidity. Advania's ratings could come under negative pressure if the company's revenue and EBITDA do not improve materially; Moody's-adjusted leverage remains above 7.0x over the next 12-18 months or if Moody's-adjusted EBITA / interest remains materially below 1.5x. Negative rating pressure would also increase if the company's Moody's-adjusted FCF in 2026 falls below Moody's expectations, if it appears that Moody's-adjusted FCF/debt will not be sustained well-above breakeven levels from 2027 onwards, or if the company's liquidity position deteriorates such that it is no longer adequate. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in Stockholm, Sweden, Advania is an end-to-end provider of IT solutions targeting the Northern European mid-market. The company has a customer-centric, vendor-agnostic, one-stop-shop go-to-market strategy, and generates revenue from managed services, professional services and the value-added resale of IT Infrastructure hardware and software. In 2025, Advania's revenue and company-adjusted EBITDA amounted to SEK18 billion and SEK2.0 billion, respectively. ===================== S W I T Z E R L A N D ===================== ALLWYN INTERNATIONAL: Fitch Ups IDR to 'BB' Then Withdraws Rating ----------------------------------------------------------------- Fitch Ratings has upgraded Allwyn International AG's Long-Term Issuer Default Rating (IDR) to 'BB' from 'BB-' following its combination with Organization of Football Prognostics S.A. (OPAP). Fitch has also removed the ratings from Rating Watch Positive (RWP) and assigned a Stable Outlook. Fitch has, subsequently, withdrawn Allwyn International AG's rating and assigned a 'BB' IDR to Allwyn AG (Allwyn), which is the new legal entity post-corporate reorganisation. Fitch has also upgraded the senior secured debt issued by Allwyn's fully owned subsidiaries to 'BB+' from 'BB-', removed them from RWP and revised the Recovery Rating to 'RR3' from 'RR4'. The upgrade reflects business profile improvements from the streamlining of Allwyn's group structure, the full consolidation of OPAP's cash flow and reduction of proportional leverage after the transaction was closed. Fitch expects the consolidated net leverage to reduce to below 4.0x by 2027, commensurate with a 'BB' rating. Allwyn's IDR reflects its solid business profile, with increasing product and geographical diversification and scale. Fitch has withdrawn the IDR from Allwyn International and assigned a 'BB' IDR to Allwyn AG due to corporate reorganisation. Allwyn AG is the new legal entity following the combination of Allwyn International and OPAP. Key Rating Drivers Cash Flow Consolidation Positive: In March 2026 Allwyn completed an all-share transaction with OPAP, leading to consolidated cash flow, with a positive impact on the metrics as the combined entity now has a full discretion on its cash allocation. The combined entity will make a EUR456 million cash exit payment to dissenting shareholders. Fitch assumes it will continue distributing dividends, with potential share buybacks and special dividends. If these become recurring with a permanent deviation from Allwyn's publicly stated net leverage target, this would imply a more aggressive financial policy and could affect the rating. Its forecast does not incorporate large debt-funded acquisitions over the medium term. Combination with OPAP Drives Deleveraging: Fitch expects 2026 year-end EBITDAR net leverage at 4.3x, accounting for the combination with OPAP. The full consolidation of OPAP's EBITDA from 2026 will contribute to deleveraging to below 4.0x from 2027 due to lower leakage of dividends to minorities, which is strong for the rating. Adherence to a consistent financial policy as publicly communicated remains key for the rating. The upgrade to 'BB' is driven by the closing of the transaction on terms not materially different from those presented at the announcement of the transaction. Fitch will assesses Allwyn's credit metrics based on a consolidated rather than proportional basis following the completion of operational and cash flow consolidation of the larger part of the business. Financial Policy Key for Rating: Material deviations from Allwyn's updated financial policy for the combined entity, such as a consolidated net leverage target of 2.5x and dividend guidance of a minimum EUR1 per share, resulting in about EUR770 million a year, could hinder deleveraging and leave little room to absorb operating underperformance. However, the company has a scrip option for the dividends, which could be used to reduce cash outflows. The combined entity is listed on the Athens Stock Exchange and will pursue an additional listing thereafter. Fitch expects the financial policy to be consistent with that of a listed entity. Impact of Combination on FCF: Allwyn's free cash flow (FCF) before dividends will be further strengthened due to the combination with OPAP, driven by the consolidation of cash flow, OPAP's high profitability and steady dividends from operating companies. However, net of forecast high dividend payments to Allwyn's