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

                          E U R O P E

          Wednesday, April 15, 2026, Vol. 27, No. 75

                           Headlines



E S T O N I A

AIR BALTIC: Fitch Lowers Long-Term IDR to 'CCC-'


I R E L A N D

ADAGIO XIV: Fitch Assigns 'B-sf' Final Rating to Class F Notes
ARES EUROPEAN XI: Moody's Ups Rating on EUR10.675MM F Notes to B1
HAMBRIDGE EURO 2: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
HARVEST CLO XXIX: Fitch Alters Outlook on 'B-sf' Cl. F Notes to Neg
JUBILEE 2026-XXXIII: Fitch Assigns B-sf Final Rating to Cl. F Notes

POLUS EU XXI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes


I T A L Y

GG12 SPA: S&P Affirms 'BB-' ICR on HSG Acquisition of Golden Goose


L U X E M B O U R G

J&F LUXEMBOURG: S&P Rates Proposed Senior Unsecured Notes 'BB+'


T U R K E Y

RONESANS HOLDING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
TURKIYE: Fitch Alters Outlook on 'BB-' Long-Term IDR to Stable


U N I T E D   K I N G D O M

60 ENNISMORE: FTI Consulting Appointed as Administrators
CASSON SQUARE PROPERTY: FTI Consulting Appointed as Administrators
FAREHAM STREET: FTI Consulting Appointed as Administrators

                           - - - - -


=============
E S T O N I A
=============

AIR BALTIC: Fitch Lowers Long-Term IDR to 'CCC-'
------------------------------------------------
Fitch Ratings has downgraded Air Baltic Corporation AS's
(airBaltic) Long-Term Issuer Default Rating (IDR) to 'CCC-' from
'CCC+'. Fitch has also downgraded airBaltic's senior secured
long-term rating on EUR380 million bonds to 'CCC-' from 'B-'. The
Recovery Rating is 'RR4'.

The downgrade reflects airBaltic's very weak financial flexibility
and acute liquidity pressure, which, absent additional external
support, could lead to a liquidity crisis within the next six to 12
months. Near-term liquidity may be supported by a state loan and
working-capital measures, but Fitch views these levers as
temporary. In its view, the company will require a large equity
injection to sustain operations through 2026.

The IDR reflects airBaltic's weak financial profile, with
unsustainable leverage due high lease-adjusted debt and weaker
financial performance in 2025, which Fitch expects to persist into
2026. The rating also captures the rising risk of debt
restructuring during 2026 if broader funding support is not
secured.

Key Rating Drivers

Weak Liquidity Drives Downgrade: The company's liquidity remains
constrained and is the key driver of the downgrade to 'CCC-'. The
recent increase in fuel prices has added further pressure on
liquidity, which Fitch has already expected to be weak in 1H26, as
it has hedged only around 10% of its 2026 fuel consumption and
therefore remains highly exposed to the high oil and jet fuel
prices and the persisting uncertainty deriving from the Iran war.

Liquidity is also constrained by a high level of unpaid invoices.
The company retains some short-term liquidity management levers,
such as delaying payables or deferring capex, but Fitch views the
flexibility provided by these measures as limited.

Potential State Loan: The company is working to secure a EUR30
million short-term loan from the Latvian state, to be provided at
market-based interest and repaid in August 2026. Fitch believes
this funding could provide a temporary liquidity bridge until the
seasonally stronger summer period, when profitability and cash
generation are typically more supportive. This may modestly improve
the company's near-term liquidity position and provide additional
time to secure a broader funding solution, including a potential
equity injection from the state or an industrial investor.

External Funding Needed to Sustain Operations: Fitch forecasts
airBaltic will generate around EUR130 million of EBITDAR in 2026
(2025: EUR124 million), which Fitch view as insufficient to cover
lease payments of around EUR160 million and a coupon payment on the
bond of EUR55 million. Fitch forecasts the company will generate
negative FCF of around EUR160 million in 2026. This funding gap
will need to be covered by an equity injection from either existing
shareholders — mainly Latvia (88.37%; A-/Stable) and Deutsche
Lufthansa AG (10%; BBB-/Stable) — or a new strategic investor.
However, Fitch has limited visibility on the feasibility of such
support.

Debt Restructuring Risk: At end-March 2026, airBaltic met the bond
covenant requiring minimum liquidity of EUR25 million. It has also
secured and transferred funds to serve the May coupon payment on
the bond. However, if the company fails to secure funding from
existing shareholders or an external investor, Fitch believes a
debt restructuring would become likely during the year. Management
has also not ruled out this possibility.

Leverage Remains Unsustainably High: The company's EBITDAR gross
leverage increased to around 10.6x at end-2025 from 8.4x in 2024,
reflecting weaker-than-expected operating performance, which
reduced EBITDAR, while debt (including leasing) remained broadly in
line with its expectations at EUR1.3 billion. Under its revised
forecasts, Fitch expects leverage to rise further to an
unsustainable level of about 12x at end-2026.

Weak 2025 Financial Results: In 2025, airBaltic generated EBITDAR
of around EUR124 million, below its previous forecast of EUR140
million and down from EUR157 million in 2024. The roughly 20%
year-on-year decline was mainly driven by higher operating costs,
particularly carbon emission allowances, overflight and navigation
charges, maintenance, and salaries. Profitability weakened
materially even though this was partly offset by improved yields,
with the EBITDAR margin declining to 15.9% in 2025 from 21.0% in
2024.

2026 Forecast Revised Down: Fitch has revised its 2026 forecasts to
reflect weaker-than-expected 2025 performance and the recent spike
in fuel prices. Fitch forecasts EBITDAR of around EUR130 million in
2026, significantly below its previous expectation of EUR190
million from November 2025. The revision is primarily driven by
higher fuel costs, with the company remaining largely unhedged.

Moderate State Linkages: Fitch views support from the government of
Latvia, which owns 88.37% of the airline, as 'Strong' for
responsibility-to-support factors, but 'Not Strong Enough' under
incentive-to-support factors. The state continues to see airBaltic
as a strategic asset, due primarily to the connectivity it
provides. However, EU state aid rules and political considerations
may make it difficult to provide timely and large equity-like
support to the company, in its view. Fitch does not expect
contagion risk for Latvia from an airBaltic default. Fitch
therefore does not incorporate in the IDR any uplift from
airBaltic's Standalone Credit Profile of 'ccc-'.

Peer Analysis

airBaltic has the business profile of a small network carrier,
which, together with its liquidity issues and high leverage, places
it in the 'ccc' category. Comparable rated peers include JetBlue
Airways Corporation (CCC+). Whereas rated European network airlines
generally have lower leverage, JetBlue's gross debt is likely to
stay high in the near term. Fitch had expected modest deleveraging
through scheduled maturities and amortisation in 2026, but
fuel-related cost pressure and ongoing cash burn could increase
debt to maintain liquidity targets. Unlike airBaltic, JetBlue has
better financial flexibility as its cash balance and unencumbered
assets provide flexibility to absorb near-term cost pressures.

