260414.mbx

260414.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, April 14, 2026, Vol. 27, No. 74 Headlines A R M E N I A ASCE GROUP: S&P Withdraws 'B-' Long-Term Issuer Credit Rating A U S T R I A ALLWYN : Moody's Assigns Ba2 CFR, Outlook Stable F I N L A N D STORA ENSO: Moody's Rates New EUR1BB Sub. Hybrid Bonds 'Ba2' F R A N C E CLARIANE SE: Moody's Rates New EUR500MM Sr. Unsecured Notes 'B2' G R E E C E CREDIABANK SA: Moody's Ups Long Term Deposit Ratings to Ba1 I R E L A N D ADAGIO XIV: S&P Assigns B- (sf) Rating to Class F Notes CAIRN CLO XII: Moody's Affirms B3 Rating on EUR12MM Class F Notes FORTUNA CONSUMER 2026-1: Moody's Assigns Ba3 Rating to Cl. E Notes HAMBRIDGE EURO 2: S&P Assigns B- (sf) Rating to Class F Notes JUBILEE CLO 2026-XXXIII: S&P Assigns B- (sf) Rating to Cl. F Notes I T A L Y ILPEA: S&P Affirms 'B+' Sr. Sec. Debt Rating, Alters Outlook to Neg L U X E M B O U R G CPI PROPERTY: S&P Cuts Sr. Unsec. Notes to 'BB', Outlook Stable SAMSONITE GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable S P A I N MONBAKE GRUPO: Moody's Assigns 'B2' CFR, Outlook Stable S W E D E N POLESTAR AUTOMOTIVE: Extends $726-Mil. Snita Loan Maturity to 2031 POLESTAR AUTOMOTIVE: Volvo to Convert $274MM Debt Into 19.9% Stake S W I T Z E R L A N D VAT GROUP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive U N I T E D K I N G D O M 3 CRANWOOD: BTG Begbies, FRP Advisory Named as Joint Administrators 3CG HOLDINGS: BTG Begbies, Coots & Boots Named as Administrators C CODA: FTI Consulting Appointed as Joint Administrators CREDIT CAPITAL: BTG Begbies, Coots & Boots Named as Administrators D CODA: FTI Consulting Appointed as Joint Administrators E CODA: FTI Consulting Appointed as Joint Administrators PSR EQUITIES: BTG Begbies, Coots & Boots Named as Administrators ZIRCON GROUP: BTG Begbies, Coots & Boots Named as Administrators - - - - - ============= A R M E N I A ============= ASCE GROUP: S&P Withdraws 'B-' Long-Term Issuer Credit Rating ------------------------------------------------------------- S&P Global Ratings withdrew its 'B-' long-term rating on ASCE Group OJSC, at the issuer's request. At the time of the withdrawal, the outlook on the rating was negative. ============= A U S T R I A ============= ALLWYN : Moody's Assigns Ba2 CFR, Outlook Stable ------------------------------------------------ Moody's Ratings has assigned a Ba2 long term corporate family rating and a Ba2-PD probability of default rating to Allwyn AG (Allwyn). The outlook on Allwyn is stable. Concurrently, Moody's withdrew the Ba2 long term CFR and the Ba2-PD PDR of Allwyn International AG. Prior to the withdrawal, the outlook on Allwyn International AG was stable. RATINGS RATIONALE The change of the rated entity follows a change in the company's organizational structure upon closing of the business combination between Allwyn International AG and OPAP S.A. (OPAP) on March 24, 2026. Allwyn AG is the ultimate parent of the Allwyn group and the reporting entity going forward. Allwyn benefits from its large scale, leading lottery franchises and strong underlying cash generation, which provide earnings stability superior to most other gaming activities. Its leading market positions, supported by high participation rates, low ticket sizes and growing online penetration, underpin a robust business profile, further enhanced by the addition of PrizePicks and Betano. These strengths are balanced by elevated leverage, negative near-term Moody's-adjusted free cash flow (FCF), a complex group structure with still-material minority interests and inherent regulatory risks. The acquisition of PrizePicks and the debt-funded cash settlement for OPAP dissenting shareholders have altogether increased leverage, so that Moody's now expect Moody's-adjusted gross debt to EBITDA to range between 4.6x–4.9x through year-end 2026, above the 4.25x downgrade threshold. However, sizeable unrestricted cash balances, the resilience of its cash-generative business, and Moody's expectations that credit metrics will improve by the end of 2027 underpin a credit quality that remains commensurate with the assigned rating. The combination with OPAP has positive credit implications because it supports a more predictable financial policy and governance transparency. ESG CONSIDERATIONS Social and governance considerations were a driver of the rating assignment. Allwyn's credit impact score of 3 (CIS-3) indicates that ESG considerations have a limited impact on the current rating with potential for greater negative impact over time. The company's low environmental risk exposure and moderate governance risks are balanced by elevated social risks, particularly those related to demographic and societal trends. However, these risks are not currently material to the credit rating. LIQUIDITY Allwyn's liquidity is good. As at December 31, 2025 and on a consolidated basis, the company had EUR1.5 billion of unrestricted cash and cumulative undrawn availabilities of EUR1,338 million across committed revolving credit facilities (RCFs), delayed draw term loan and accordion facilities at different entities within the group. Moody's projects Allwyn to generate underlying positive FCF before dividends, albeit of lower magnitude versus historical levels in the near-term because of the Italian license renewal (around EUR450 million). FCF after distributions to shareholders will be heavily negative in 2026 at around - EUR565 million but projected to turn positive from 2027 onwards. Moody's expects Allwyn to remain compliant with financial covenants attached to the bank loans. OUTLOOK The stable outlook reflects Moody's expectations that Allwyn's gross leverage and FCF generation will substantially improve after the trough in 2026 through a combination of growing earnings and lower capital expenditure. The stable outlook also reflects Allwyn's expected adherence to stated financial policies since becoming a listed entity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could arise if: -- The company sustains positive organic growth, withstands the impact of potential regulatory changes, successfully manages licenses renewal risk as well as execution and integration of acquired businesses. -- The company commits to more conservative financial policies and consistently reduces leverage, so that its Moody's-adjusted gross leverage on a consolidated basis falls well below 3.25x. -- The holding company generates strong cash flow on a sustained basis and maintains solid liquidity to service upcoming debt maturities, cutting back dividend and M&A spending when necessary. Downward rating pressure would arise if Allwyn's: -- Organic revenue declines, changes to the regulatory environments negatively impact the company's earnings and cashflows or in case of missteps with regards to license renewals. -- Moody's-adjusted gross leverage remains above 4.25x on a consolidated basis or its Moody's-adjusted FCF remains negative on a sustained basis. -- The consolidated group's liquidity weakens or financial policies become less conservative, with significant debt-financed acquisitions or material shareholder distributions. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Gaming published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ============= F I N L A N D ============= STORA ENSO: Moody's Rates New EUR1BB Sub. Hybrid Bonds 'Ba2' ------------------------------------------------------------ Moody's Ratings has assigned a Ba2 rating to Stora Enso Oyj's (Stora Enso) proposed EUR1 billion deeply subordinated hybrid instruments. Stora Enso's existing ratings and stable outlook remain unaffected. RATINGS RATIONALE The Ba2 ratings of the subordinated hybrid instruments, expected in form of two tranches perpetual EUR500 million NC-3 and EUR500 million NC-5.5 bonds, are two notches lower than Stora Enso's Baa3 senior unsecured rating. This reflects the deeply subordinated position of the proposed hybrid securities in relation to the existing senior unsecured obligations of Stora Enso. The proposed hybrid bonds qualify for the "basket M" (see Moody's Hybrid Equity Credit methodology, published in February 2024), meaning 50% equity credit and 50% debt for financial leverage purposes. The features include (i) an unrestricted optional coupon skip with mandatory settlement triggered by discretionary payments on junior or parity obligations, (ii) a perpetual maturity, and (iii) no interest-rate step-ups before year 10, with cumulative step-ups not exceeding 100 bps thereafter. Moody's expects the issuance to have a modestly positive impact on Stora Enso's otherwise weakly positioned Baa3 issuer rating. It complements other proactive measures undertaken by the company, such as asset sales, to protect the rating. The issuance would effectively reduce Moody's-adjusted gross leverage by around 0.4x, as Moody's expects the proceeds to be used to repay existing senior debt. A comprehensive review of all credit ratings for the respective issuer has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could arise if: -- Moody's-adjusted gross debt/ EBITDA is sustained below 2.5x -- Moody's-adjusted retained cash flow/ net debt is sustained above 30%; -- Moody's-adjusted EBIT margin is sustained above 15%; -- Sustained material free cash flow generation. Conversely, negative rating pressure could arise if: -- Moody's-adjusted gross debt/ EBITDA is sustained above 3.5x; -- Moody's-adjusted retained cash flow/ net debt is sustained below 25%; -- Moody's-adjusted EBIT margin is sustained below 10%; -- Deviation from the stated financial policy. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Paper and Forest Products 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. PROFILE Headquartered in Helsinki, Finland, Stora Enso Oyj ranks among the world's largest paper and forest products companies, with sales of approximately EUR9.3 billion in 2025. Its broad product portfolio includes production of paper-based packaging, pulp, paper, bio-based chemicals, pellets and wood products. Stora Enso is also one of the world's largest private forest owners, with approximately 1.9 million hectares own and leased timberland. As a publicly listed company, Stora Enso has a current market capitalization of around EUR8 billion. Its largest shareholder, with a 10.7% stake, is Solidium Oy, which is wholly owned by the Finnish state. The next significant shareholder is FAM AB, with a 10.2% interest, which is owned by the three largest Wallenberg foundations. =========== F R A N C E =========== CLARIANE SE: Moody's Rates New EUR500MM Sr. Unsecured Notes 'B2' ---------------------------------------------------------------- Moody's Ratings has assigned a B2 instrument rating to the proposed EUR500 million senior unsecured fixed-rate notes due in 2031 borrowed by Clariane SE (Clariane or the company). The company's other ratings, including its long-term corporate family rating of B2 probability of default of B2-PD, the senior unsecured fixed-rate notes due 2030 of B2, are not affected by this rating action. The outlook is also unaffected at stable. The proposed senior unsecured notes, along with cash on balance sheet, will be used to refinance its outstanding Schuldschein due in 2026 and 2027, and Euro private placement bonds maturing in 2027 and 2028, and pay estimated fees and expenses, at maturity or in advance. RATINGS RATIONALE The B2 rating of the proposed senior unsecured fixed-rate notes reflect their pari passu ranking with Clariane's existing senior unsecured debt. Moody's views positively that the company is proactively addressing its debt maturities well ahead of maturity, supporting liquidity. Clariane's B2 rating is mainly driven by the company's strong market position as a leading pan-European operator in non-acute and elderly care, supported by its scale, geographic diversification, operational excellence and integrated service model. The rating is also supported by the highly regulated nature of its sector, where barriers to entry are high and new capacity is limited, and long-term demand trends driven by structural demographic factors. Finally, its