shareholders and discretionary investments in 2025 and 2026, FCF will be negative during this period. Licence Payments Affecting FCF: Allwyn's 32.5% share in renewing Lottoitalia's lottery licence is EUR725 million. The licence payment in 2026 is EUR465 million, which, together with the payment made in 2025, contributes to one-off negative FCF margins in 2025 and 2026. Fitch assumes that in the absence of large discretionary outflows Allwyn should be able to generate healthy FCF margins in the low to mid-single digits from 2027, despite high dividends of the combined entity. Diversification to US: In January 2026 Allwyn acquired 62.3% of PrizePicks, a major US daily fantasy sports operator. The acquisition was financed with USD1.54 billion of debt, comprising a USD1 billion term loan B, a USD500 million term loan A and a USD54 million drawing of an accordion facility. The consolidation of this higher-margin business from 2026 will support deleveraging. The acquisition increases Allwyn's exposure to the prominent US market and enhances its scale, product diversification and online mix. However, it also increases exposure to regulatory and fiscal changes, particularly in daily fantasy sports, where the regulatory environment is evolving. Limited Regulation Risk for Lotteries: Allwyn continued to generate almost 60% of its net gaming revenue from its lottery business in 2025. Fitch continues to view lotteries as a more stable gaming segment, with growth slightly below that of online sports betting and iGaming, but less exposed to player safety regulations and fiscal risks, due to large upfront licence payments in some cases. Increased exposure to sports betting in existing and recently acquired businesses will reduce Allwyn's reliance on lottery operations. Expansionary Business Growth to Continue: Fitch expects modest growth in the lottery market, so anticipated growth will primarily be driven by new and recent acquisitions, alongside the consolidation of partially owned stakes. Fitch includes about EUR1.5 billion of M&A in its forecast for 2026, including the PrizePicks acquisition, followed by EUR150 million-200 million a year in 2027-2029 and additional performance-related payments for PrizePicks in 2029. Within the company's existing businesses, Fitch expects growth to come from a rising share of non-lottery gaming revenue and increased online penetration for lottery operations. Peer Analysis Allwyn's EBITDAR margins are strong relative to other Fitch-rated B2C-focused operators, such as Flutter Entertainment plc (BBB-/Stable), Entain plc (BB/Negative) and evoke plc (B/Negative), which are among the five largest iGaming and online sportsbook operators in Europe. Allwyn has a high portion of lottery revenue, which is less volatile and less exposed to regulatory risks, and has good geographical diversification across Europe, with monopoly or leadership positions within its market segments. It also has a presence in the US and Latin America. However, its revenue diversification is still slightly weaker than the multi-regional revenue bases of Flutter and Entain. Allwyn has larger scale and geographic diversification than Betclic Everest Group (BB-/Stable). This is partially offset by a less conservative financial policy with higher leverage, resulting in a one-notch difference between the two. Fitch’s Key Rating-Case Assumptions Fitch's Key Assumptions Within its Rating Case for the Issuer: - Low- to mid-single-digit organic revenue growth in 2025-2026 on increased online volume in the core markets of the Czech Republic and Greece, with the extent of growth depending on local platform strength, also fuelled by revenue growth from ramp-up of United Kingdom National Lottery operations; low-single-digit revenue decline in Austria due to asset disposal - Consolidated EBITDA margin improving towards 29% by 2029, from about 27% in 2025, driven by the addition of the US business - Material dividends from equity-owned businesses due to strong operational performance in Brazil and stable performance in Italy. Ordinary dividend payments to ultimate shareholders of EUR771 million a year from 2027; EUR1.0 dividends per share in 2026 and a one-off distribution to OPAP's departing shareholders of EUR456 million - Consolidation of PrizePicks and 100% consolidation of OPAP from 2026 - Bolt-on acquisitions of EUR150 million a year at an enterprise value of 10.0x EBITDA over 2026-2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool to produce the Standalone Credit Profile: - Business and financial profile factors (assessment, relative importance): Management (bb-, Higher), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb-, Moderate), Company Operational Characteristics (bb-, Lower), Profitability (bb-, Moderate), Financial Structure (bb, Moderate), and Financial Flexibility (bb+, Moderate). - The quantitative financial subfactors are based on custom Corporate Rating Tool financial period parameters: 10% weight for the forecast year 2025, 35% for the forecast year 2026, 35% for the forecast year 2027 and 20% for the forecast year 2028. - Assessments of the quantitative financial subfactors also include bespoke calculations. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'a-' results in no adjustment. - The Standalone Credit Profile is 'bb'. Recovery Analysis Fitch has upgraded the senior secured debt, originally issued by Allwyn International and its subsidiaries, Allwyn Entertainment Financing (UK) plc and Allwyn Entertainment Financing (US) LLC, and currently at Allwyn AG, to 'BB+' from 'BB-', one notch above Allwyn's IDR. Fitch has revised the Recovery Rating to 'RR3' from 'RR4'. Fitch took into consideration the reduced relative share of the opco debt in the combined debt structure and its understanding that this level of opco debt will not be materially increased. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Deterioration of the operating performance, leading to consistently neutral-to-negative pre-dividend FCF - A more aggressive financial policy, reflected in the consolidated EBITDAR net leverage being consistently above 4.5x - EBITDAR fixed-charge coverage below 3.0x on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Further diversification of operations, with continued access to respective cash flow, and transparent debt structure - Sound financial discipline leading to consolidated EBITDAR net leverage below 3.5x - EBITDAR fixed-charge coverage above 3.5x on a sustained basis - Consistently positive FCF Liquidity and Debt Structure Fitch estimates that Allwyn had sound liquidity at end-September 2025 with EUR1.1 billion of Fitch-calculated cash and operating companies' cash balances adjusted for minority stake ownership. The company's revolving credit facility of EUR350 million was fully undrawn as of end-December 2025. It also had EUR799 million other undrawn facilities under delayed drawdown term loan B2 and accordion facilities and EUR189 million available at subsidiaries as of end-December 2025. Debt maturities were well balanced at end-December 2025, with less than 5% of consolidated debt maturing before 2029. Major maturities start only from 2029. Allwyn's solid access to debt capital markets will keep refinancing risk manageable. In February 2026, the company issued EUR550 million senior secured notes and EUR100 million add-on notes to its existing EUR925 million term loan B due 2032 to finance the exit payment to the departing shareholders of OPAP and for general corporate purposes. Issuer Profile Allwyn is the largest European private lottery operator, holding leading or monopolistic positions in Austria, the Czech Republic, Greece, Cyprus, the UK and Italy. It is present in the US since its acquisition of Camelot LS Group, Instant Win Gaming and PrizePicks. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. Climate Vulnerability Signals The results of its Climate.VS screener did not indicate an elevated risk for Allwyn. 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 ----------- ------ -------- ----- Allwyn AG LT IDR BB New Rating Allwyn International AG LT IDR BB Upgrade BB- LT IDR WD Withdrawn Senior secured LT BB+ Upgrade RR3 BB- Allwyn Entertainment Financing (UK) plc senior secured LT BB+ Upgrade RR3 BB- Allwyn Entertainment Financing (US) LLC senior secured LT BB+ Upgrade RR3 BB- =========== T U R K E Y =========== TURK P&I: Fitch Affirms 'BB-' IFS Rating, Outlook Stable -------------------------------------------------------- Fitch Ratings has affirmed Turk P ve I Sigorta A.S.'s (Turk P&I) Insurer Financial Strength (IFS) Rating at 'BB-' and National IFS Rating at 'AA-(tur)'. The Outlooks are Stable. The IFS Rating reflects Turk P&I's small size and operating scale, and high investment risks stemming from exposure to the Turkish banking sector. The rating also reflects an improved, but tight, capital position, good earnings record, albeit exposed to investment and FX volatility, and adequate reinsurance protection. Key Rating Drivers Standalone Strength Key; Potential Support: Fitch assesses Turk P&I based on the insurer's standalone credit quality, but also considers its ownership structure, which is equally divided between public and private interests. The shareholders have provided capital support on several occasions, and Fitch believes they will continue to do so in case of further capital need. Fitch believes the company's strategic role in supporting the Turkish maritime sector and 50% government ownership support its business profile. Turk P&I is a relatively small, partially state-owned insurer, specialising in protection and indemnity (P&I) and hull and machinery (H&M) coverage. The company benefits from strong marine insurance expertise, a dominant market share in Turkish P&I, and a top three position in H&M. Turk P&I is reasonably diversified within marine insurance, but its small operating scale is a key rating constraint. The company generated about USD74 million in premiums in 2025, calculated using policy-level exchange rates at inception, and had only USD17 million in equity based on the year-end exchange rate. No Impact from Conflict: War risks are not included