Fitch’s Key Rating-Case Assumptions

Fitch's Key Assumptions Within Its Rating Case for the Issuer

- Fleet growth to 56 aircraft in 2026 from 51 in 2025

- Some recovery in yields in 2026

- Fuel price at 1,100 USD/ metric tonne

- Growth in own network available seat kilometres of about 6% in
2026

- Capex of EUR82 million, in line with 2025

- No dividends

- Growth of lease debt to about EUR1.15 billion at end-2026

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom
Corporate Rating Tool financial period parameters: 50% weight for
the historical year 2025 and 50% for the forecast year 2026.

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

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

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

- The Standalone Credit Profile is 'ccc-'.

To derive the IDR:

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

Recovery Analysis

The recovery analysis assumes airBaltic would be reorganised as a
going concern (GC) in bankruptcy rather than liquidated.

The airline's GC EBITDA of EUR35 million is based on its assumption
of a sustainable post-restructuring EBITDA. This figure is 30%
lower than the EBITDA realised in 2023 (EUR50 million), but higher
than the result for 2025-2026 which Fitch sees as exceptionally
weak years in terms of profitability. Fitch applies an enterprise
value multiple of 4.5x EBITDA to the GC EBITDA to calculate a
post-reorganisation enterprise value. This is the standard multiple
used for EMEA airlines.

Its waterfall analysis, after deducting 10% for administrative
claims, generated a ranked recovery in the 'RR4' band, indicating a
'CCC-' instrument rating for the senior secured bond. The waterfall
generated recovery computation on current metrics and assumptions
was 35%.

RATING SENSITIVITIES

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

- Failure to secure sufficient external funding to cover the
company's liquidity needs

- A sustained weakening of liquidity, including cash balances
falling close to or below the minimum liquidity covenant under the
bond documentation.

- Evidence of the start of a debt restructuring process, in line
with its Corporate Rating Criteria.

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

- A large equity injection or other committed external funding that
materially improves liquidity and supports operations through 2026,
coupled with signs of operational improvement

- Improved financial flexibility, including better visibility over
funding sources relative to projected cash burn.

Liquidity and Debt Structure

At end-2025, airBaltic's total cash balance, including the bond
service reserve account, was about EUR28million, above the EUR25
million minimum liquidity covenant under its bond documentation.
Fitch forecasts negative FCF of about EUR156 million in 2026 before
any external funding, implying a material funding need. In the
absence of equity injections, the company may rely on short-term
liquidity measures, such as a state loan or working capital
management, although these provide only limited flexibility.

The company's outstanding bond matures in 2029.

Issuer Profile

airBaltic, founded in 1995, is an airline operating in the Baltic
region, with its main hub in Riga and operating bases in Tallinn
and Vilnius, and market shares of 57%, 30% and 15% respectively.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.

Climate Vulnerability Signals

The Climate.VS for 2035 for Air Baltic Corporation AS is 51. This
is in line with other airlines and reflects the gradually growing
costs linked to the decarbonisation of the sector.

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
   -----------              ------            --------   -----
Air Baltic
Corporation AS        LT IDR CCC-  Downgrade             CCC+

   senior secured     LT     CCC-  Downgrade   RR4       B-



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I R E L A N D
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ADAGIO XIV: Fitch Assigns 'B-sf' Final Rating to Class F Notes
--------------------------------------------------------------
Fitch Ratings has assigned Adagio XIV EUR CLO DAC final ratings, as
detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Adagio XIV EUR
CLO DAC

   A XS3289735295            LT AAAsf  New Rating
   A-L                       LT AAAsf  New Rating
   B-1 XS3289735451          LT AAsf   New Rating
   B-2 XS3295816675          LT AAsf   New Rating
   C XS3289735618            LT Asf    New Rating
   D XS3289735964            LT BBB-sf New Rating
   E XS3289736269            LT BB-sf  New Rating
   F XS3289736699            LT B-sf   New Rating
   Sub Notes XS3289737077    LT NRsf   New Rating

Transaction Summary

Adagio XIV CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by AXA Investment
Managers US Inc. The collateralised loan obligation (CLO) has a
4.6-year reinvestment period, and an 8.5-year weighted average life
(WAL) test at closing. The class A notes and the class A loan
mature one year before the remaining notes. The class A notes and
class A loan have a 3.5-year tail period, measured from the WAL
test end-date to maturity date, while the rest of the notes have a
4.5-year tail period. Fitch views this as sufficient to work out
long-dated assets and mitigate forced sales near legal final
maturity.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-calculated
weighted average rating factor of the identified portfolio is
23.9.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate of the identified portfolio is
62.3%.

Diversified Portfolio (Positive): The transaction includes various
portfolio concentration limits, including a top 10 obligor
concentration limit of 20% and a maximum exposure to the
three-largest Fitch-defined industries in the portfolio of 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction includes four
matrices: two are effective at closing, corresponding to an
8.5-year WAL, and two are effective one year after closing,
corresponding to a 7.5-year WAL. Each matrix set corresponds to two
different fixed-rate asset limits, at 5% and 10%. Switching to the
forward matrices is subject to the reinvestment target par
condition.

The deal has a 4.6-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed portfolio
with the aim of testing the robustness of the transaction structure
against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio and matrices analysis is 12 months less
than the WAL covenant, to account for structural and reinvestment
conditions after the reinvestment period, including passing the
over-collateralisation tests and Fitch's 'CCC' limitation after
reinvestment. Fitch believes these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) by 25% of the mean RDR and a
decrease of the recovery rate (RRR) by 25% at all rating levels in
the identified portfolio would have no impact on the class A note
and on the class A loan, lead to downgrades of one notch each for
the class B, to E notes and to below 'B-sf' for the class F notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B to
F notes have up to a two-notch rating cushion due to the better
metrics and shorter life of the identified portfolio than the
Fitch-stressed portfolio. The class A notes and the class A loan
have no rating cushion.

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

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may result from better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the deal. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Adagio XIV EUR CLO
DAC.

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

ARES EUROPEAN XI: Moody's Ups Rating on EUR10.675MM F Notes to B1
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Ares European CLO XI DAC:

EUR23,625,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aaa (sf); previously on Feb 6, 2025
Upgraded to Aa1 (sf)

EUR32,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Aa3 (sf); previously on Feb 6, 2025
Upgraded to A3 (sf)

EUR27,625,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to Ba1 (sf); previously on Feb 6, 2025
Affirmed Ba3 (sf)

EUR10,675,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2032, Upgraded to B1 (sf); previously on Feb 6, 2025
Affirmed B3 (sf)

Moody's have also affirmed the ratings on the following notes:

EUR270,000,000 (Current outstanding amount EUR80,868,616) Class
A-1 Senior Secured Floating Rate Notes due 2032, Affirmed Aaa (sf);
previously on Feb 6, 2025 Affirmed Aaa (sf)

EUR7,900,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa
(sf)

EUR23,850,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa
(sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Affirmed Aaa (sf); previously on Feb 6, 2025 Affirmed Aaa (sf)

Ares European CLO XI DAC, issued in April 2019 and refinanced in
May 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Ares European Loan Management LLP. The
transaction's reinvestment ended in October 2023.

RATINGS RATIONALE

The rating upgrades on the Class C, Class D, Class E and Class F
notes are primarily a result of the significant deleveraging of the
senior notes following amortisation of the underlying portfolio
since the last rating action in February 2025.