real estate strategy supports group credit quality by combining operational control with investment flexibility, although adding structural complexity. On the other hand, the rating is currently weakly positioned and mainly constrained by the company's high Moody's-adjusted gross leverage of 8.5x in 2025, modest Moody's-adjusted EBITA to interest expense of 1.0x, driven by high debt levels and lease commitments, low Moody's-adjusted EBITA margin, and by its limited Moody's-adjusted free cash flow (FCF) generation because of high fixed charges. Finally, rising care needs intensify competition for qualified healthcare staff, that can reinforce wage inflation and increase cost pressure in an already labor-intensive business. Over the next 12-18 months, Moody's expects Clariane's top line revenue growth to be in the low-single-digit range in percentage terms, mainly driven by occupancy recovery, pricing and case-mix optimisation in long-term care. Over the same period of time, Moody's expects Clariane's Moody's-adjusted EBITDA to grow towards EUR1.1 billion from EUR1,001 million estimated in 2025, with slight improved profitability. Therefore, Moody's estimates the company's Moody's-adjusted gross leverage to trend towards 7.5x. Over the same period of time, Moody's anticipates limited Moody's-adjusted FCF and a Moody's-adjusted EBITA to interest expense of about 1x. OUTLOOK The stable outlook reflects Moody's expectations that Clariane will continue to have a strong operating performance and prudent financial management over the next 12-18 months, leading to a Moody's-adjusted gross leverage ratio declining towards 7.5x and improving cash flow generation. LIQUIDITY Moody's views Clariane's liquidity as adequate. This is mainly driven by cash balances of EUR783 million as of end 2025 and access to its revolving credit facility (RCF) with a final termination date in 2029 of EUR325 million which is fully undrawn. Over the next 12-18 months, Moody's expects the company's Moody's-adjusted FCF to be limited, assuming modest working capital requirements and capital spending, before lease repayments, of about 4.5% of revenue, and assume about EUR40 million of dividends paid to minority owners of its real estate investment vehicles. Moody's excludes factoring movements from operating cash flow, as Moody's sees this cash flow as financing. The company has access to a EUR300 million commercial paper programme which was drawn by EUR56 million at the end of 2025, while it has around EUR500 million of real estate net asset value that could support liquidity if needed. The company's RCF and term loan are subject to two maintenance covenants tested on a semi-annual basis. These include a total net leverage ratio with a progressively tightening threshold through December 31, 2028, standing at 6.5x at end-2025, and a minimum liquidity requirement of EUR300 million, defined as available RCF capacity plus cash on balance. Moody's expects the company to maintain meaningful capacity against both covenants. STRUCTURAL CONSIDERATIONS Clariane's capital structure is complex, composed of a mix of instruments, including senior unsecured corporate debt at the holding level all ranking pari passu. Moreover, alongside these are senior unsecured convertible instruments (OCEANE and ODIRNANE) and deeply subordinated perpetual hybrid bonds. Moody's considers all these instruments as debt for Moody's adjusted metrics because these instruments become payable and due in case of insolvency or liquidation. Finally, a significant portion of debt consists of asset-level real estate financing, which is senior secured, largely ring-fenced at property company level and a majority of it structurally non-recourse to the group. The B2-PD probability of default rating is in line with the B2 corporate family rating, assuming a 50% corporate family recovery rate appropriate for debt structures comprising bank and bond debt. The B2 instrument rating of the proposed EUR500 million notes due 2031 reflect the pari passu ranking with other unsecured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING The rating could be upgraded if there is continued growth in margins and earnings. Quantitatively, Moody's could upgrade the rating if the company's Moody's-adjusted debt/EBITDA declines well below 7x, and its Moody's-adjusted EBITA/interest expense improves towards 1.5x, with improved Moody's-adjusted cash flow generation. The rating could be downgraded if the company's profitability is weaker-than-expected, or its Moody's-adjusted debt/EBITDA remains above 8x, its Moody's-adjusted EBITA/interest remains around 1x, or its Moody's-adjusted FCF remains negative on a sustained basis, or liquidity weakens. Any large debt-funded acquisition or significant shareholder distribution could also result in a rating downgrade. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Business and Consumer Services published in February 2026. COMPANY PROFILE Clariane is a leading pan-European provider of non-acute healthcare and care services, operating across six European countries with a broad and integrated care platform. The group focuses on long-term care, alternative living solutions and specialty care, including mental health, post-acute and outpatient services. Clariane's ownership structure includes Predica and HLD, each holding about 26% of the share capital alongside a diversified free float. In 2025, the company generated approximately EUR5.2 billion of revenue and about EUR560 million of company-adjusted EBITDA (pre-IFRS 16). =========== G R E E C E =========== CREDIABANK SA: Moody's Ups Long Term Deposit Ratings to Ba1 ----------------------------------------------------------- Moody's Ratings has upgraded the long-term deposit ratings of CrediaBank S.A. (CrediaBank) to Ba1 from Ba2, as well as its Baseline Credit Assessment (BCA) and Adjusted BCA to ba3 from b1. Moody's have also upgraded the bank's long-term and short-term Counterparty Risk Ratings (CRR) to Baa3/P-3 from Ba1/NP, and its long-term and short-term Counterparty Risk Assessments (CR Assessment) to Baa3(cr)/P-3(cr) from Ba1(cr)/ NP(cr). In addition, Moody's upgraded its long-term subordinated Tier 2 debt rating to B1 from B2, and its long-term Additional Tier 1 (AT1) notes rating to B3(hyb) from Caa1(hyb). The banks' short-term deposit ratings were affirmed at NP. The outlook on the bank's long-term deposit ratings was changed to stable from positive. This rating action follows CrediaBank's share capital increase of EUR300 million, of which 20% was subscribed by local investors in Greece and 80% by international investors. The new capital will fund the bank's growth prospects, including its EUR200 million acquisition for a 70% stake in HSBC Bank Malta p.l.c. (HSBC Malta), as well as other strategic partnerships and acquisitions. RATINGS RATIONALE BASELINE CREDIT ASSESSMENT (BCA) The upgrade of CrediaBank's BCA to ba3 from b1, reflects the bank's improved solvency after the capital increase, as well as the expected stronger underlying financial fundamentals and organic capital generation stemming from the upcoming acquisition of HSBC Malta. The bank's standalone credit profile is likely to benefit from an expanded assets and earnings diversification, supported by an established foothold in another neighboring EU country. CrediaBank has the potential to further enhance its earnings profile and competitive position, while reducing reliance on its home market, creating operational efficiencies and cost synergies. CrediaBank's solvency has been enhanced by the recent capital increase, following the reduction of its common equity Tier 1 (CET1) capital ratio to 11% in December 2025 from 11.9% in December 2024. Moody's estimates that the addition of EUR300 million of new equity (net of any expenses related to the share capital increase) will boost its pro-forma CET1 ratio to around 18.1% on a standalone basis, while incorporating the HSBC Malta acquisition it will hover at around 15.5%. Moody's believes this level of capital would be sufficient for the bank to implement its growth strategy going forward, while providing a good loss absorbing buffer to creditors with no deferred tax credits (DTCs) in its capital structure (unlike its larger local peers). Other factors driving the bank's BCA upgrade are its improving recurring profitability, although with a still elevated cost base. The bank's recurring pre-provision income grew by around 88% during 2025, underpinned by almost doubling its fee-income, while its recurring cost-to-income ratio is still relatively high at approximately 62% in 2025, albeit down from 71% in 2024. The bank's improved credit profile is also supported by the cleanup of its balance sheet, with non-performing exposures (NPEs) to gross loans ratio of 2.9% at the end of 2025, and very low new NPEs formation. CrediaBank's BCA also takes into consideration the fast pace of lending growth, certain governance-related risks linked to related-party exposures, as well as execution risks and challenges in its acquisition of HSBC Malta. These include managing reputational and branding risks, successfully retaining the diverse customer base and experienced staff of HSBC Malta. Establishing strong cross-border governance and oversight structures, and achieving the intended commercial synergies are also factors captured in the bank's BCA. ADVANCED LOSS GIVEN FAILURE (LGF) ANALYSIS CrediaBank's long-term deposit ratings of Ba1 reflects both the bank's BCA as well as Moody's Advanced Loss Given Failure (LGF) analysis, positioning its long-term deposit ratings two notches higher than its BCA. This is also driven by the bank's consolidated liability structure, and the relatively small amount of subordinated buffer to absorb losses in a potential resolution scenario. Moody's LGF analysis suggests no changes to these notching considerations, assuming a consolidated liability structure including HSBC Malta. In addition, Moody's LGF analysis suggests that the bank's Tier 2 instruments should be positioned one notch below its BCA at B1. OUTLOOK CHANGED TO STABLE FROM POSITIVE CrediaBank's stable outlook on its long-term deposit ratings balances Moody's expectations of improving underlying financial fundamentals, with the relevant challenges and execution risks for completing the technical merger and integration with HSBC Malta over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS CrediaBank's ratings could be further upgraded with the successful integration of HSBC Malta, and provided the anticipated benefits from the transaction become visible and start exerting upward pressure on its standalone credit profile. The bank's deposit ratings could also benefit from the potential issuance of debt instruments that could provide a loss absorption buffer in a resolution scenario under Moody's Advanced LGF analysis. The bank's ratings could be downgraded if Moody's considers that the implementation of the integration plan with HSBC Malta is at risk or if there is significant delay in its execution, impairing the bank's business plan and performance. Additionally, the bank's ratings could be downgraded if Moody's believes there are lapses in managing its cross-border inorganic expansion, or in case there is any significant deterioration in its asset quality in Greece in view of its very high loan growth in recent years. The principal methodology used in these ratings was Banks 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. ============= I R E L A N D ============= ADAGIO XIV: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------- S&P Global Ratings assigned credit ratings to Adagio XIV EUR CLO DAC's class A Loan and class A, B-1, B-2, C, D, E, and F notes. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end approximately 4.5 years after closing, while the noncall period will end 1.5 years after closing. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows and excess spread. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,765.20 Default rate dispersion 420.06 Weighted-average life (years) 4.91 Obligor diversity measure 184.59 Industry diversity measure 26.29 Regional diversity measure 1.23 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.50 Target 'AAA' weighted-average recovery (%) 36.30 Target weighted-average coupon (%) 3.00 Target weighted-average spread (net of floors; %) 3.52 Rating rationale S&P said, "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread (3.35%), and the covenanted weighted-average coupon (3.00%) as indicated by the collateral manager. We assumed the targeted weighted-average recovery rates for all rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios, for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1 to D notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment period from closing until Oct. 15, 2030, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these notes. "For the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for this class of notes reflects several key factors, including: -- Their available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 24.26% (for a portfolio with a weighted-average life of 4.9years), versus if we were to consider a long-term sustainable default rate of 3.2% for 4.9 years, which would result in a target default rate of 15.68%." -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for this tranche is commensurate with the assigned 'B- (sf)' rating. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A Loan and class A to F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A Loan and class A to E notes based on four hypothetical scenarios. These sensitivity runs are also run on reduced target par amount as per the paragraph above. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Adagio XIV EUR CLO DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. AXA Investment Managers US Inc. manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 158.00 38.00 Three/six-month EURIBOR plus 1.23% A Loan AAA (sf) 90.00 38.00 Three/six-month EURIBOR plus 1.23% B-1 AA (sf) 34.00 27.00 Three/six-month EURIBOR plus 1.75% B-2 AA (sf) 10.00 27.00 4.90% C A (sf) 24.00 21.00 Three/six-month EURIBOR plus 2.20% D BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 3.00% E BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 6.00% F B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.64% Sub. notes NR 30.02 N/A N/A *S&P's ratings on the class A- Loan, and class A, B-1, and B-2 notes address timely interest and ultimate principal payments. Its ratings on the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. Sub. notes--Subordinated notes. NR--Not rated. N/A--Not applicable. CAIRN CLO XII: Moody's Affirms B3 Rating on EUR12MM Class F Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the rating on the following notes issued by Cairn CLO XII Designated Activity Company: EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Dec 22, 2021 Definitive Rating Assigned Aa2 (sf) Moody's have also affirmed the ratings on the following notes: EUR244,000,000 Class A Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Dec 22, 2021 Definitive Rating Assigned Aaa (sf) EUR24,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed A2 (sf); previously on Dec 22, 2021 Definitive Rating Assigned A2 (sf) EUR29,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Dec 22, 2021 Definitive Rating Assigned Baa3 (sf) EUR20,000,000 Class E Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Dec 22, 2021 Definitive Rating Assigned Ba3 (sf) EUR12,000,000 Class F Senior Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Dec 22, 2021 Definitive Rating Assigned B3 (sf) Cairn CLO XII Designated Activity Company, issued in December 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Cairn Loan Investments II LLP. The transaction's reinvestment period will end in July 2026. RATINGS RATIONALE The rating upgrade on the Class B notes is primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in July 2026. The affirmations on the ratings on the Class A, Class C, Class D, Class E and Class F 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. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. 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: EUR393,964,531 Defaulted Securities: EUR3,969,109 Diversity Score: 55 Weighted Average Rating Factor (WARF): 3039 Weighted Average Life (WAL): 4.44 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.56% Weighted Average Coupon (WAC): 2.79% Weighted Average Recovery Rate (WARR): 44.64% 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. Moody's notes that the March 2026[1] trustee report was published at the time Moody's were completing Moody's analysis of the February 2026[2] data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates. 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 and swap provider, 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: Once reaching the end of the reinvestment period in July 2026, 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. -- Weighted average life: The notes' ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. -- 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. -- Other collateral quality metrics: Because the deal can reinvest, the manager can erode the collateral quality metrics' buffers against the covenant levels. 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. FORTUNA CONSUMER 2026-1: Moody's Assigns Ba3 Rating to Cl. E Notes ------------------------------------------------------------------ Moody's Ratings has assigned the following definitive ratings to Notes issued by Fortuna Consumer Loan ABS 2026-1 Designated Activity Company: EUR318.7M Class A Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Aaa (sf) EUR31.9M Class B Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Aa1 (sf) EUR22.5M Class C Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Aa3 (sf) EUR22.1M Class D Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Baa2 (sf) EUR14.9M Class E Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Ba3 (sf) EUR8.5M Class F Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned B3 (sf) EUR6.4M Class X Floating Rate Asset Backed Notes due October 2037, Definitive Rating Assigned Baa1 (sf) Moody's have not assigned a rating to EUR6.4M Class G Floating Rate Asset Backed Notes due October 2037. RATINGS RATIONALE The transaction is a 15-month revolving cash securitisation of unsecured consumer loans originated via the auxmoney GmbH (not rated) loan origination platform to obligors located in Germany. These loans were brokered to Süd-West-Kreditbank Finanzierung GmbH, as the initial lender, which subsequently transferred them to a warehouse facility. Prior to the closing of this transaction, the loans were sold to auxmoney Investments Limited, which acts as the seller in this transaction. CreditConnect GmbH (wholly owned subsidiary of auxmoney GmbH) will act as the servicer of the portfolio during the life of the transaction. As of March 27, 2026, the definitive portfolio of EUR425.0M shows 100% performing contracts with a weighted average seasoning of around 2.2 months. The portfolio consists of fixed rate amortizing loans (100%), which have equal instalments during the life of the loan. According to us, the transaction benefits from credit strengths such as: (i) a granular portfolio, (ii) a simple product mix with a portfolio of amortizing fixed rate loan products, and (iii) excess spread at closing. Furthermore, the Notes benefit from a cash reserve funded at closing at 1.5% of the initial Notes balance of Class A to G Notes. The reserve will mainly provide liquidity to pay senior expenses, hedging costs and the coupon on the Class A to F Notes. However, Moody's notes that the transaction features some credit weaknesses such as: (i) an unrated originator, (ii) a revolving period of 15 months, (iii) pro rata principal repayments of the Class A to F Notes from closing, and (iv) an interest rate mismatch risk which is mitigated via a fixed floating interest rate swap. Moody's analysis focused, among other factors, on (1) an evaluation of the underlying portfolio of loans, (2) the macroeconomic environment, (3) historical performance information, (4) the credit enhancement provided by subordination, cash reserve and excess spread, (5) the liquidity support available in the transaction through the reserve fund, and (6) the legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined the portfolio lifetime expected defaults of 7.3%, a recovery rate of 25.0% and Aaa portfolio credit enhancement ("PCE") of 18.5% related to the receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 7.3% are higher than the German Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations, such as the revolving period. Portfolio expected recoveries of 25.0% are higher than the German Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 18.5% is in line with the German Consumer ABS average and is based on (i) Moody's assessments of the borrower credit quality, (ii) the replenishment period of the transaction, and (iii) benchmark transactions. The PCE level of 18.5% results in an implied coefficient of variation ("CoV") of 32.1%. The principal methodology used in these ratings was "Moody's Approach to Rating Consumer Loan-Backed ABS" published in July 2024. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the Notes include a better than expected performance of the pool together with an increase in credit enhancement of the Notes. Factors that would lead to a downgrade of the ratings of the Notes include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions or (b) the risk of increased swap linkage due to a downgrade of the swap counterparty ratings, and (ii) economic conditions being worse than forecast resulting in higher portfolio arrears and losses. HAMBRIDGE EURO 2: S&P Assigns B- (sf) Rating to Class F Notes ------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Hambridge Euro CLO 2 DAC's class A, B, C, D, E, and F notes. At closing, the issuer also issued unrated subordinated notes. The ratings assigned to Hambridge Euro CLO 2's notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,628.29 Default rate dispersion 554.28 Weighted-average life (years) 5.10 Obligor diversity measure 155.86 Industry diversity measure 24.98 Regional diversity measure 1.31 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 36.26 Target weighted-average spread (net of floors, %) 3.43 Target weighted-average coupon (%)* N/A *The portfolio does not have fixed-rate assets. N/A Not applicable Rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end five years after closing. At closing, the portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we modeled a target par of EUR500 million. We also modeled the covenanted weighted-average spread (3.30%), the covenanted weighted-average coupon (3.50%), and the covenanted weighted-average recovery rates calculated in line with our CLO criteria for all classes of notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on April 10, 2031 the collateral manager may substitute assets in the portfolio as long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes." This test looks at the total amount of losses that the transaction can sustain--as established by the initial cash flows for each rating--and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. S&P said, "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Royal London Asset Management Ltd. manages the CLO, and the maximum potential rating on the liabilities is 'AAA' under our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe the assigned ratings are commensurate with the available credit enhancement for the class A and E notes. Our credit and cash flow analysis indicates that the available credit enhancement for the class B to D notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing--during which the transaction's credit risk profile could deteriorate--we have capped our ratings on the notes. "For the class F notes, our credit and cash flow analysis indicate that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 23.79% (for a portfolio with a weighted-average life of five years), versus if we were to consider a long-term sustainable default rate of 3.2% for 5.1 years, which would result in a target default rate of 16.32%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Given our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for all the rated classes of notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A to E notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the transaction's exposure to environmental, social, and governance (ESG) credit factors as broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental and social credit factors is viewed as below average, while governance credit factors are average. For this transaction, the documents prohibit or limit certain assets from being related to certain activities. Accordingly, since the exclusion of assets from these activities does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Hambridge Euro CLO 2 DAC is a European cash flow CLO securitization of a revolving pool, comprising mainly euro-denominated leveraged loans and bonds. The transaction is a broadly syndicated CLO managed by Royal London Asset Management Ltd. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) A AAA (sf) 305.00 Three/six-month EURIBOR 39.00 plus 1.26% B AA (sf) 60.00 Three/six-month EURIBOR 27.00 plus 1.90% C A (sf) 30.00 Three/six-month EURIBOR 21.00 plus 2.40% D BBB- (sf) 35.00 Three/six-month EURIBOR 14.00 plus 3.30% E BB- (sf) 22.50 Three/six-month EURIBOR 9.50 plus 5.85% F B- (sf) 15.00 Three/six-month EURIBOR 6.50 plus 8.92% Sub notes NR 42.00 N/A N/A *The ratings assigned to the class A and B notes address timely interest and ultimate principal payments. The ratings assigned to the class C, D, E, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. JUBILEE CLO 2026-XXXIII: S&P Assigns B- (sf) Rating to Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Jubilee CLO 2026-XXXIII DAC's class A to F notes and A Loan. At closing, the issuer also issued unrated subordinated notes. This is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. BSP CLO Management LLC manages the transaction. The ratings assigned to the notes and loan reflect our assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. -- Under the transaction documents, the rated notes and loan will pay quarterly interest unless there is a frequency switch event. Following this, the notes and loan will permanently switch to semiannual payments. -- The transaction has a 1.5 year noncall period and the portfolio's reinvestment period ends 4.48 years after closing. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,629.31 Default rate dispersion 627.43 Weighted-average life (years) 5.18 Obligor diversity measure 150.10 Industry diversity measure 22.46 Regional diversity measure 1.27 Transaction key metrics Total par amount (mil. EUR) 450.00 Defaulted assets (mil. EUR) 0.00 Number of performing obligors 184 Portfolio weighted-average rating derived from our CDO evaluator B 'CCC' category rated assets (%) 0.67 Actual 'AAA' weighted-average recovery (%) 35.34 Actual portfolio weighted-average spread (%) 3.50 Actual portfolio weighted-average coupon (%) 5.24 S&P said, "The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. As such, we have not applied any additional scenario and sensitivity analysis when assigning ratings to any class of notes and loan in this transaction. "In our cash flow analysis, we used the EUR450 million target par amount, the actual weighted-average spread (3.50%), the actual weighted-average coupon (5.24%) as indicated by the collateral manager, We modelled covenanted weighted-average recovery rates on AAA scenario and the target weighted-average recovery rates for the rest rated notes. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-1, B-2, C, D-1, D-2, and E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from closing, during which the transaction's credit risk profile could deteriorate, we have capped the assigned ratings. The class A notes and A Loan can withstand stresses commensurate with the assigned ratings. "However, for the class F notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria, resulting in a 'B- (sf)' rating on this class of notes." The ratings uplift for the class F notes reflects several key factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P said, "Our model generated break-even default rate at the 'B-' rating level of 23.39% (for a portfolio with a weighted-average life of 5.18 years), versus if we were to consider a long-term sustainable default rate of 3.2% for 5.18 years, which would result in a target default rate of 16.80%." -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Until the end of the reinvestment period on Oct. 3, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the notes and loan. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating and compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, if the initial ratings are maintained. "The transaction's documented counterparty replacement and remedy mechanisms to adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our assigned ratings are commensurate with the available credit enhancement for the class A, B-1, B-2, C, D-1, D-2, E, and F notes and A Loan. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A to E notes and A Loan to four hypothetical scenarios." Environmental, social, and governance factors S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain industries. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Jubilee CLO 2026-XXXIII is a European cash flow CLO transaction, securitizing a portfolio of primarily senior secured leveraged loans and bonds. BSP CLO Management LLC manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 254.00 38.00 3/6-month EURIBOR plus 1.22% A Loan AAA (sf) 25.00 38.00 3/6-month EURIBOR plus 1.22% B-1 AA (sf) 42.00 27.00 3/6-month EURIBOR plus 1.90% B-2 AA (sf) 7.50 27.00 4.70% C A (sf) 25.90 21.24 3/6-month EURIBOR plus 2.50% D-1 BBB- (sf) 29.20 14.76 3/6-month EURIBOR plus 3.00% D-2 BBB- (sf) 4.50 13.76 3/6-month EURIBOR plus 4.50% E BB- (sf) 19.10 9.51 3/6-month EURIBOR plus 5.50% F B- (sf) 13.50 6.51 3/6-month EURIBOR plus 8.82% Sub notes NR 42.20 N/A N/A *The ratings on the class A, B-1, and B-2 notes and A-Loan address timely interest and ultimate principal payments. The ratings on the other rated notes address ultimate interest and principal payments. §The payment frequency switches to semi-annual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. ========= I T A L Y ========= ILPEA: S&P Affirms 'B+' Sr. Sec. Debt Rating, Alters Outlook to Neg ------------------------------------------------------------------- S&P Global Ratings revised its outlook to negative from stable and affirmed its 'B+' ratings on Ilpea and its senior secured debt. The '3' recovery rating is unchanged, indicating its expectation of meaningful recovery (50%-70%; rounded estimate: 50%) in the event of default. The negative outlook indicates the possibility of a downgrade within the next 12 months, on the back of slower-than-expected deleveraging and weaker-than-anticipated cash flow generation, signaling reduced headroom under the current rating. Ilpea's 2025 fiscal year (ended Oct. 31, 2025) proved weaker than S&P had anticipated, with stagnant revenue and a moderate decrease in profitability, driven by sustained wage cost pressures and inefficiencies linked to ramp-up activities. S&P said, "The lower EBITDA base resulted in S&P Global Ratings-adjusted leverage increasing to 4.7x, above the 4.5x we were expecting for a stable outlook. Our adjusted free operating cash flow (FOCF) also weakened, constrained by still elevated capital spending (capex) and increased factoring utilization, which more than offset a notable decrease in cash interest expense. This resulted in S&P Global Ratings-adjusted FOCF of only EUR2.6 million, or 0.9% of debt. "While we forecast some profitability and cash flow generation improvements in 2026, our current base case does not project leverage to recover to below 4.5x or FOCF to debt to approach our 5% threshold for the stable outlook before 2027. S&P said, "The rating action reflects S&P Global Ratings' expectations of leverage remaining above 4.5x and FOCF to debt below 5.0% throughout 2026. Debt to EBITDA increased to 4.7x in 2025 from 4.1x in 2024, which came in higher than our previous forecast of 4.0x-4.2x, primarily resulting from lower EBITDA generation. In 2025, while revenue decreased by 1.1% to EUR475 million, S&P Global Ratings-adjusted EBITDA declined by 13% year on year to EUR61.6 million, amid plant inefficiencies in North America and continued wage inflation in Turkiye and South America. This resulted in a S&P Global Ratings-adjusted EBITDA margin decreasing to 13.0% from 14.8% in 2024 (16.7% in 2023). We now project S&P Global Ratings-adjusted debt to EBITDA at 4.6x in 2026, weaker than our prior expectation of 4.0x–4.2x. This reflects our downward revisions to our 2026 revenue forecasts, amid a challenging demand environment in the appliance and automotive end-markets, as well as a lower profitability, because the efficiency gains we anticipate in 2026 are unlikely to fully offset the higher-than-expected cost pressures recorded in 2025. We also anticipate Ilpea's FOCF to debt will remain below our stable outlook trigger of 5.0%, at 3.6% in 2026, albeit improving from 0.9% reached in 2025. The improvement is expected to come from slightly lower capex requirements (4.7% in 2026 versus 5.2% in 2025), and constant utilization of factoring, against a EUR6 million increase recorded over 2025. "Ilpea's revenue growth is constrained by a challenging market environment in appliances (52% of revenue in 2025), although we expect new contracts to mitigate volume losses. Over the first quarter of fiscal 2026, ended Jan. 31, group revenue decreased by 3.6% compared with the same period in 2025, primarily because of a 10% decline in the appliances division. This decline was partially offset by growth in automotive and building products, thanks to new supply contracts signed in 2025. In our view, the appliances end market is unlikely to see a substantial recovery this year, because we expect major appliances demand to remain stagnant in the near term. In addition, the resurgence of inflation in Europe and the U.S. amid high oil prices could prompt consumers to postpone major purchases and limit themselves to necessary replacements. That said, we expect the extension of Ilpea's long-term agreements with key customers and new orders also linked to product innovation will help the company navigate this challenging market environment. In the automotive business, despite subdued light vehicle production in both Europe and North America, Ilpea's volumes are expected to grow thanks to new contracts won, including with Tesla for robotaxis. Overall, we project a slight revenue decline of 0.3% in 2026 to EUR474 million from EUR475 million in 2025, with a 3%-4% decline in appliances being offset by 2%-3% growth in automotive and 3%-4% growth in building products. In 2027, we expect all three divisions to positively contribute to sales, thanks to full ramp-up of production of new business already signed, leading to a revenue increase of 2.8% to EUR487 million. However, a slower-than-expected ramp-up of new projects or higher negative foreign exchange impacts could weigh on the company's growth prospects. "We anticipate Ilpea's profitability will improve modestly in 2026. Wage inflation experienced in 2024-2025 should abate and efficiency gains from increased automation materialize, with further upside in 2027 as volumes recover. Ilpea is implementing several profitability improvement initiatives after its EBITDA margin deteriorated in 2024 and 2025, mostly driven by wage inflation, ramp-up inefficiencies on new projects, and elevated scrap rates. These include leveraging prior investments in automation, and recycling the accumulated scraps related to plastic profiles. However, we note that these improvements could be challenged by rising raw material and energy prices, particularly amid the ongoing Middle East war and its potential