as standard cover, and the company's internal policies automatically exclude areas with high war risk, resulting in negligible exposure, including zero exposure to the Middle East conflict. Fitch does not anticipate any immediate impact on Turk P&I from the conflict, although the long-term effects on global marine transport could influence business volumes and pricing. Low Capital Base: Capitalisation remains stretched, reflected in a 'Somewhat Weak' Fitch Prism Global score at end-2024 and end-2025, pressured by a low absolute capital base. The regulatory solvency ratio improved significantly, rising from 65% at end-2023 to 118% at end-2024 and 128% at end-2025, supported by both a capital injection and internal capital generation. The absence of financial leverage and likely shareholder support are positive factors. No dividends are planned in the short-to-medium term, supporting capital retention and, in March 2026, the company increased paid-in capital to TRY 600 million from TRY 320 million through the capitalisation of retained earnings. Domestic Banks, Currency Risks Exposure: Turk P&I follows a conservative investment strategy, with assets allocated to short-term deposits at state-owned and large private banks, and government eurobonds. This creates exposure to Turkish banking and government risks. Three-quarters of investments are in foreign currency (FC), resulting in a significant open long FX position of 1.8x equity at end-2025 (1.1x at end-2024), which leaves fair value exposed to a depreciation of FC against the Turkish lira. Investments, FX Gains Support Earnings: Financial performance is good, with a return on equity of 33% in 2025 and a five-year average of 44%, although earnings remain volatile due to underwriting results and currency movements. Investment income and FX gains, driven by the company's significant FC holdings, have more than offset negative underwriting results, particularly in the H&M segment, where loss ratios remain high. The Fitch-calculated net loss ratio improved to 90% in 2025 from 121% in 2023, reflecting recovery from high storm-related losses. Depreciation of the local currency in recent years has inflated lira-denominated loss reserves, adversely affecting overall loss ratios, while almost all premiums and claims are transacted in hard currencies. The US dollar gross loss ratio was notably lower: 67% in 2025, 74% in 2024 and 85% in 2023. Adequate Reinsurance Practices: Fitch considers Turk P&I's reinsurance coverage for both P&I and H&M risks adequate, supported by highly rated ('A' category) marine reinsurers. The company uses multi-layer, non-proportional treaty structures, providing up to USD500 million for P&I and USD22.5 million per H&M event. Overall reinsurance protection is effective, in its view, as shown during the 2023 Sea of Marmara storms. Catastrophe exposure remains manageable due to Turk P&I's conservative risk appetite, limited exposure to high-severity risks such as oil platforms and a proactive in-house loss prevention team. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A material deterioration in capital without prospects of a timely recovery could lead to a downgrade of the national and international scale ratings - A downgrade of Turkiye's sovereign rating could lead to a downgrade of the international scale rating - Business risk profile deterioration due, for example, to a sharp deterioration in the maritime trade environment, could lead to a downgrade of the national and international scale ratings Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improvement in the company profile assessment, for example due to sustained profitable growth while maintaining a regulatory solvency ratio comfortably above 100%, could lead to an upgrade of the national and international scale ratings - A larger capital base, leading to a Fitch Prism score maintained comfortably above the 'Adequate' threshold, together with improvements in the operating environment and investment risk, for example driven by the Turkish sovereign and banking sector's stronger credit quality, could lead to positive rating action ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- Turk P ve I Sigorta A.S. LT IFS BB- Affirmed BB- Natl LT IFS AA-(tur) Affirmed AA-(tur) =========================== U N I T E D K I N G D O M =========================== AVON FINANCE NO.4: Fitch Affirms 'CCsf' Rating on Two Tranches -------------------------------------------------------------- Fitch has affirmed the ratings of Avon Finance No.3 PLC and Avon Finance No.4 PLC, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Avon Finance No.4 PLC Class A XS2683120211 LT AAAsf Affirmed AAAsf Class B XS2683133891 LT AA-sf Affirmed AA-sf Class C XS2683152339 LT BBBsf Affirmed BBBsf Class D XS2683170158 LT BBsf Affirmed BBsf Class E XS2683196468 LT B-sf Affirmed B-sf Class F XS2683221324 LT CCCsf Affirmed CCCsf Class G XS2683222728 LT CCsf Affirmed CCsf Class X XS2683225663 LT CCsf Affirmed CCsf Avon Finance No.3 PLC Class A XS2667751130 LT AAAsf Affirmed AAAsf Class B XS2667751486 LT AA-sf Affirmed