The affirmations on the ratings on the Class A-1, Class A-2, Class
B-1 and Class B-2 notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

The Class A-1 notes have paid down by approximately EUR116.5
million (43.1%) since the last rating action in February 2025 and
EUR189.1 million (70.0%) since closing. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated March
2026[1] the Class A/B, Class C, Class D and Class E OC ratios are
reported at 186.5%, 158.3%, 131.4% and 114.6% compared to January
2025[2] levels of 148.3%, 136.0%, 122.2% and 112.4%, respectively.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR251,487,924

Defaulted Securities: EUR0

Diversity Score: 41

Weighted Average Rating Factor (WARF): 3236

Weighted Average Life (WAL): 2.9 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.87%

Weighted Average Coupon (WAC): 4.85%

Weighted Average Recovery Rate (WARR): 44.2%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability it is analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in October 2025.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the notes are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the notes'
performance.

Additional uncertainty about performance is due to the following:

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.

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.

HAMBRIDGE EURO 2: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Hambridge Euro CLO 2 DAC final ratings,
as detailed below.

   Entity/Debt              Rating           
   -----------              ------           
Hambridge Euro
CLO 2 DAC

   A XS3306613483        LT AAAsf  New Rating

   B XS3306613640        LT AAsf   New Rating

   C XS3306613996        LT Asf    New Rating

   D XS3306614374        LT BBB-sf New Rating

   E XS3306614531        LT BB-sf  New Rating

   F XS3306614705        LT B-sf   New Rating

   Subordinated Notes
   XS3306614960          LT NRsf   New Rating

Transaction Summary

Hambridge Euro CLO 2 is a securitisation of mainly (at least 90%)
senior secured obligations with a component of senior unsecured,
mezzanine, second lien loans and high-yield bonds. Notes proceeds
have been used to purchase a portfolio with a target par of EUR500
million. The portfolio is actively managed by Royal London Asset
Management Limited and the CLO has a five-year reinvestment period
and an eight-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.0.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.8%.

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

Portfolio Management (Neutral): The transaction includes two
matrices, both of which are effective at closing. The matrices have
fixed-rate obligation limits of 2.5% and 7.5%. Both matrices
correspond to a top 10 obligor concentration limit of 20% and an
eight-year WAL covenant.

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

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by six months on the step-up date, which is six months after
closing. The WAL extension is at the option of the manager but
subject to conditions including passing the collateral quality,
portfolio profile and coverage tests and the aggregate collateral
balance (defaulted obligations haircut to Fitch-calculated
collateral value) being at least at reinvestment target par
amount.

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis is 12 months less than the WAL covenant. This is
to account for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period, which include passing
the coverage tests, the Fitch WARF test and the Fitch 'CCC' bucket
limitation test after reinvestment as well as a WAL covenant that
progressively steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio than
the Fitch-stressed portfolio the class B, D, E and F notes display
rating cushions of two notches each and the class C notes of one
notch. The class A notes have no rating cushion as they are already
rated at the highest achievable rating.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches for all
classes of notes, except for the 'AAAsf' notes, which are rated at
the highest level on Fitch's scale and cannot be upgraded.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing the notes
to withstand larger-than-expected losses for the transaction's
remaining life. After the end of the reinvestment period, upgrades
may result from stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

Hambridge Euro CLO 2 DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Hambridge Euro CLO
2 DAC.

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

HARVEST CLO XXIX: Fitch Alters Outlook on 'B-sf' Cl. F Notes to Neg
-------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Harvest CLO XXIX DAC's
class F-R notes to Negative from Stable and affirmed all the
notes.

   Entity/Debt               Rating             Prior
   -----------               ------             -----
Harvest CLO XXIX DAC

   A-R XS2848256322       LT AAAsf  Affirmed    AAAsf
   B-1-R XS2848256678     LT AAsf   Affirmed    AAsf
   B-2-R XS2848256835     LT AAsf   Affirmed    AAsf
   C-R XS2848257056       LT Asf    Affirmed    Asf
   D-R XS2848257213       LT BBB-sf Affirmed    BBB-sf
   E-R XS2848257486       LT BB-sf  Affirmed    BB-sf
   F-R XS2848257643       LT B-sf   Affirmed    B-sf

Transaction Summary

Harvest CLO XXIX DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
have been used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Investcorp Credit
Management EU Limited. The collateralised loan obligation (CLO) has
a 4.5-year reinvestment period and 7-year weighted average life
test (WAL) at the reset closing in 2024.

KEY RATING DRIVERS

Performance Deterioration: The Negative Outlook on the class F-R
notes reflects the par losses (about 1% below par) and a reduction
in the portfolio's weighted average spread since the last review
has eroded the break-even default rate cushion, but a limited
margin of safety is still present. The revision of the Outlook
reflects the reduced protection against new defaults. Fitch
calculates the portfolio has 5.6% of assets rated 'CCC' (or 4.2%,
if excluding an unrated asset) and 19.5% of assets on Negative
Outlook.

Sufficient Cushion for Higher-Ranking Notes: The class A-R to E-R
notes have retained sufficient buffers to support their current
ratings and should be capable of absorbing further defaults and par
erosion in the portfolio. This is reflected in their Stable
Outlooks.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The weighted average rating
factor of the current portfolio is 24.9 as calculated by Fitch
under its latest criteria. About 19.5% of the portfolio is
currently on Negative Outlook.

High Recovery Expectations: Senior secured obligations comprise
99.3% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio is 59.4%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is 13.2%, and no obligor
represents more than 1.6% of the portfolio balance. Exposure to the
three-largest Fitch-defined industries is 35.9% as calculated by
Fitch. Fixed-rate assets as reported by the trustee are at 3.1%,
currently complying with the limit of 10%.

RATING SENSITIVITIES

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

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

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

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

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Harvest CLO XXIX
DAC.

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

JUBILEE 2026-XXXIII: Fitch Assigns B-sf Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2026-XXXIII DAC notes final
ratings, as detailed below.

   Entity/Debt               Rating           
   -----------               ------           
Jubilee CLO
2026-XXXIII DAC

   A Loan                 LT AAAsf  New Rating

   A Notes XS3299458631   LT AAAsf  New Rating

   B-1 XS3299458987       LT AAsf   New Rating

   B-2 XS3299459282       LT AAsf   New Rating

   C XS3299459449         LT Asf    New Rating

   D-1 XS3299459795       LT BBB-sf New Rating

   D-2 XS3303698412       LT BBB-sf New Rating

   E XS3299460025         LT BB-sf  New Rating

   F XS3299460371         LT B-sf   New Rating

   Subordinated Notes
   XS3299460538           LT NRsf   New Rating

Transaction Summary

Jubilee CLO 2026-XXXIII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to fund a portfolio with a target par of EUR450
million. The portfolio is actively managed by Benefit Street
Partners. The collateralised loan obligation (CLO) has about a
4.5-year reinvestment period and an 8.5 year weighted average life
(WAL) test limit.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio as
in the 'B+'/'B' category. The Fitch weighted average rating factor
of the identified portfolio is 22.7.