effects on commodity prices and supply chains. In this context, Ilpea's ability to pass on potential cost increases through higher pricing will be critical for the stability of margins. We forecast S&P Global Ratings-adjusted EBITDA of EUR63 million in 2026 and EUR66 million in 2027, up from EUR62 million in 2025, translating into an adjusted EBITDA margin of 13.3% and 13.6% in 2026 and 2027 (13.0% in 2025), respectively. "Ilpea's S&P Global Ratings-adjusted FOCF to debt is unlikely to reach 5% before 2027. Following nearly neutral FOCF generation in fiscal 2025, we project our adjusted FOCF for Ilpea will recover to approximately EUR10 million in fiscal 2026 and EUR14 million in fiscal 2027, on the back of stable factoring utilization and slightly decreasing capex, on top of higher EBITDA. We anticipate capex to decrease to approximately EUR22 million per year (4.6%-4.7% of sales) over 2026-2027, following higher investments in automation in 2024 (5.5% of sales) and investments related specifically to newly awarded contracts in 2025 (5.2% of sales), which we were not anticipating under our previous forecasts. We also expect stable cash interest expense, after the notable improvement recorded over 2025. Cross-currency interest rate swaps entered into in April 2025 have reduced annual cash interest payments by approximately EUR5 million in 2025 and will remain in effect until the term loan B (TLB) matures in 2028, offsetting effects from potential interest rate rises. Finally, while we anticipate a slightly higher working capital outflow of approximately EUR2 million in both 2026 and 2027, we are assuming factoring utilization to remain unchanged versus 2025, thus, with no impact on our adjusted FOCF. All in all, this should lead to a gradual improvement of Ilpea's FOCF to debt to 3.6% in 2026 and about 5% in 2027, assuming S&P Global Ratings-adjusted debt remains in line with 2025 levels. "We expect the company will proactively address the refinancing of its revolving credit facility (RCF) and TLB. The company's $85 million RCF--drawn for about $40 million as of Jan. 31, 2026--matures in December 2027, while the remaining balance (EUR102 million as of Jan. 31, 2026) of the $225 million TLB matures in June 2028. The company has demonstrated proactive treasury management over recent years, and we therefore expect a timely refinancing. Conversely, a delayed refinancing could pressure our adequate liquidity assessment, which is already constrained by a gradual increase in overdraft and other short-term debt over recent years (EUR35 million at year-end 2025 versus about EUR32million at year-end 2024 and about EUR26 million at year-end 2023), that we, however, expect will be rolled over. "The negative outlook indicates the possibility of a downgrade within the next 12 months, on the back of slower-than-expected deleveraging and weaker than anticipated cash flow generation, signaling reduced headroom under the current rating. "We could lower our rating on Ilpea if continued weak operating performance leads to S&P Global Ratings-adjusted debt to EBITDA approaching 5.0x and FOCF to debt not recovering toward 5%. "We could revise the outlook back to stable if Ilpea's debt to EBITDA decreases sustainably below 4.5x, accompanied by FOCF to debt at about 5.0%, while funds from operations (FFO) interest coverage ratio remains comfortably above 2.0x." =================== L U X E M B O U R G =================== CPI PROPERTY: S&P Cuts Sr. Unsec. Notes to 'BB', Outlook Stable --------------------------------------------------------------- S&P Global Ratings lowered its ratings on CPI Property Group and its senior unsecured notes to 'BB' from 'BB+' and its issue ratings on the subordinated hybrid bonds to 'B' from 'B+'. The recovery rating on the senior unsecured notes remains at '3'. S&P said, "The stable outlook reflects our expectation that CPI Property Group will continue to generate stable and predictable income on the back of its large, diversified portfolio. Additionally, we expect the company's capex investments, resilient operating performance, and lower disposals volume going forward to result in a stable EBITDA base over the next 12 months, after years of reducing the cash flow base through asset disposals." Despite EUR1,079 million of disposals in 2025, reported net debt decreased by only EUR151 million over the year partly due to significant capital expenditure (capex) investments and acquisitions totaling EUR806 million. This resulted in lower-than-expected deleveraging, with reported loan-to-value (LTV) at 49.5% compared with 49.6% a year earlier, which translates to S&P Global Ratings-adjusted debt-to-debt-plus-equity of 58.4% and 59.2%, respectively. Given this lower deleveraging and disposals that reduced EBITDA to EUR703 million in 2025 from EUR747 million in 2024, EBITDA interest coverage deteriorated further to 1.5x at Dec. 31, 2025, from 1.7x at year-end 2024, well below 1.8x, our existing downside threshold. CPI's deleveraging was lower than S&P's base case in 2025, despite EUR1,079 million of asset sales. CPI has continued to execute its strategy to exit from non-core assets and disposed of properties worth close to EUR1.1 billion based on book values in 2025. Nevertheless, the company reduced its gross debt only modestly in 2025, by EUR220 million, given significant investments in capex. Lower-than-expected net debt reduction was mainly due to sustained capex investments totaling EUR806 million, as well as constrained cash flow generation due to the increasing interest burden. As a result, reported LTV remained broadly flat at 49.5% as of Dec. 31, 2025, compared with 49.6% as of year-end 2024 which translated to S&P Global Ratings-adjusted debt-to-debt-plus-equity of 58.4% in 2025 from 59.2% in 2024. This compares with S&P's prior forecast of about 56.5%-57.5% in 2025. In addition, pro forma for the EUR149 million share repurchase completed in January 2026, net debt fell by only EUR2 million versus 2024. Overall the company's reported LTV has remained above its target financial policy of 40%, from which it deviated in 2022 following the acquisitions of S Immo and Immofinanz, as well as consecutive negative valuation results between 2022 and 2024, despite having closed disposals in excess of EUR4.5 billion over the past four years. S&P said, "EBITDA interest coverage deteriorated beyond our previous base case and is expected to remain below for an extended period. This was a result of EBITDA loss from material asset disposals over the last 12-24 months. Despite the company posting resilient operating results, with like-for-like rental growth of 3.1% and improving occupancy at 93.3%, 1.1% above the 2024 occupancy level, reported EBITDA decreased to EUR703 million in 2025 compared with EUR747 million in 2024 as a result of the lost EBITDA due to the asset disposals. Disposals closed in 2024 and 2025 totaled close to EUR2.7 billion, with the majority of disposals being income-producing assets. The average yield of CPI's portfolio stood at 5.3% in 2025 and consequently while disposals contributed to reducing leverage and therefore interest burden, the disposal of yielding property also weighed on rental income and was not compensated by additional EBITDA from capex projects and acquisitions. As a result, the effective yield of disposals, as well as the delayed pace of gross debt reduction resulted in a deterioration in the interest servicing capacity of CPI. We understand the company has experienced delays in the disposals of non-yielding assets such as luxury residential properties in London and land plots, which would have contributed to deleveraging without weighing on EBITDA generation. As a result, S&P Global Ratings-adjusted EBITDA interest coverage deteriorated to 1.5x in 2025 from 1.7x one year earlier, landing below the lower end of our expectation of 1.6x-1.7x and meeting our downside threshold of well below 1.8x." Delay in gross debt reduction, coupled with a rising average cost of debt has resulted in higher-than-expected overall interest expense, which will continue to weigh on the interest burden. Average cost of debt increased to 3.63% as of Dec. 31, 2025 from 3.52% in 2024, resulting in total reported interest expense increasing to EUR367 million as of Dec. 31, 2025 from EUR362 million in 2024. The growing interest burden, coupled with decreasing EBITDA due to asset disposals, continues to weigh on cash flow generation, limiting the company's capacity to reduce leverage via internal cash flow or to fund growth capex without hindering its deleveraging objective. Significant upcoming debt maturities of about EUR634 million in 2026 and EUR1.2 billion in 2027, combined with tightening credit conditions, will continue to weigh on the average cost of debt, which S&P expects to trend toward 3.7%-3.8% over the next 12-24 months. The company' strategy to reduce disposals from 2026, as well as income generated from current capex investments, should progressively reverse the downward EBITDA trend. S&P said, "After years of significant asset disposals, we understand the company will reduce its disposal targets to about EUR500 million-EUR750 million in 2026 and about EUR500 million in 2027, from over EUR1.0 billion in 2025. The expected slowdown in disposals, coupled with a focus on disposal of lower-yielding assets, should support deleveraging, while reducing the negative impact on EBITDA. As a result, we expect S&P Global Ratings-adjusted EBITDA, which stood at EUR636.6 million in 2025, to bottom out in 2026 at about EUR620 million-EUR630 million, before picking up in 2027 to about EUR630 million-EUR640 million on the back of contribution of capex investments in its income-yielding portfolio and the acquisition of income producing assets. We therefore expect EBITDA interest coverage to remain low in 2026 and 2027 at about 1.4x-1.6x." S&P said, "Despite cash availability concerns and significant upcoming debt maturities, we expect liquidity to remain adequate over the next 12 months, supported by large cash balances and proven access to capital markets despite tightening credit conditions. The company faces large debt maturities of EUR634 million in 2026 and EUR1.2 billion in 2027. That said, the majority of upcoming debt maturities in 2026 and 2027 are secured loans which the company has been able to rollover successfully thanks to good relationships with banks and a large asset base. The next large bond maturity is therefore in January 2028. CPI has secured sufficient short-term liquidity thanks to asset disposal proceeds and the recently upscaled EUR450 million revolving credit facility (RCF). In addition, it demonstrated its ability to access debt capital markets through the recent £400 million senior unsecured bond issuance in January 2026, the subordinated notes exchange completed in June 2025, and a subsequent EUR50 million hybrid tap in February 2026. That said, the company's weighted average debt maturity profile shrank further in 2025 to 4.0 years from 4.4 years in 2024 due to the significant debt maturity walls ahead in 2028 and 2029, totaling EUR1.875 billion and EUR1.669 billion, respectively. Similarly, cash and debt are distributed unevenly across the group; cash held by subsidiary CPI Europe is not readily available for debt repayment at the CPI Property Group holding level, therefore we take into account only cash at CPI Property Group for our liquidity analysis. That said, cash at CPI Europe level is readily available to repay debt at that same level. "The stable outlook reflects our view that CPI Property Group should continue to generate stable and predictable income on the back of its large, diversified portfolio. We expect the company's capex investments and resilient operating performance will result in a growing rental income base and rising EBITDA going forward, following years of a shrinking cash flow base due to asset disposals. This should translate to S&P Global Ratings-adjusted debt to EBITDA of 14.5x-15.5x and a debt-to-debt-plus-equity ratio of about 57%-58% over the next 12-24 months. We expect EBITDA