AA-sf Class C XS2667752450 LT BBB+sf Affirmed BBB+sf Class D XS2667752617 LT BB+sf Affirmed BB+sf Class E XS2667752708 LT Bsf Affirmed Bsf Class F XS2667752880 LT B-sf Affirmed B-sf Class X XS2667753425 LT CCCsf Affirmed CCCsf Transaction Summary Avon Finance No.3 is a refinance of Avon Finance No.1 and Avon Finance No.4 is a refinance of Avon Finance No.2 . The transactions contain pre-global financial crisis loans originated by GMAC-RFC Limited and Platform Funding Limited and have features typically associated with non-conforming pre-crisis lending. KEY RATING DRIVERS Transaction Adjustment: Fitch has applied its non-conforming assumptions, an owner-occupied transaction adjustment of 0.75x and buy-to-let transaction adjustment of 1.0x to foreclosure frequencies for both transactions. This is because the transactions' historical performance of loans being greater than three months in arrears has been better than Fitch's non-conforming index. Repossessions and Late-Stage Arrears: Late-stage arrears in Avon No.3 have increased by 1pp since January 2025, while three-months-plus arrears in Avon No.4 have declined by 2pp. Repossessions have increased by 0.5%-1% since the last review in both transactions, with a more pronounced rise in Avon No.4, likely indicating the workout of loans previously in late-stage arrears through property foreclosure. In addition to reported defaults, Fitch assumes loans that are more than 12 months in arrears to be defaulted in its modelling. Accordingly, Fitch has modelled defaulted loan balances of 7% and 8%, respectively. Reserves Mitigate Payment Interruption: The transactions have a liquidity reserve at 0.5% of the closing balance of the class A and B notes. The target amount is the lower of 0.5% of class A and B notes at closing and 1% of class A and B notes' outstanding balance. The general reserve for Avon No.3 is static and 0.75% of the closing portfolio balance. Avon No.4 has a general reserve, also 0.75% of the portfolio balance, which amortises at this percentage. The liquidity reserve can step up to a dynamic target of 1.5% of the current class A and B notes' balance upon underperformance. The reserve step-up provides protection to payment interruption risk, while the general reserve provides credit enhancement (CE). Recovery Rate Cap Applied: The transactions have reported losses that exceed Fitch's loss expectations based on the indexed value of the properties in the pool. Fitch has therefore applied borrower-level recovery rate (RR) caps to the buy-to-let loans in the transaction, in line with those applied to non-conforming loans, where the RR cap is 85% at 'Bsf' and 65% at 'AAAsf'. High Fees, Partial Reserve Depletion: The reported servicing fees are significantly higher than expected at closing, likely reflecting the large number of arrears and defaults that require additional servicing work, and one-off fee due to replacement of the servicer. High fees have constrained available excess spread in both transactions and contributed to the partial depletion of the reserve fund in Avon No.4. Fitch has factored higher fees into its analysis, supporting the affirmation of all notes, despite the build-up in CE. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The transactions' performance may be affected by adverse changes in market conditions and the economic environment. Weakening economic performance is strongly correlated to increasing delinquencies and defaults that could reduce CE available to the notes. Fitch found that a 15% increase in the WAFF and 15% decrease of the weighted average recovery rate (WARR) would imply the following Model-Implied-Ratings for Avon No.3: Class A : 'AA+sf' Class B: 'Asf' Class C: 'BB+sf' Class D: 'BB-sf' Class E: 'CCCsf' Class F: Below 'CCCsf' Class X: Below 'CCCsf' Fitch found that a 15% increase in the WAFF and 15% decrease of the WARR would imply the following model-implied-ratings for Avon No.4: Class A: 'AA+sf' Class B: 'BBB+sf' Class C: 'BBsf' Class D: 'B-sf' Class E: Below 'CCCsf' Class F: Below 'CCCsf' Class G: Below 'CCCsf' Class X: Below 'CCCsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable-to-improved asset performance, driven by stable delinquencies and defaults, would lead to increasing CE and, potentially, upgrades. Fitch found that a 15% decrease in the WAFF and 15% increase in the WARR would imply the following for Avon No.3: Class A: 'AAAsf' Class B: 'AAAsf' Class C: 'AA-sf' Class D: 'Asf' Class E: 'BBB-sf' Class F: 'Bsf' Class X: Below 'CCCsf' Fitch found that a 15% decrease in the WAFF and 15% increase of the WARR would imply the following for Avon No.4: Class A: 'AAAsf' Class B: 'AA+sf' Class C: 'A+sf' Class D: 'BBB+sf' Class E: 'BB-sf' Class F: Below 'CCCsf' Class G: Below 'CCCsf' Class X: Below 'CCCsf' USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. Fitch has not reviewed the results of any third-party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring. Prior to the transaction closing, Fitch reviewed the results of a third-party assessment conducted on the asset portfolio information and concluded that there were no findings that affected the rating analysis. 