High Recovery Expectations (Positive): At least 90.0% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.2%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 100%, a top 10 obligor concentration limit at
20% and a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction includes two matrix
sets: two closing matrices correspond to an 8.5-year WAL, while two
other matrices are effective one year after closing (forward matrix
set), corresponding to a 7.5-year WAL. Matrix switch is subject to
the reinvestment target par condition and a rating agency
confirmation. All matrices are based on a top 10 obligor
concentration limit at 20% and fixed-rate asset limits at 5% and
10%.

The transaction has a 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio is 7.5 years, 12 months less than the WAL
covenant at closing to account for structural and reinvestment
conditions after the reinvestment period. These conditions include
passing the over-collateralisation and Fitch 'CCC' limit tests, and
a WAL covenant that gradually steps down over time, both before and
after the end of the reinvestment period. Fitch believes these
conditions would reduce the effective risk horizon of the portfolio
during the stress period.

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) across all the
ratings and a 25% decrease in the recovery rate (RRR) across the
all the ratings of the current portfolio would have no impact on
the class A notes but would lead to downgrades of one notch for
class B, C, D-1, D-2 and E notes. Class F would be downgraded to
below 'B-sf'.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Owing to the current portfolio's better metrics and shorter life
than the stressed-case portfolio, there would be no impact on class
A notes, and all other rated notes show a rating cushion of two
notches.

Should the cushion between the current portfolio and the
stressed-case portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase in the mean RDR
across all the ratings, and a 25% decrease in the RRR across all
the ratings of the stressed-case portfolio, would lead to
downgrades of up to four notches for the rated notes and to below
'B-' for classes E and F.

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

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

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

After the end of the reinvestment period, upgrades, except for the
'AAAsf' notes, may occur if there is stable portfolio credit
quality and deleveraging, leading to higher credit enhancement and
excess spread being available to cover losses in the remaining
portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Jubilee CLO
2026-XXXIII DAC.

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

POLUS EU XXI: Fitch Assigns 'B-(EXP)sf' Rating to Class F Notes
---------------------------------------------------------------
Fitch Ratings has assigned Polus EU CLO XXI DAC expected ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.

   Entity/Debt             Rating           
   -----------             ------           
Polus EU CLO XXI DAC

   A XS3331471733        LT AAA(EXP)sf  Expected Rating

   B XS3331472038        LT AA(EXP)sf   Expected Rating

   C XS3331472541        LT A(EXP)sf    Expected Rating

   D XS3331472970        LT BBB-(EXP)sf Expected Rating

   E XS3331473275        LT BB-(EXP)sf  Expected Rating

   F XS3331473515        LT B-(EXP)sf   Expected Rating

   Subordinated Notes
   XS3331473788          LT NR(EXP)sf   Expected Rating

Transaction Summary

Polus CLO XXI DAC is a securitisation of mainly senior secured
loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. Note proceeds will be used to
fund a portfolio with a target par of EUR400 million. The portfolio
will be actively managed by Cairn Loan Investments II LLP. The
transaction will have an approximately 4.5-year reinvestment period
and a 7.5-year weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the identified portfolio is
23.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.3%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a top 10 obligor
concentration limit of 20% and a maximum exposure to the three
largest (Fitch-defined) industries in the portfolio of 40%. These
covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
test by one year, on the WAL step-up determination date, which is
one year after the issue date, if the adjusted collateral principal
amount (with defaulted obligations carried at their Fitch
collateral value) is at least equal to the reinvestment target par
amount and if the transaction passes all its portfolio profile
tests, collateral quality tests and coverage tests.

Cash Flow Modelling (Positive): The WAL used for the transaction
stress portfolio analysis is 12 months less than the WAL test
covenant at the issue date. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These include passing the coverage tests and
the Fitch 'CCC' bucket limitation test and a WAL covenant that
progressively steps down before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than assumed, due to unexpectedly high levels
of defaults and portfolio deterioration. The class B, C, D, E and F
notes have rating cushions of two notches, due to the better
metrics and shorter life of the identified portfolio than the
Fitch-stressed portfolio. The class A notes do not have any rating
cushion as they are already at the highest achievable rating.

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

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the Fitch-stressed
portfolio would lead to upgrades of up to three notches across all
classes apart from the class A notes, which are already rated at
the highest level on Fitch's scale and cannot be upgraded.

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

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

DATA ADEQUACY

Polus EU CLO XXI DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Polus EU CLO XXI
DAC.

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



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

GG12 SPA: S&P Affirms 'BB-' ICR on HSG Acquisition of Golden Goose
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to GG12 SpA, the new parent of restricted group and the
issuer of the proposed notes. S&P also assigned its 'BB-' issue
rating and '3' recovery rating to the proposed EUR880 million
senior secured notes. At the same time, S&P affirmed the 'BB-'
issuer credit rating on Golden Goose SpA, the issuer of the
existing notes.

The stable outlook reflects S&P's expectation that the group will
continue to outperform its addressable market, generating good
revenue growth while maintaining adjusted EBITDA margins of 32%-33%
over next two years.

In December 2025, China-based private equity firm HSG signed a
definitive agreement to acquire a majority stake in Italy-based
global luxury goods company Golden Goose SpA. The acquisition is
due to close in the second quarter of 2026.

As part of the transaction, Golden Goose plans to issue new EUR880
million senior secured floating- and fixed-rate notes maturing in
2033. The issuer of the proposed notes will be GG12 SpA, the new
ultimate parent of the new restricted group. The cash proceeds will
fully repay the existing senior secured EUR480 million notes due
2031 and EUR35 million drawn under the existing revolving credit
facility (RCF).

Golden Goose has a track record of strong operating performance,
with revenues growing by a compound annual rate of above 20% over
2020-2025, and an S&P Global Ratings-adjusted EBITDA margin of
close to 32% at year-end 2025. Accounting for the proposed
acquisition, we estimate a material increase in adjusted debt to
EBITDA to 4.4x at year-end 2026, up from about 3.1x in 2025,
although we anticipate steady deleveraging thanks to growing EBITDA
and the shareholders' commitment to ongoing deleveraging.

Golden Goose has a track record of strong operating performance.
The company increased its net revenue by a compound annual rate of
about 23% over 2017-2025, materially outperforming its addressable
market. Over the past five years, revenues have risen to EUR734
million at year-end 2025 from EUR266 million in 2020. Revenue
growth reflects store openings (232 stores as of year-end 2025, up
from 123 in 2020), with an average of 20-22 new stores opening each
year over the past five years. Positively, S&P notes that higher
sales volumes drove the majority of the revenue growth, while the
contribution from annual price increases was limited to 2%-4% on
average.

At the same time, Golden Goose has above-average profitability,
with the adjusted EBITDA margin close to 32%-33%. Profitability is
mainly supported by the company's direct-to-consumer (DTC) strategy
and good operational efficiencies. Finally, the company has a good
degree of vertical integration, as about 55% of its production is
in-house, and this gives it control over product quality,
traceability, and research and development. In 2023-2024, the
company acquired Italian Fashion Team S.r.l. and Calzaturificio
Sirio S.r.l. "In our view, the proximity of the production
operations reduces the complexity of the supply chain and allows
the company to benefit from customer recognition of its products'
made-in-Italy status," S&P said.