interest coverage to remain low at around 1.4x-1.6x in 2026 on the back of higher average cost of debt (as a result of upcoming elevated refinancing needs) as well as limited further deleveraging. "We could lower the rating if operating performance deteriorated, such as falling occupancy and sustained negative like-for-like value and rental growth, resulting in worsening credit metrics." Specifically, S&P could lower the rating if CPI's financial ratios weaken such that: -- Debt to debt plus equity moved sustainably above 60%; -- EBITDA interest coverage deteriorated close to 1.3x; or -- Debt to annualized EBITDA deviates materially from our base case. S&P would also take a negative rating action if the company failed to maintain a sufficient liquidity cushion to cover its liquidity needs. Rating pressure could also stem if unexpected events weaken CPI's creditworthiness, such that available cash is not used to lower leverage in favor of larger shareholder remuneration than our forecast, provisions of shareholder loans, or acquisitions involving future debt repayments to its main shareholder. S&P could take a positive rating action if: -- EBITDA interest coverage improved sustainably toward 1.8x; -- Debt to debt plus equity remained below 60%; -- Adjusted debt to EBITDA remained in line with S&P's base case. A positive rating action also depends on CPI's financial discipline, limiting shareholder remuneration via shareholder loans, dividends, or share repurchases. A positive outlook revision is also contingent on the company maintaining an adequate liquidity buffer to cover its upcoming debt maturities. SAMSONITE GROUP: Fitch Affirms 'BB+' LongTerm IDR, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Samsonite Group S.A.'s Long-Term Issuer Default Rating (IDR) at 'BB+'. The Rating Outlook is Stable. The 'BB+' rating reflects Samsonite's position as the world's largest travel luggage company, with strong brands and historically good organic growth. Near-term demand headwinds have impacted top-line growth trends in 2024 and 2025. However, in the medium term, Fitch expects that Samsonite will be able to resume top-line growth in the low-single-digit range with revenue approaching $3.8 billion by 2029 from $3.5 billion in 2025. The rating also considers the company's good liquidity, supported by FCF, projected in the $100 million-$200 million range which could be used to reinvest in the business, return cash to shareholders or further reduce debt. Samsonite's ratings assume the company can generate annual EBITDA in the low-to-mid-$600 million range and sustain EBITDAR leverage in the high-2x range and below. Key Rating Drivers Strategy Supports Medium-Term Trajectory: Samsonite's growth strategy, centered on its diversified multi-brand portfolio, broad product offering and continued focus on innovation, has supported market share gains and reinforced its position as the world's largest travel luggage company, with $3.5 billion in revenue and $607 million in EBITDA for the year ended Dec. 31, 2025. Fitch expects Samsonite to grow in the low-single-digit range over the medium term, with revenue approaching $3.8 billion by 2029. Growth is expected to be supported by the company's continued expansion of its direct-to-consumer channel, ongoing product premiumization, and the good long-term fundamentals of the travel industry. In addition, continued focus on growing the company's non-travel segment, which comprised approximately 36% of 2025 net sales, could provide incremental top-line upside. Near-Term Headwinds: In 2024 and 2025, Samsonite saw top-line headwinds driven in part by lower tourism to North America, softness in North American wholesale, and macro challenges in China. However, the top line has been improving sequentially in recent quarters. After declining approximately 6% in 1H25, revenue returned to approximately 1% growth in 2H25, driven in part by regional improvement in both North America and Asia, as well as management's top-line growth initiatives. Fitch expects that revenue will return to low-single-digit growth over the medium term driven by the company's growth initiatives and good long-term fundamentals for travel. However, Fitch notes that the ongoing Iran conflict and consequential oil price increases could impact demand for travel and discretionary goods under a sustained conflict scenario. Focused Strategy Supports Margins: Fitch expects EBITDA margins to trend in the high-17% to low-18% range beginning in 2026. This is lower than the 19.0% generated in 2024 but above the 17.3% generated in 2025. Samsonite has been facing several margin headwinds, including tariff cost pressures. However, the company has been able to somewhat offset these pressures through selective pricing actions, reduced discounting, a continued mix shift toward the higher-margin DTC channel and vendor negotiations. Based on Fitch's top-line assumptions, this yields EBITDA in the low-to-mid-$600 million range beginning in 2026. Mid-to-High-2x Leverage: Fitch expects EBITDAR leverage, which climbed toward 3.0x in 2025 on EBITDA moderation, could trend in the mid-to-high-2x range beginning in 2026 on a modest EBITDA rebound and term loan amortization. Samsonite's 3.0x EBITDAR leverage rating threshold is low for a 'BB+' rating and is balanced by the company's more moderate scale. Samsonite would need to drive EBITDAR closer to $1.0 billion for an upgrade to be considered. EBITDAR Below $1.0 Billion: Relative to larger retailers, Samsonite's smaller scale (measured by EBITDAR) results in a reduced ability to navigate macroeconomic and idiosyncratic challenges, particularly given the discretionary nature of its products. These factors are offset by Samsonite's strong brands and leading market share position within its category. The company owns several well-known brands and operates across the value, mid-market and premium market segments, which enables Samsonite to offer a fully developed offering and grow market share. Good Liquidity: Samsonite has good liquidity and financial flexibility, with $649 million in cash and $841 million availability on its $850 million revolving credit facility as of Dec. 31, 2025. Fitch expects the company to generate positive FCF (after dividends) of $100 million-$200 million annually across the forecast. Samsonite is listed on the Hong Kong Stock Exchange. In August 2024, Samsonite announced that its board had approved it to pursue a dual listing in the U.S. Fitch expects any proceeds from a dual listing could be used for a combination of debt repayment, cash distributions, or reinvestment into the business. Peer Analysis Levi Strauss & Co.'s 'BBB-'/Stable and Signet Jewelers Limited's 'BBB-'/Stable ratings are one notch above Samsonite. This reflects their lower EBITDAR leverage, which Fitch expects to trend below 2.0x for both ratings. Signet's ratings consider good execution from a top-line and margin standpoint, which supports Fitch's longer-term expectations of low-single-digit revenue and EBITDA growth. The rating reflects Signet's leading market position as a U.S. specialty jeweler with an approximately 9% share of a highly fragmented industry. Levi's rating considers the company's good execution both from a top-line and a margin standpoint, which supports Fitch's longer-term expectations of low-single-digit revenue and EBITDA growth. However, there could be some near-term pressure on operating results due to ongoing shifts in consumer behavior, difficult comparisons and global macroeconomic uncertainty. Capri Holdings Limited's 'BB'/Negative rating is one notch lower than Samsonite's, reflecting in part its higher EBITDAR leverage and weaker coverage metrics. Capri's Negative Outlook reflects ongoing top-line and EBITDA declines in its portfolio as it works to stabilize performance at the Michael Kors and Jimmy Choo brands while facing challenging industry headwinds. Gildan Activewear Inc.'s 'BBB/Stable' rating is two notches higher than Samsonite's, reflecting smaller scale, with EBITDA expected to trend in the $600 million range relative to Gildan's $1.4 billion in EBITDA. Fitch's Key Rating-Case Assumptions - 2026 revenue to be flat to slightly up. Top-line growth could return to the low-single-digit growth range beginning in 2027 driven by the company's ongoing top-line initiatives as well as general good fundamentals for the global travel industry; - Fitch expects EBITDA could trend from the low-$600 million range in 2026 toward $660 million by 2028, driven by low-single-digit top-line growth and margin expansion. Gross margin and EBITDA margins could be supported by higher growth at the company's higher-end TUMI brand, which is a higher-margin business; - Annual FCF (after dividends) sustained in the $100 million to $200 million range annually beginning in 2026. Fitch assumes Samsonite could deploy about $120 million annually toward capex, including store refurbishments. On July 15, 2025, Samsonite paid a cash dividend of $150 million to shareholders; - Fitch expects EBITDAR leverage to trend in the high-2x range in 2026 and could moderate toward the mid-2x range by 2028, based on Fitch's EBITDA assumptions and assuming modest term loan amortization; - Fitch expects EBITDAR fixed-charge coverage to trend near 3.0x across the forecast period; - Interest rate assumptions: Samsonite's floating-rate instruments priced at SOFR + margins of 1.125%-2.00%, and variable base rates in the 3.0%- 4.0% range over the forecast horizon. Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): - Business and financial profile factors (assessment, relative importance): Management (bbb, Lower), Sector Characteristics (bb, Higher), Market and Competitive Positioning (bb+, Higher), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bbb-, Moderate), Profitability (bbb+, Moderate), Financial Structure (bbb+, Moderate), and Financial Flexibility (bbb-, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the actual year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. - The Governance assessment of 'Good' results in no adjustment. - The Operating Environment assessment of 'aa-' results in no adjustment. - The SCP is 'bb+'. To derive the IDR: - No adjustments were made to the SCP, resulting in an IDR of 'BB+'. Recovery Analysis Fitch does not employ a waterfall recovery analysis for issuers' assigned ratings in the 'BB' category. Fitch rates Samsonite's first lien secured debt 'BBB-' with a Recovery Rating of 'RR1', which is one notch above the IDR and indicates outstanding recovery prospects given default. The revolver and term loans are unconditionally guaranteed by the company and certain subsidiaries. They are secured by substantially all assets of the borrowers and guarantors on a first lien basis. The senior notes are rated 'BB+'/'RR4', indicating average recovery prospects. The senior notes are guaranteed on a senior subordinated basis. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weaker-than-expected performance leading EBITDAR leverage to sustain at 3.0x or above and EBITDAR fixed-charge coverage to sustain below the mid-2.0x range. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Better-than-expected performance yielding EBITDAR trending toward $1.0 billion, in tandem with EBITDAR leverage sustained at or below 2.5x and EBITDAR fixed-charge coverage sustained above 3.0x. Liquidity and Debt Structure Samsonite had $1.49 billion in total liquidity as of Dec. 31, 2025, consisting of $649 million in cash and $841 million in availability on its revolving credit facility. As of Dec. 31, 2025, Samsonite's debt consists of a $800 million term loan A due in 2030, a $494 million term loan B due in 2032, a new $850 million revolver due in 2030, and EUR350 million in new senior notes due in 2033. Issuer Profile Samsonite is the world's largest luggage company with LTM revenue and EBITDA of $3.5 billion and $607 million, respectively, as of Dec. 31, 2025. Its brands include Samsonite, TUMI, American Tourister and others. Summary of Financial Adjustments Fitch adjusted historical and projected EBITDA to add back non-cash stock-based compensation and exclude non-recurring charges. Fitch uses the balance sheet reported lease liability as the capitalized lease value when computing lease-equivalent debt. 