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 Avon No.3 and Avon No.4 have an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security due to the high proportion of interest-only loans in the legacy owner-occupied sub-pool, which has a negative impact on the credit profile, and is relevant to the ratings in conjunction with other factors. Avon No.3 and Avon No.4 have an ESG Relevance Score of '4' for Human Rights, Community Relations, Access & Affordability due to a significant proportion of the pool containing owner-occupied loans advances with limited affordability checks, 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. ELVASTON PLACE: BTG Begbies, FRP Advisory Named as Administrators ----------------------------------------------------------------- Elvaston Place Property Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-001992, and and Paul Steven Cooper (IP No. 15452) of BTG Begbies Traynor (London) LLP, and David Paul Hudson (IP No. 8977) and Simon Baggs (IP number 29950) and FRP Advisory Trading Ltd were appointed as Joint Administrators on March 13, 2026. The company engages in the buying and selling of own real estate, and other letting and operating of own or leased real estate. The company's registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Paul Steven Cooper (IP No. 15452) BTG Begbies Traynor (London) LLP 40 Bank Street, Canary Wharf, London, E14 5NR -- and -- David Paul Hudson (IP No. 8977) Simon Baggs (IP number 29950) FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street, London, EC4N 6EU For further details, contact: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com FRASER BLAIR: CG&Co Appointed as Joint Administrators ----------------------------------------------------- Fraser Blair Limited was placed into administration in the Court of Sessions, No P303 of 2026, and Nick Brierley (IP No. 19950) and Edward Avery-Gee (IP No. 12410) of CG&Co were appointed as Joint Administrators on March 16, 2026. The company operates in development of building projects. The company's registered office is at 6 Coltsfoot Drive, Glasgow, G53 7UL. The principal trading address is at 332 Kelvindale Rd Glasgow G12 0QS. The Joint Administrators can be reached at: Nick Brierley (IP No. 19950) Edward Avery-Gee (IP No. 12410) c/o CG&Co 27 Byrom Street, Manchester, M3 4PF For further details, contact: Clara Van Biesebroeck Email: info@cg-recovery.com GRAYS TRANSPORT: CBA Appointed as Joint Administrators ------------------------------------------------------ Grays Transport (Derbyshire) Limited was placed into administration in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency and Companies List (ChD), No BHM-000109 of 2026, and Neil Charles Money (IP No. 8900) and Steven Glanvill (IP No. 27494) of CBA Business Solutions Limited were appointed as Joint Administrators on March 13, 2026. The company offers freight transport by road. The company's registered office and principal trading address is at 3 Colwick Quays Business Park, Colwick, Nottingham, Nottinghamshire, NG4 2JY, United Kingdom. The Joint Administrators can be reached at: Neil Charles Money (IP No. 8900) Steven Glanvill (IP No. 27494) CBA Business Solutions Limited 126 New Walk, Leicester, LE1 7JA For further details, contact: Steven Glanvill Tel. No: 0116 262 6804 Email: steven.glanvill@cba-insolvency.co.uk MEIF II: PwC Appointed as Joint Administrators ---------------------------------------------- MEIF II CP Holdings 3 Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-002125, and Zelf Hussain (IP No. 9435), Timothy Andrew Higgins (IP No. 26870) and Mark James Tobias Banfield of PricewaterhouseCoopers LLP were appointed as Joint Administrators on March 16, 2026. The company engages in activities of head offices. The company's registered office and principal trading address is at The Bailey, 16 Old Bailey, London, England, EC4M 7EG. The Joint Administrators can be reached at: Zelf Hussain (IP No. 9435) PricewaterhouseCoopers LLP 7 More London, Riverside, London, SE1 2RT -- and -- Timothy Andrew Higgins (IP No. 26870) PricewaterhouseCoopers LLP 1 Chamberlain Square, Birmingham, B3 3AX -- and -- Mark James Tobias Banfield (IP number 23350) PricewaterhouseCoopers LLP 7 More London, Riverside, London, SE1 2RT For further details, contact: Tel. No: 0113 289 4000 Email: uk_ncp_creditors@pwc.com Data processing details are available in the privacy statement at PwC.co.uk PACE CCS: Turpin Barker Appointed as Administrators --------------------------------------------------- PACE CCS Limited was placed into administration and Andrew R Bailey (IP No. 18810) and Martin C Armstrong (IP No. 6212) of Turpin Barker Armstrong were appointed as Administrators on March 6, 2026. The company offers engineering consultancy delivering engineering design to the global carbon capture industry. The company's registered office is at 10 Lower Thames Street, London, EC3R 6AF. The Administrators can be reached at: Andrew R Bailey (IP No. 18810) Martin C Armstrong (IP No. 6212) Turpin Barker Armstrong 15 Horizon Business Village 1 Brooklands Road, Weybridge, Surrey, KT13 0TJ For further details, contact: Chris Warner Tel. No: 01932 336149 Email: chris.warner@turpinba.co.uk SYNTHOMER PLC: Moody's Cuts CFR, Sr. Unsec. Notes Rating to Caa1 ---------------------------------------------------------------- Moody's Ratings has downgraded Synthomer plc's (Synthomer) corporate family rating to Caa1 from B3 and the probability of default rating to Caa3-PD from B3-PD. Concurrently, Moody's have downgraded the instrument rating of the backed senior unsecured notes due 2029 to Caa1 from B3. The outlook remains negative. RATINGS RATIONALE The downgrade of Synthomer's ratings reflects increasing refinancing risk in relation to the company's upcoming debt maturities in 2027 and the tightening headroom under its financial covenants. In its latest press release issued on March 19, 2026, Synthomer has confirmed that it is actively engaging with lenders with the objective of amending the key covenants and extending the maturity of the facilities. At the same time, the company has confirmed that it does not currently intend to issue new equity as part of its refinancing considerations. Absent any business disposals or equity issuance, and considering the currently tight debt capital markets conditions, Moody's sees an increasing likelihood that such an extension of credit facilities would be viewed a distressed exchange per Moody's definitions. The downgrade of the PDR also reflects this increased risk. Synthomer's debt falling due next year includes its EUR300 million revolving credit facility (RCF) maturing in July 2027 and the UK Export Finance (UKEF) facilities divided into tranches of EUR288 million and $230 million which are both maturing in October 2027 and are partly guaranteed by the UK government. The downgrade also reflects Moody's views that Synthomer's operating performance and credit metrics will remain weak for the next 12-18 months. With its winter trading statement, published on January 29, the company had already confirmed that softer end-market demand led to an at least 10% decline in its revenue and an EBITDA of GBP135-138 million in 2025, which is below Moody's expectations from when Moody's last reviewed Synthomer's ratings back in October. While margins have improved modestly through portfolio mix and cost-reduction initiatives, earnings remain constrained by structural overcapacity in several product segments, particularly in the nitrile butadiene rubber (NBR) surgical glove business. Moody's estimates that Moody's-adjusted gross leverage was at about 7.2x at year-end 2025 and expect it to be broadly the same in 2026. Furthermore, Moody's assessments of Synthomer's liquidity profile has weakened in view of the maturity of its RCF next year, which was partially drawn by GBP73 million as of June 2025, and considering free cash flow generation which Moody's forecasts to be negative over the next 12–18 months. As of June 30, 2025, the company reported cash of GBP266.4 million, which reduced to GBP137.7 million pro forma following the July 2025 euro equivalent repayment of the GBP129 million bond stub. The GBP50 million cash inflow from the receivables purchase agreement entered with shareholder Kuala Lumpur Kepong Berhad Group (KLK) boosted liquidity in December. The RCF and the two committed UKEF facilities are subject to a net debt/EBITDA covenant of no more than 5.25x for June and December 2025. For December 31, 2025, the company reported covenant net leverage of approximately 4.7x–4.8x. Moody's anticipates that the company's covenant compliance remains challenging and the planned covenant step down to 4.5x in June 2026 will further amplify this vulnerability, especially given ongoing earnings volatility. However, Moody's understands that covenant relief will be part of discussions with lenders. RATING OUTLOOK The negative outlook reflects the increasing risk associated with the refinancing of Synthomer's 2027 debt maturities. The outlook also reflects Moody's expectations that the company will not achieve material deleveraging or positive free cash flow generation over the next 12-18 months, absent any business disposals. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook indicates that a ratings upgrade is unlikely over the next 12-18 months. However, an upgrade would require the company to achieve a material improvement in operating performance, driving growth in revenue and Moody's-adjusted EBITDA and resulting in Moody-adjusted debt/EBITDA sustainably declining to around 6.5x; generate consistently positive Moody-adjusted free cash flow and maintain good liquidity; and establish a clear strategy to proactively address upcoming debt maturities. The ratings could be downgraded if Synthomer fails to refinance its 2027 debt maturities well ahead of time. The ratings could also come under pressure if the company's liquidity deteriorates and it fails to comply with financial covenants. STRUCTURAL CONSIDERATIONS The Caa1 rating of the EUR350 million backed senior unsecured notes due 2029 is in line with the Caa1 CFR, as the notes rank pari passu with all of the company's financial debt, including the two committed UK Export Finance (UKEF) facilities of EUR288 million and $230 million, respectively, both of which are 80% guaranteed by the UK Government and maturing in October 2027, and the EUR300 million RCF. The financial covenants in the UKEF facilities are aligned with the financial covenants in the RCF. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Chemicals published in February 2026. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. CORPORATE PROFILE Synthomer plc is a leading supplier of high-performance specialty polymers and ingredients for coatings, construction, adhesives, and healthcare end markets. It operates 31 plants in 24 countries and has a significant presence in Europe, the US, the Middle East, and Asia. Synthomer is headquartered and listed in the UK and had a market capitalisation of around GBP60 million as of March 27, 2026. UTILITY METERS: KR8 Advisory Appointed as Administrators -------------------------------------------------------- Utility Meters Warehouse Limited was placed into administration in the Business and Property Courts in Birmingham, Companies and Insolvency List (ChD), No CR-2026-000100, and Michael Lennon (IP No. 24650) and Mark Blackman (IP No. 29630) of KR8 Advisory Limited were appointed as administrators on March 12, 2026. The company engages in the wholesale of other machinery and equipment. The company's registered office is at C/O KR8 Advisory Limited, The Lexicon, 10–12 Mount Street, Manchester, M2 5NT. Its principal trading address is at Unit 3, Leo Industrial Estate, Mosley Road, Trafford Park, Manchester, M17 1JS. The Administrators can be reached at: Michael Lennon (IP No. 24650) Mark Blackman (IP No. 29630) KR8 Advisory Limited The Lexicon, 10–12 Mount Street, Manchester, M2 5NT For further details, contact: Arvin Ashtab Email: arvin.ashtab@kr8.co.uk UXBRIDGE GLASS: KRE Corporate Appointed as Administrators --------------------------------------------------------- Uxbridge Glass Centre Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), No CR-2026-001702, and David Taylor (IP No. 13790) and Paul Ellison (IP No. 7254) of KRE Corporate Recovery Limited were appointed as Administrators on March 10, 2026. The company engages in the shaping and processing of flat glass; and manufacturing and processing of other glass including technical glassware. The company's registered office is at C/O KSG Accountants, 4 Somerset Way, Iver, SL0 9AF. Its principal trading address is at Cornerfields Farm, 63 Hollybush Lane, Denham, Buckinghamshire, UB9 4HB. The Administrators can be reached at: David Taylor (IP No. 13790) Paul Ellison (IP No. 7254) KRE Corporate Recovery Limited Unit 8, The Aquarium, 1–7 King Street, Reading, RG1 2AN For further details, contact: Alison Young Tel. No: 01189 479090 Email: alison.young@krecr.co.uk VENUS BRIDGING: BTG Begbies Appointed as Joint Administrators ------------------------------------------------------------- Venus Bridging Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), No CR-2026-001406, and Stephen Katz (IP No. 8681) of BTG Begbies Traynor (London) LLP and Nimish Patel (IP No. 8679) of Coots & Boots were appointed as administrators on March 10, 2026. The company engages in financial intermediation. The company's registered office is at c/o BTG Begbies Traynor, 31st Floor, 40 Bank Street, London, E14 5NR (formerly: 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX). Its principal trading address is at 2nd Floor, 314 Regents Park Road, London, N3 2JX. The Administrators can be reached at: Stephen Katz (IP No. 8681) BTG Begbies Traynor (London) LLP 31st Floor, 40 Bank Street, London, E14 5NR -- and -- Nimish Patel (IP No. 8679) Coots & Boots 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi BTG Begbies (London) LLP Tel. No: 020 7516 1500 Email: GM-team@btguk.com WATER GARDEN: BTG Begbies, FRP Advisory Named as Administrators --------------------------------------------------------------- The Water Gardens (HP) Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-001989, and Paul Steven Cooper (IP No. 15452) of BTG Begbies Traynor (London) LLP, and David Paul Hudson (IP No. 8977) and Simon Baggs (IP number 29950) and FRP Advisory Trading Ltd were appointed as Joint Administrators on March 13, 2026. The company engages in the buying and selling of own real estate, and other letting and operating of own or leased real estate. The company's registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Paul Steven Cooper (IP No. 15452) BTG Begbies Traynor (London) LLP 40 Bank Street, Canary Wharf, London, E14 5NR -- and -- David Paul Hudson (IP No. 8977) Simon Baggs (IP number 29950) FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street, London, EC4N 6EU For further details, contact: Ben Kingham Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com ********* 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. 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