S&P said, "Following the transaction, we anticipate that Golden
Goose's adjusted debt to EBITDA will increase materially within the
4.0x-4.4x range over 2026-2027, but remain sustainably below 4.0x
thereafter. As part of the acquisition, we expect the company to
issue EUR880 million in new senior secured notes and to repay its
EUR480 million notes and the EUR35 million that it has drawn from
the existing RCF. We expect adjusted debt to rise from EUR740
million in 2025 to about EUR1.2 billion at the end of 2026. S&P
Global Ratings-adjusted debt for 2026 includes the EUR880 million
proposed senior secured notes, about EUR15 million of factoring and
supply chain financing, about EUR5 million relating to pensions and
other liabilities, and about EUR270 million for lease liabilities.
As per our methodology, we do not net cash available on the balance
sheet (EUR94 million in 2025) considering the company's financial
sponsor ownership."

"Due to the material increase in the quantum of financial debt, we
expect adjusted debt to EBITDA to rise from 3.1x in 2025 to about
4.4x in 2026 and approach 4.0x in 2027, with further deleveraging
thereafter. The deleveraging trend mainly reflects an increase in
EBITDA, with the adjusted EBITDA margin remaining broadly stable at
32%-33% over 2026-2027. At the same time, we expect a sequential
increase in lease liabilities of about EUR30 million-EUR40 million
per year to account for new store openings. Positively, we
understand that HSG, the new controlling shareholder, is committed
to steady deleveraging, and we do not assume any shareholder
remuneration during our two-year forecast period."

Golden Goose's strategic priorities include further penetration of
the DTC channel, with higher penetration within Asia-Pacific.
Asia-Pacific accounts for about 12% of the total business. The
company plans to increase its penetration in Asia-Pacific, with a
focus on Mainland China, and leverage the local expertise of the
new Asian owners. At the same time, S&P expects that the
contribution from the wholesale channel will gradually reduce over
time. It dropped from 53% of sales in 2020 to about 17% in 2025,
and the company expects it to fall to about 11% by 2030.

Golden Goose plans to increase its store footprint and e-commerce
penetration. In 2025, the company opened 17 new stores, and as of
year-end 2025, has 232 directly operated stores. It plans to open
about 20 new stores per year over 2026–2030. Moreover, Golden
Goose will also focus on store productivity, footprint
optimization, and store renovation. Store productivity in
Asia-Pacific is below average for both the overall group and its
global peers.

S&P said, "We expect Golden Goose to generate positive recurring
FOCF, although its absolute value is limited and constrained by
high capital expenditure (capex) and lease payments. Under our
base-case scenario, we expect annual reported FOCF (before
principal lease payments) of EUR70 million-EUR80 million, up from
EUR50 million-EUR55 million in 2025. We then expect FOCF to
gradually increase and approach EUR100 million at year-end 2028. We
project that the company will generate FOCF after leases of EUR30
million-EUR50 million over the same period. We assume that lease
payments will increase in tandem with the planned expansion in the
number of stores. For the same reason, we expect higher capex over
next two-to-three years, normalizing at around 7% of annual sales
at the end of the business plan period in 2030.

"Golden Goose's size and limited product and geographical
diversification are the primary constraints on the business risk
profile, in our view. The company has a limited size, with adjusted
EBITDA approaching EUR250 million in 2025. Moreover, it has a
single brand (Golden Goose) in one niche category (luxury
sneakers). The company is increasing its exposure to ready-to-wear
apparel, services, and accessories, although these categories are
still quite limited in terms of their overall contribution (12% of
the total business). We believe that the luxury casual footwear
segment is a niche category where competition is elevated and
subject to fashion trends and brand reputation. The company has
some regional concentration, with North American and Europe, the
Middle East, and Africa accounting for more than 85% of total
sales, and limited exposure to the rest of world (China, Japan, and
South Korea).

"The stable outlook reflects our expectation that Golden Goose will
continue to outperform its addressable market and generate good
revenue growth while maintaining adjusted EBITDA margins at 32%-33%
over the next two years. In our base case, we project that debt to
EBITDA will approach 4.0x by year-end 2027 and remain below 4.0x
thereafter while the company generates positive FOCF, enabling it
to self-fund its expansion strategy.

"We could take a negative rating action if we believed that Golden
Goose's adjusted leverage would remain above 4.0x for a prolonged
period, or if annual FOCF after leases fell substantially short of
our base-case scenario. This could occur if, for example, the
company's financial policy became more aggressive than we
anticipated, leading to higher discretionary spending and weaker
credit metrics, or if the company faced an unexpected and material
adverse shift in consumer demand."

The potential for an upgrade is contingent on the evolution of the
shareholder structure and a commitment to a long-term financial
policy. S&P may consider raising the ratings if:

-- Golden Goose demonstrates material deleveraging, with adjusted
leverage below 2.0x, driven by a significantly stronger operating
performance coupled with a conservative approach to capital
allocation, with a commitment to maintain this approach; or

-- Golden Goose's revenue base increases significantly, reflecting
the success of its DTC strategy. At the same time, the company
would keep profitability high and increase its product and
geographical diversity, leading to a stronger business risk
profile. Under this scenario, adjusted leverage should approach and
remain at around 3.0x or below.



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

J&F LUXEMBOURG: S&P Rates Proposed Senior Unsecured Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating to J&F
Luxembourg Finance S.a.r.l.'s two proposed senior unsecured notes.
S&P also assigned a '3' recovery rating to the proposed notes,
indicating its expectation of a meaningful recovery (65%) for the
group's unsecured debt in the event of default. J&F Luxembourg
Finance S.a.r.l. is a wholly owned finance subsidiary of Brazilian
conglomerate J&F S.A. (J&F; BB+/Stable/--), which will
unconditionally and irrevocably guarantee the notes.

In addition, the notes will be guaranteed by J&F's subsidiaries
Eldorado Brasil Celulose S.A., LHG Mining Ltda., and Flora Produtos
de Higiene e Limpeza S.A. These guarantees will rank pari passu
with the unsecured debt of each of these operating subsidiaries. In
S&P's view, these upstream guarantees mitigate the structural
subordination of the proposed notes sitting at the holding level,
compared with the significant amount of debt at the subsidiaries
level.

J&F intends to use the proceeds from one of the proposed issuances
to refinance debt, extending its debt maturity profile, and likely
reducing the average cost of debt by paying higher-cost
instruments. The group had about R$ 12 billion of short-term debt
as of Dec. 31, 2025.

The second proposed issuance (new notes) was announced in
conjunction with an exchange offer for Eldorado Intl. Finance
GmbH's $500 million existing senior unsecured notes. The new notes
will have the same characteristics, ranking, and guarantees as the
other proposed notes, but will carry the same cost and maturity
date as Eldorado's existing notes. The proposed exchange offer is
aligned with J&F's strategy to eventually merge Eldorado at the
holding level.

If the group takes on more debt to fund its expansion without
increasing the value of its assets or subsidiaries, the recovery
prospects for its senior unsecured debt could weaken.

Issue Ratings--Recovery Analysis

Key analytical factors

-- S&P's analysis considers J&F consolidated debt, excluding its
protein subsidiary, JBS, as the latter doesn't guarantee the
proposed notes.