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 Samsonite Group S.A. 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 ----------- ------ -------- ----- Samsonite Finco S.ar.l. Senior Secured 2nd Lien LT BB+ Affirmed RR4 BB+ Samsonite Group S.A. LT IDR BB+ Affirmed BB+ Samsonite IP Holdings S.a r.l. LT IDR BB+ Affirmed BB+ senior secured LT BBB- Affirmed RR1 BBB- ========= S P A I N ========= MONBAKE GRUPO: Moody's Assigns 'B2' CFR, Outlook Stable ------------------------------------------------------- Moody's Ratings has assigned a B2 long-term corporate family rating and a B2-PD probability of default rating to Monbake Grupo Empresarial, S.A.U. (Monbake or the company) one of the leading producers of frozen bread and bakery products in Spain. The outlook is stable. At the same time, Moody's have withdrawn the existing B2 CFR, the B2-PD PDR and the stable outlook of Peralta Inversiones Globales S.L.U. The withdrawal of the ratings and outlook of Peralta Inversiones Globales S.L.U. and assignment of the ratings and outlook to Monbake follows a corporate reorganisation whereby Monbake assumed all obligations in respect of the senior secured bank credit facilities. Moody's also affirmed the B2 rating on the EUR550 million senior secured term loan B2 and the EUR100 million senior secured revolving credit facility (RCF) maturing in 2031, which were previously issued by Peralta Inversiones Globales S.L.U., but have been transferred to Monbake. RATINGS RATIONALE The rating action reflects a corporate reorganization whereby Peralta Inversiones Globales S.L.U., (the previous parent company, rated entity and issuer of the senior secured bank credit facilities) and two other subsidiaries merged into Monbake. Following the merger, Peralta Inversiones Globales S.L.U. no longer exists, and Monbake has assumed all of its obligations under the facilities agreement, the intercreditor agreement, and any relevant security documents. Monbake now serves as the new parent company of the group and has become the issuer of the existing EUR550 million senior secured term loan B2 and the EUR100 million senior secured revolving credit facility, both due in 2031. The B2 rating reflects Moody's expectations that Monbake's leverage will remain around 5.5x, at the high end of the rating category, over the next 12 to 18 months, before declining towards 5.0x. Moody's-adjusted EBITA to interest ratio is expected to remain at around 2.0x. Monbake's operating performance for the year ending December 2025 fell short of Moody's expectations. Consolidated revenues rose 1.7% year-over-year, while EBITDA dropped to EUR96 million from EUR104 million. Monbake's standalone revenue grew 3.7%, driven by pricing despite a 0.4% reduction in volume. However, Monbake's standalone profitability suffered due to increased operating costs from strategic investments in future growth, leading to an EBITDA decline to EUR86.9 million from EUR88.9 million. In addition, the integration of La Nina del Sur (LNS), acquired in 2024, underperformed significantly, affecting overall consolidated profitability. expect operating performance to remain largely unchanged in 2026, as the company continues investing in the business and completes the turnaround at LNS. Further improvements are anticipated afterward, driven mainly by increased volumes from new capacity expansion. The B2 CFR reflects the company's leading position and significant scale within the narrow frozen bread & bakery (B&B) category, with a 17% share in the Spanish frozen B&B market in terms of value; the limited cyclicality of the B&B market; the company's solid track record of revenue growth, supported by the increasing penetration of frozen products in the Spanish B&B market and continued product innovation to adapt to customer needs; and its good liquidity. The rating is constrained by the company's small size compared with its rated food peers and largest customers; its significant geographical and product concentration; the maturity of the overall B&B market in Spain, although frozen B&B is a growing category; and some event risks related to potential acquisitions and their integration. LIQUIDITY Monbake's liquidity is good, supported by cash on balance sheet of around EUR83 million, as well as full availability under the EUR100 million RCF, which is expected to remain undrawn. Moody's expects ample capacity under the springing covenant of senior secured net leverage not exceeding 9x, tested quarterly when the facility is more than 40% drawn. The company's cash flow generation remains good. However, increased investment in project-based capital expenditures—totaling EUR61 million in 2026 for new pastry and bread lines and upgrades at LNS—will impact free cash flow. Free cash flow will be negative by approximately EUR25 million in 2026 but will improve and become positive in 2027 as operating performance strengthens and capital expenditures decrease. Moody's also acknowledges the fact that the company will preserve its flexibility in adapting and adjusting capital spending in case of need to preserve its cash flow generation. The company will have no material debt maturities until 2031, when its term loan is due. STRUCTURAL CONSIDERATIONS The B2 ratings on the EUR550 million senior secured term loan B2 and the EUR100 million RCF are in line with the CFR, reflecting the fact that these two instruments rank pari passu and will represent substantially all of the company's financial debt. These facilities are guaranteed by material subsidiaries representing at least 80% of consolidated EBITDA and benefit from pledges over the shares of the borrower, bank accounts and intragroup receivables, which Moody's consider weak. The B2-PD PDR reflects Moody's assumptions of a 50% family recovery rate, given the weak security package and the limited set of financial covenants. RATIONALE FOR THE STABLE OUTLOOK The stable outlook reflects Moody's expectations that Monbake's Moody's-adjusted gross debt/EBITDA will remain around 5.5x, at the high end of the rating category, over the next 12 to 18 months, before showing a gradual decline. The outlook also assumes the company will maintain good liquidity and take a prudent approach to potential acquisitions. Please refer to Moody's Ratings' Withdrawal of Credit Ratings Policy, available on Moody's website, https://ratings.moodys.com, for more information. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Monbake's modest size and the concentration of the business limit upward pressure on the rating. However, upward pressure could materialise over time if the company improves its scale, diversifies its product portfolio and geographical reach, and continues to enhance its operating performance; generates positive FCF; and maintains a prudent financial policy. Quantitatively, this would include the company's Moody's-adjusted debt/EBITDA remaining well below 4.5x on a sustained basis and its Moody's-adjusted EBITA/interest exceeding 2.25x. In addition, an upgrade would require the maintenance of strong liquidity. Downward rating pressure could develop if the company's operating performance weakens, such that the company is unable to maintain its Moody's-adjusted gross debt/EBITDA below 5.5x on a sustained basis, while its Moody's-adjusted EBITA/interest drops below 1.5x. In addition, the rating could be downgraded if financial policy becomes more aggressive and the company's liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods 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 Monbake Grupo Empresarial, S.A.U. (Monbake) is a company that specialises in the production and distribution of frozen bread, bakery and pastry products, and savoury snacks. The company's main product categories are bread, pastries, cakes and other products. It operates primarily in Spain (93% of revenue), with some exports to other countries. The company's key distribution channels include bakeries; retailers; hotels, restaurants and cafes (HoReCa); a network of owned and franchised stores. In 2025, the company reported revenue of EUR508 million and generated Moody's-adjusted EBITDA of EUR107 million (pro forma for the full-year contribution of acquired companies). Monbake is majority owned by funds advised by the private equity firm CVC Capital Partners since 2024. =========== S W E D E N =========== POLESTAR AUTOMOTIVE: Extends $726-Mil. Snita Loan Maturity to 2031 ------------------------------------------------------------------ Polestar Automotive Holding UK PLC disclosed in a regulatory filing that Snita Holding B.V. has agreed to convert in two tranches approximately USD 339 million of the outstanding principal owed by Polestar under the Term Facility Agreement, dated November 3, 2022, as amended by an Amendment Letter dated November 8, 2023, an Amendment Letter dated August 21, 2024 and an amendment letter dated as of March 31, 2026, into Polestar equity at a conversion price of USD 16.97 per share, which represents 95% of the 30-day volume-weighted average price up to March 27, 2026, of Polestar's Class A American Depositary Shares as traded on the Nasdaq Global Market. The Third Facility Amendment extends the maturity of the remaining approximately USD 726 million of loan principal (USD 661 million after closing of the second tranche of the conversion) under the Snita Term Loan Facility to December 31, 2031, and changes the margin of the Snita Term Loan Facility from 4.97% to 5.4%. This conversion must be completed in two tranches: * The first trancheto must be completed by March 31, 2026, with approximately USD 274 million of principal outstanding under the Snita Term Loan Facility to be converted into 16,150,000 Class A ADSs of Polestar. * The second tranche, which is expected to be completed during the second quarter and is subject to a June 30, 2026 deadline, will convert approximately USD 65 million of Snita Term Loan Facility loan principal for which Snita will receive 3,850,000 Class A ADSs of Polestar. The closing of the second tranche is anticipated to occur immediately following the previously announced conversion by Geely Sweden Holdings AB of approximately USD 300 million of its outstanding principal and interest owed by Polestar under a Term Facility Agreement, dated November 8, 2023, into Polestar equity, which remains subject to regulatory approvals. In the event that Polestar issues new equity in the future that results in the dilution of Snita's holdings, the conversion agreement provides Snita with the right to convert additional principal amount of loans outstanding under Snita Term Loan Facility into Polestar equity so as to maintain a beneficial ownership in Polestar of 19.9% of the combined Class A and Class B ADSs in issue, and Snita has agreed to consider effecting such further conversions. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. Gothenburg, Sweden-based Deloitte AB, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.6 billion in total assets, $7.9 billion in total liabilities, and a total deficit of $4.3 billion. POLESTAR AUTOMOTIVE: Volvo to Convert $274MM Debt Into 19.9% Stake ------------------------------------------------------------------ Polestar announced that Volvo Cars has agreed to convert approximately USD 274 million of its outstanding shareholder loan into Polestar's equity. Following completion of the previously announced approximate USD 300 million debt-to-equity conversion by Geely Sweden Holdings AB, Volvo Cars is expected to carry out a second debt-to-equity conversion later during the second quarter, totalling approximately USD 65 million. In doing so, Volvo Cars' ownership in Polestar will remain at approximately 19.9%. The maturity of the remaining approximately USD 661 million shareholder loan has been extended to December 2031. The shareholder loan conversion and amendments announced today strengthen Polestar's balance sheet and extend Polestar's debt maturity profile. Polestar and Volvo Cars also intend to increase efficiencies by consolidating future manufacturing of Polestar 3 in Charleston, South Carolina, USA. Michael Lohscheller, Polestar CEO, says: "We are grateful for the continued support from Volvo Cars in helping us to strengthen our balance sheet and reinforce our liquidity profile. Our strong operational collaboration with Volvo Cars continues through manufacturing, our commercial operations and offering our customers access to one of the most extensive service networks in the industry." Additional information about Volvo Cars' debt to equity conversion The conversion price will be set at 95 per cent of the 30-day volume-weighted average price in Polestar shares up to 27 March 2026. As the debt-to-equity conversion announced on 19 December 2025 by Geely Sweden Holdings AB, which will have a dilutive effect on Volvo Cars' shareholding in Polestar, has not yet been completed, Volvo Cars intends to carry out a second, smaller conversion later in the second quarter, subject to agreed deadlines and necessary regulatory approvals. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. Gothenburg, Sweden-based Deloitte AB, the Company's auditor since 2021, issued a "going concern" qualification in its report dated May 9, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $3.6 billion in total assets, $7.9 billion in total liabilities, and a total deficit of $4.3 billion. ===================== S W I T Z E R L A N D ===================== VAT GROUP: Moody's Affirms 'Ba1' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings has changed to positive from stable the outlook on VAT Group AG (VAT), a specialised manufacturer of valves and vacuum systems. Concurrently, Moody's have affirmed VAT's Ba1 long-term corporate family rating and its Ba1-PD probability of default rating. RATINGS RATIONALE The action reflects VAT's strong credit profile, evidenced by solid metrics which Moody's expects to further improve over the next 12-18 months amid favourable long-term demand trends. Moody's also expects VAT to continue to pursue a prudent financial policy and to maintain a disciplined capital allocation framework. Governance considerations, including VAT's low tolerance for leverage and track record of navigating market volatility, were also a key driver for this rating action. VAT's strong balance sheet, coupled with its flexible operating model, helps protect its credit profile from volatility in the semiconductor sector, which is the company's key end market. Since 2021, the company's leverage has not exceeded 1.0x Moody's-adjusted debt/EBITDA or 0.5x Moody's-adjusted net debt/EBITDA, including during the most recent market downturn in 2023. VAT's solid and resilient profitability underpins robust cash generation before dividend payouts, which covers most of its Moody's-adjusted debt. Moody's expects VAT to maintain double-digit revenue growth in 2026-27, supported by positive momentum in chipmakers' capital spending amid rising semiconductor demand from hyperscalers and other industries. As a result, Moody's projects VAT's Moody's-adjusted debt/EBITDA to improve towards 0.5x by the end of 2027, from 0.9x as of December 31, 2025. VAT's Ba1 CFR reflects the company's (1) leading market position in critical vacuum valve manufacturing; (2) flexible operating model, which protects profitability during market downturns; (3) exposure to favourable demand fundamentals in the semiconductor sector; and (4) conservative financial policy that supports strong credit metrics, with Moody's-adjusted debt/EBITDA of 0.9x as of year-end 2025. The rating also factors in (1) VAT's exposure to the risk of sudden technological changes resulting from its niche product offering; (2) demand volatility inherent to the semiconductor sector, which is the company's main end market; and (3) geographical and customer concentration. LIQUIDITY VAT's CHF200 million term loan is due for repayment in May 2026. Moody's understands that the company will draw its CHF250 million revolving credit facility (RCF) to address the upcoming maturity and will refinance the RCF before the due date in December 2027. Although the RCF drawdown will significantly reduce the available amount of external liquidity historically used by the company in the first half of the year when it paid out dividends, Moody's continued to assess VAT's liquidity as adequate. Liquidity is supported by VAT's cash and equivalent of CHF141 million as of December 31, 2025, and operating cash flow of around CHF300 million, which Moody's expects it to generate over the next 12 months. Moody's estimates this liquidity will be sufficient to cover capital spending of around CHF75 million and a dividend payout of CHF210 million over the next 12 months. RATING OUTLOOK The positive outlook reflects Moody's expectations that VAT will continue to maintain its strong credit metrics, supported by a conservative financial policy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade VAT's rating if Moody's believes that the company's business profile is resilient to technological and competition risks. An upgrade would also require VAT to maintain Moody's-adjusted debt/EBITDA below 1.0x through the cycle and to manage liquidity prudently, including by timely addressing upcoming maturities. Given the positive outlook, a downgrade is unlikely over the next 12-18 months. However, Moody's could downgrade VAT's rating if it loses market share or its debt/EBITDA increases towards 2.0x or free cash flow (FCF) turns negative on a sustained basis as a result of a shift to a more aggressive financial policy or a significant decline in profitability (all metrics are Moody's-adjusted). Moody's could also downgrade the rating if VAT's liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Semiconductors published in October 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 Founded in 1985, VAT is a specialised manufacturer of valves and vacuum systems primarily for the semiconductor sector and other advanced industries. It also provides aftermarket services. VAT operates plants in Switzerland (Aaa stable) and Malaysia (A3 stable), while the production facility in Romania (Baa3 negative) serves internal supplies. The company is headquartered in Switzerland and has been listed on the SIX Swiss Exchange since 2016. In 2025, VAT generated CHF1.07 billion in revenue and CHF310 million of Moody's-adjusted EBITDA. =========================== U N I T E D K I N G D O M =========================== 3 CRANWOOD: BTG Begbies, FRP Advisory Named as Joint Administrators ------------------------------------------------------------------- 3 Cranwood Street Property Limited was placed into administration in the Business and Property Courts of England and Wales Insolvency and Companies List (ChD), Court Number CR-2026-002021. Paul Steven Cooper of BTG Begbies Traynor (London) LLP, David Paul Husdon and Simon Baggs of FRP Advisory Trading Ltd were appointed as Joint Administrators on March 13, 2026. 3 Cranwood Street Property specialized in the buying and selling of own real estate; and other letting and operating of own or leased real estate. Its registered office is at 134 Buckingham Palace Road, London, SW1W 9SA. The Joint Administrators can be reached at: Paul Steven Cooper BTG Begbies Traynor (London) LLP 40 Bank Street, Canary Wharf, London, E14 5NR -- and -- David Paul Husdon Simon Baggs FRP Advisory Trading Ltd 2nd Floor, 110 Cannon Street, London, EC4N 6EU For further details, contact: Ben Kingham BTG Begbies Traynor (Central) LLP Tel. No: 0114 275 5033 Email: sheffield.north@btguk.com 3CG HOLDINGS: BTG Begbies, Coots & Boots Named as Administrators ---------------------------------------------------------------- 3CG Holdings 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-2026-001393, 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 activities of head offices. 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 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 C CODA: FTI Consulting Appointed as Joint Administrators -------------------------------------------------------- C Coda Residences Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001784. Joanne Hewitt-Schembri, Ali Abbas Khaki and Matthew Boyd Callaghan of FTI Consulting were appointed as Joint Administrators on March 10, 2026. C Coda Residences Limited specialized in the buying and selling of own real estate. Its registered office is at c/o FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. The Joint Administrators can be reached at: Joanne Hewitt-Schembri Ali Abbas Khaki Matthew Boyd Callaghan FTI Consulting 200 Aldersgate Aldersgate Street, London Greater London, United Kingdom For further details, contact: FTI Consulting Tel. No: +44 (0)7974518450 Email: project_mist@fticonsulting.com CREDIT CAPITAL: BTG Begbies, Coots & Boots Named as Administrators ------------------------------------------------------------------ Credit Capital Corporation 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-2026-001420, 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 offers financial intermediation. The company's registered office is at 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 46 Hertford Street, London, W1J 7DP. The Joint 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 D CODA: FTI Consulting Appointed as Joint Administrators -------------------------------------------------------- D Coda Residences Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001785. Joanne Hewitt-Schembri, Ali Abbas Khaki and Matthew Boyd Callaghan of FTI Consulting were appointed as Joint Administrators on March 10, 2026. D Coda Residences Limited specialized in the buying and selling of own real estate. Its registered office is at c/o FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. The Joint Administrators can be reached at: Joanne Hewitt-Schembri Ali Abbas Khaki Matthew Boyd Callaghan FTI Consulting 200 Aldersgate Aldersgate Street, London Greater London, United Kingdom For further details, contact: FTI Consulting Tel. No: +44 (0)7974518450 Email: project_mist@fticonsulting.com E CODA: FTI Consulting Appointed as Joint Administrators -------------------------------------------------------- E Coda Residences Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-001790. Joanne Hewitt-Schembri, Ali Abbas Khaki and Matthew Boyd Callaghan, all of FTI Consulting, were appointed as Joint Administrators on March 10, 2026. The company offers buying and selling of own real estate. The company's registered office is at c/o FTI Consulting, 200 Aldersgate, Aldersgate Street, London, EC1A 4HD. The Joint Administrators can be reached at: Matthew Boyd Callaghan Ali Abbas Khaki Joanne Hewitt-Schembri FTI Consulting 200 Aldersgate Aldersgate Street, London Greater London, United Kingdom For further details contact: FTI Consulting Tel: +44 (0)7974518450 Email: project_mist@fticonsulting.com PSR EQUITIES: BTG Begbies, Coots & Boots Named as Administrators ---------------------------------------------------------------- PSR Equities 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-2026-001403, 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 offers 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 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 Nimish Patel (IP No. 8679) Coots & Boots 29 Farm Street, London, W1J 5RL For further details, contact: Sophia Lodhi BTG Begbies Traynor (London) LLP Tel. No: 020 7516 1500 Email: GM-team@btguk.com ZIRCON GROUP: BTG Begbies, Coots & Boots Named as Administrators ---------------------------------------------------------------- Zircon Group 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-2026-001392, 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 offers 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 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 Traynor (London) LLP Tel. No: 020 7516 1500 Email: GM-team@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. Copyright 2026. All rights reserved. ISSN 1529-2754. 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