-- In its simulated scenario, S&P assumes a payment default in
2031 that could occur amid weak commodity prices globally due to a
slowdown in demand, reducing cash flows from its subsidiaries
Eldorado and LHG Mining, combined with weaker cash flows from its
energy generation business due to higher uncontracted capacity, as
well as lower dividends from JBS. In this scenario, J&F's cash
flows would be insufficient to cover interest expenses and
maintenance capital expenditures.

-- S&P used a 5.0x multiple applied to its projected emergence
EBITDA.

-- S&P said, "We valuate the group with a combined approach, using
an EBITDA multiple and a discrete asset valuation (DAV) approach
for its economic stake on JBS. We assume the recovery on a
going-concern basis because we think it is likely that the group
would restructure, rather than liquidate, given its size and the
value of its main subsidiaries."

Simulated default assumptions

-- Simulated year of default: 2031

-- S&P said, "We value JBS' market capitalization based on the
average stock price since its dual listing completion in June last
year. We consider J&F's 50% economic stake on JBS. In addition, we
apply a 50% realization factor to reflect the monetization in a
distressed scenario."

-- Estimated gross enterprise value at emergence: R$42.9 billion.

Simplified waterfall

-- Net enterprise value after 5% administrative costs: R$40.8
billion

-- Priority claims: R$10.4 billion (receivables assignment
agreements)

-- Senior secured debt: R$1 billion (BNDES debt--Merchant Marine
Fund)

-- Senior unsecured debt: R$42.7 billion

-- Recovery expectations for the proposed senior unsecured notes:
65%

*Note: All debt amounts include six months of prepetition interest



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

RONESANS HOLDING: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Ronesans Holding A.S.'s Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B+'.
The Outlook is Stable. Fitch has also affirmed Ronesans' senior
unsecured debt rating at 'B+' with a Recovery Rating of 'RR4'.

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

The ratings on the USD425 million notes due 2029 are affirmed as
the guarantors, terms, covenants and restricted group are not
materially changed from the proposed change in issuer, subject to
final documentation conforming to those already reviewed by Fitch
following the consultation period with current bondholders.

The Stable Outlook reflects its expectation of Ronesans' continued
delivery of its growing construction backlog offset by delivery
risk on its large concession projects, benefitting from sound
regional diversification and strong margins compared with other
rated engineering and construction companies.

Key Rating Drivers

Large Investments Increase Business Risk:  Ronesans' substantial
equity investments in large infrastructure and public-private
partnership projects over the next two years are proceeding as
planned. High operational and delivery risk, alongside its
organisational complexity, are offset by considerable construction
income during the build phase, with favourable margins. Fitch
expects the company to make about EUR700 million of cumulative
equity investments by 2027 when they are expected to commence
operations, of which EUR170 million remains to be paid offset by
cash holdings.

Ronesans' business risk will increase until the projects are
completed and operational due to the delivery risk associated with
their construction. Any extraordinary support from the company for
the projects - in the event of delays, cost overruns or operational
underperformance - could lead to a full consolidation of the equity
investments on its balance sheet and financial statement, which
would have a negative rating effect. Fitch expects Ronesan's
consolidated negative free cash flow (FCF) for 2025 to reverse in
2026 and beyond as dividends from the projects are received.

FX/Inflation Risks Mitigated: Ronesans' business profile is
supported by the diversification of revenue into euros and US
dollars through its ownership of Ballast Nedam and other
non-Turkish construction contracts. In 2025, hard-currency revenues
(dollars or euros) rose slightly to 46% of the total. A further 42%
of revenue is hard currency linked to inflation and FX escalators,
mitigating the risks of operating in Turkiye, which remains
affected by historical hyper-inflation and a historically
depreciating Turkish lira.

Fitch expects Turkiye-based projects to represent 60%-70% of
revenue, which will moderately increase business risk. However,
nearly all of Ronesans' new lira-denominated construction contracts
are linked to hard currencies or inflation. The cost and revenue
risks resulting from hyperinflation are also mitigated by higher
EBITDA margins on construction activity in Turkiye than in Europe.

Stronger Margins Reflect Higher Risks: Fitch forecasts consolidated
EBITDA margins at 13% for 2026 and beyond reflecting stronger
overall performance, but expect Ronesans' Ballast Nedam, its
EU-based engineering and construction business, to have lower
margins and a steady order backlog, reflecting its smaller,
lower-risk projects, including those for local authorities. Ballast
Nedam generates consistent hard-currency-based revenues and EBITDA,
contributing to nearly 40% of revenue generated outside Turkiye.

Substantial Hard-Currency Liquidity: Ronesans' substantial dollar
and euro cash balances and cash pooling for core construction
operations substantially offset liquidity and funding risks.
Dividend payments and large increases in investments offset the
increase in EBITDA. However, cash remained strong at TRY68.75
billion-equivalent at end- 2025 (EUR1,359 million). About 80% of
cash is held in hard currencies in offshore non-Turkish banks.
Similar to E&C peers, Fitch views part of Ronesans' cash balance
(1.5% of revenue) as restricted for working capital swings. Fitch
expects Ronesans to maintain cash balances at 1x EBITDA.

Investment Commitments Pressure Leverage: Ronesans' EBITDA gross
leverage at end-2025 rose to 3.5x, in line with Fitch's
expectations, but still above the 3.0x negative rating sensitivity.
This also reflects its investments in non-recourse concessions and
its USD425 million five-year bond due 2029, increased by a USD75
million tap in 2025. Fitch expects leverage to remain at 3.0x-3.5x
for 2026 and 2027 before falling steadily to below 3x in 2027. The
improvement will be driven by construction cash flow from the
concession build phase, followed by increased dividend inflows from
2027.

Interest Coverage Improves: EBITDA interest coverage for 2025 was
3.4x, substantially better than Fitch's forecast of 2.9x, and above
the negative rating sensitivity of 2.5x. Fitch expects interest
coverage to remain above 3x over the next two years, as debt and
EBITDA increase, while the cost of debt remains stable.

Peer Analysis

Ronesans is similar in size to Webuild S.p.A. (BB+/Stable), and in
revenue to Kier Group PLC (BB+/Positive). Fitch expects the former
to maintain similar gross leverage to Webuild, at over 3x at
end-2025. However, Ronesans is constrained by its exposure to
Turkiye and additional risks relating to its concession
developments.

Ronesans has a lower exposure to large customers than Webuild. Most
of Ronesans' contract counterparties in Turkiye are linked to, or
are departments of, the Turkish government, similar to Kier that
largely contracts with the UK government under framework
agreements. Kier and Ronesans are largely protected from cost
inflation under their contracts as part of a comprehensive
risk-sharing arrangement.

Ronesans has a smaller committed backlog than Webuild and Kier, but
this is offset by the smaller contract size in its European
operations and numerous small infrastructure projects with the
Dutch government. The former has a slightly weaker business profile
than Webuild, as its superior diversification is offset by its
exposure to the weaker Turkish operating environment, but they
share a similar financial profile. Ronesans has large asset
ownership compared with Webuild and Keir, through its 70.3% stake
in Ronesans Gayrimenkul Yatirim A.S. (BB-/Stable).

Fitch’s Key Rating-Case Assumptions

Fitch's rating case contains the following assumptions:

- EUR/TRY at 49.5 at end-2026 and 55 at end-2027, in line with
Fitch's Global Economic Outlook

- Cumulative equity contribution to new concessions and joint
ventures of EUR700 million by 2027, of which EUR350 million was
already paid

- Consolidated EBITDA margin of 13% in 2026 and 2027, reflecting
the order backlog

- Dividend distribution to shareholders of EUR50 million a year
from 2026

- Capex at 3.5% of revenue

- Most contracts indexed to inflation in Turkiye at specified euro
and dollar exchange rates or paid in hard currencies

- Net working capital needs average about 1.5% of revenue

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'b+'.

Recovery Analysis

The recovery analysis assumes that Ronesans would be deemed a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated.

- Its GC value available for creditor claims is estimated at about
TRY31.3 billion, assuming GC EBITDA of TRY8.7 billion

- GC EBITDA assumed a failure by Ronesans to generate positive FCF
due to poor performance of construction contracts. The assumption
also reflects corrective measures taken in reorganisation to offset
the adverse conditions that trigger its default

- A 10% administrative claim is assumed.

- An enterprise value multiple of 4.0x is applied to GC EBITDA to
calculate a post-reorganisation enterprise value. The multiple is
based on the company's core engineering and construction operations
and is aligned with its peers'

- Fitch estimates the amount of senior debt claims at TRY53.2
billion, not including debt at the Ronesans Gayrimenkul Yatirim
A.S. level that is ring-fenced from Ronesans

- These assumptions suggest a recovery rate for the senior
unsecured instrument within the 'RR3' range, but limitations on
Recovery Ratings in Turkiye constrain this to 'RR4', corresponding
to the company's Long-Term Foreign-Currency IDR of 'B+'

RATING SENSITIVITIES

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

- EBITDA gross leverage above 3x

- EBITDA interest coverage below 2.5x

- Increasing proportion of EBITDA generated in the lira versus
euro

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

- EBITDA gross leverage below 2.5x

- EBITDA interest coverage greater than 3x

- Maintenance of neutral to positive FCF

- EBITDA contribution from non-Turkish hard-currency operations at
a minimum 50% of total profitability

Liquidity and Debt Structure

At end-2025, Ronesans had strong liquidity in the form of large
cash balances and term deposits of nearly TRY69 billion (EUR1,343.5
million), providing at least 2x coverage of upcoming maturities and
offsetting equity investments committed for new concession and
industrial projects. Fitch expects overall funding needs in 2025 to
be modest, at about TRY8.8 billion (EUR150 million).

Fitch expects FCF to turn positive in 2026, and with no further
funding for existing projects required beyond 2027, at which point
Fitch expects the concessions to become cash-generative. Ronesans
does not have a committed liquidity facility, but has relationships
with a broad range of local banks, project financing for its
concession businesses in addition to its USD425 million bond
maturing in 2029.

Issuer Profile

Ronesans Holding A.S is a Turkiye-domiciled Europe and Middle-East
focused Engineering and Construction company, with 70.3% ownership
of Turkiye-based real estate owner Ronesans Gayrimenkul Yatirim A.S
(BB-/Stable), and minority and majority interests in a range of
energy, transport and healthcare concessions.

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 Ronesans Holding A.S..

ESG Considerations

Ronesans Holding A.S. has an ESG Relevance Score of '4' for Group
Structure due to complexity of its subsidiary holdings and funding
structure, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                    Rating          Recovery   Prior
   -----------                    ------          --------   -----
Ronesans Holding A.S.    LT IDR    B+  Affirmed              B+
                         LC LT IDR B+  Affirmed              B+

   senior unsecured      LT        B+  Affirmed    RR4       B+

TURKIYE: Fitch Alters Outlook on 'BB-' Long-Term IDR to Stable
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Turkiye's Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Stable from
Positive and affirmed the IDR at 'BB-'.

The Outlook revision reflects a marked fall in international
reserves since the start of the Iran war, with FX interventions by
the Central Bank of Turkiye (CBRT) to defend the lira estimated in
excess of USD50 billion. In addition, a more protracted conflict
would further pressure Turkiye's external finances and inflation,
mainly due to its sizeable energy trade deficit.

The ratings are supported by Turkiye's large and diversified
economy, low government debt, record of sustaining access to
external financing through periods of stress, and its resilient
banking sector. They are constrained by its record of high
inflation, repeated periods of political interference in monetary
policy, recurrent balance-of-payments crises, low external
liquidity relative to high financing requirements, and weak
governance.

Under applicable credit rating agency (CRA) regulations, the
publication of sovereign reviews is subject to restrictions and
must take place according to a published schedule, except where it
is necessary for CRAs to deviate from this schedule in order to
comply with the CRAs' obligation to issue credit ratings based on
all available and relevant information and disclose credit ratings
in a timely manner. Fitch interprets these provisions as allowing
us to publish a rating review in situations where there is a
material change in the creditworthiness of the issuer that Fitch
believes makes it inappropriate for us to wait until the next
scheduled review date to update the rating or Outlook/Watch
status.

The next scheduled review date for Fitch's rating on Turkiye is 17
July 2026, but Fitch believes that developments in the country
warrant such a deviation from the calendar and its rationale for
this is set out in the first part (High weight factors) of the Key
Rating Drivers section below.

Key Rating Drivers

The revision of the Outlook on Turkiye's 'BB-' IDRs reflects the
following key rating drivers and their relative weights:

HIGH

Lower External Buffer: Gross international reserves fell to USD162
billion in early April, from USD210 billion at end-February, driven
by non-resident outflows and, to a lesser extent, the lower gold
price and greater FX demand from corporates. Net FX reserves,
excluding swaps, fell more, to below USD19 billion, from USD79
billion, albeit still well above the 2024 low of minus USD66
billion, partly reflecting the resumption last week of CBRT FX
swaps with domestic banks.

Weakening CAD and Reserves: Fitch forecasts the current account
deficit (CAD) will widen 0.6pp in 2026, to 2.5% of GDP, on higher
energy prices and the lagged impact of real exchange rate
appreciation, and to 2.9% in 2027 on stronger domestic demand.
Fitch's baseline is for a gradual normalisation of oil flows in May
and June. Fitch projects gross FX reserves fall to 3.8 months of
current external payments at end-2027, from 5.0 months at end-2025,
below the 'BB' median of 4.8 months.

Further Risk If Protracted War: An additional USD20/b rise in oil
prices in 2026 would increase the CAD by more than 1% of GDP, and
pressure inflation. Fitch currently views the added credit risk
from direct spillovers from the Iran conflict or broader regional
instability as low.

Turkiye's 'BB-' ratings also reflect the following key rating
drivers:

Dollarisation Remains Contained: The deposit dollarisation ratio
was broadly stable last month, at near 40%, having fallen from 73%
(including FX-protected deposits) in mid-2023. Fitch anticipates
the authorities will continue to prioritise containing
dollarisation risks by supporting a gradual path of nominal lira
depreciation and employing macro-prudential tools to maintain the
attractiveness of lira deposits.

Moderate Monetary Policy Tightening: The CBRT raised the cost of
funding by 300bp on 1 March by switching liquidity to the overnight
lending rate (40%). Fitch projects monetary policy will remain
fairly tight this year, with a real policy interest rate of 5.5%
(ex-post) at year-end, before loosening to 2% at end-2027. Fitch
anticipates stimulus next year from higher fiscal transfers and
easing of credit caps ahead of elections brought forward from the
scheduled May 2028, but no return to highly unorthodox policy as in
2022/2023. Nevertheless, there are sizeable downside policy risks
given the track record of repeated shifts to excessive easing that
underlined the lack of CBRT independence.

Very High Inflation: Fitch forecasts inflation to fall to 27% at
end-2026 (an upward revision of 2pp) and 21% at end-2027, from
30.9% in March, well above target and the highest of any sovereign
Fitch rates. Fiscal support through reactivation of the sliding
fuel-price mechanism absorbs around two-thirds of the passthrough
from higher energy prices. Inflation expectations are elevated, and
rose slightly in March, adding to risks that any marked loosening
of policy settings quickly leads to a severe worsening of
inflationary, macro and external pressures.

Geopolitical and Political Risks: Turkiye has effectively balanced
international relations during the war, and Fitch considers the
risk of the country being dragged directly into the conflict as
low. Relations with the US have improved over the last year, and
efforts towards Kurdish reconciliation have helped the domestic
security situation, although an extended period of regional
instability could jeapordise this. Fitch considers the potential
for domestic political events triggering market volatility on the
scale that followed the March 2025 jailing of Istanbul mayor Ekrem
Imamoglu has declined, but sizeable risks remain ahead of the next
election.

Still High External Financing Requirement: Turkiye's external debt
(including trade credits) maturing over the next 12 months at
USD239 billion is high relative to its FX reserves. Fitch projects
external liquidity (measured by the ratio of liquid external assets
to short-term external liabilities) will improve to near 98% in
2027, from 82% at end-2025, but still weaker than the current 'BB'
median of 140%.

Fiscal Space Employed, Robust Growth: Fitch forecasts the general
government deficit will widen 0.6pp in 2026, to 3.7% of GDP, with
additional fiscal measures while containing administered price
rises. Fitch projects the deficit to widen to 4% of GDP in 2027, on
pre-election stimulus, and general government debt/GDP to rise 2pp
in 2025-2027 to 26%, still around half the 'BB' median. Fitch
forecasts GDP growth of 3.6% in 2026, with risks firmly to the
downside, accelerating to 4.2% in 2027, slightly above potential.
Direct exposure to the war is mitigated by limited trade with the
Middle East (11% of exports and 5% of imports), and the expected
resilience of tourism.

ESG - Governance: Turkiye has an ESG Relevance Score (RS) of '5'
for Political Stability and Rights and for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption.
These scores reflect the high weight that the World Bank Governance
Indicators (WBGI) have in its proprietary Sovereign Rating Model
(SRM). Turkiye has a low WBGI ranking at the 31st percentile,
reflecting a moderate level of rights for participation in the
political process, moderate but deteriorating institutional
capacity due to increased centralisation of power in the office of
the president and weakened checks and balances, uneven application
of the rule of law and a moderate level of corruption.

RATING SENSITIVITIES

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

- External: A further sizeable decline in international reserves or
a significant deterioration in the quality of reserves, for example
due to a markedly wider CAD on sustained high energy prices,
reduced market confidence and/or a sharp rise in deposit
dollarisation

- Macro: Greater inflationary, balance-of-payment and
macro-financial pressures, for example, from a destabilising policy
easing cycle or return to a more unconventional policy mix

- Structural: Deterioration of the domestic political or security
situation, international relations and/or materialisation of direct
spillovers from the regional conflict, that affect the economy and
external finances

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

- External: Significant strengthening of the sovereign's external
buffers, especially if combined with a sustained reduction in
external financing requirements

- Macro: Greater confidence in the maintenance of policy settings
that are sufficiently tight to support a marked decline in
inflation over time and a reduction in macro and balance-of-payment
risks

Sovereign Rating Model (SRM) and Qualitative Overlay (QO)

Fitch's proprietary SRM assigns Turkiye a score equivalent to a
rating of 'BB' on the LTFC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
score to arrive at the final LTFC IDR by applying its QO, relative
to SRM data and output, as follows:

- Macro: -1 notch, to reflect a track record of repeated political
interference in macro-economic policy settings, which has led to
inflation volatility and external instability. Still-elevated
inflation expectations add to the risk of a return to instability
in the event of renewed policy mistakes or reversal.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LTFC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

Debt Instruments: Key Rating Drivers

Senior Unsecured Debt Equalised: The senior unsecured long-term
debt ratings are equalised with the applicable Long-Term IDR, as
Fitch assumes recoveries will be 'average' when the sovereign's
Long-Term IDR is 'BB-' and above. No Recovery Ratings are assigned
at this rating level.

Country Ceiling

The Country Ceiling for Turkiye is 'BB-', in line with the LTFC
IDR. This reflects no material constraints and incentives, relative
to the IDR, against capital or exchange controls being imposed that
would prevent or significantly impede the private sector from
converting local currency into foreign currency and transferring
the proceeds to non-resident creditors to service debt payments.

Fitch's Country Ceiling Model produced a starting point uplift of
'0' notches above the IDR. Fitch's rating committee did not apply a
qualitative adjustment to the model result.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Türkiye.

ESG Considerations

Turkiye has an ESG Relevance Score of '5' for Political Stability
and Rights as WBGI have the highest weight in Fitch's SRM and are
therefore highly relevant to the rating and a key rating driver
with a high weight. As Turkiye has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Turkiye has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
WBGI have the highest weight in Fitch's SRM and are therefore
highly relevant to the rating and are a key rating driver with a
high weight. As Turkiye has a percentile rank below 50 for the
respective Governance Indicators, this has a negative impact on the
credit profile.

Turkiye has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
WBGI is relevant to the rating and a rating driver. As Turkiye has
a percentile rank below 50 for the respective Governance Indicator,
this has a negative impact on the credit profile.

Turkiye has an ESG Relevance Score of '4+' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Turkiye, as for all sovereigns. As Turkiye
has a record of 20+ years without a restructuring of public debt
and captured in its SRM variable, this has a positive impact on the
credit profile.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                     Rating           Prior
   -----------                     ------           -----
Turkiye             LT IDR          BB- Affirmed    BB-
                    ST IDR          B   Affirmed    B
                    LC LT IDR       BB- Affirmed    BB-
                    LC ST IDR       B   Affirmed    B
                    Country Ceiling BB- Affirmed    BB-

   senior
   unsecured        LT              BB- Affirmed    BB-

   Senior
   Unsecured-
   Local currency   LT              BB- Affirmed    BB-

Hazine
Mustesarligi
Varlik Kiralama
Anonim Sirketi

   senior
   unsecured        LT              BB- Affirmed    BB-



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

60 ENNISMORE: FTI Consulting Appointed as Administrators
--------------------------------------------------------
60 Ennismore Gardens Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency and Companies List (ChD), No CR-2026-001787, and
Joanne Hewitt-Schembri (IP No. 19732), Ali Abbas Khaki (IP No.
25690), and Matthew Boyd Callaghan (IP No. 14630) of FTI Consulting
were appointed as Joint Administrators on March 10, 2026.

The company engages in the 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:

   Joanne Hewitt-Schembri (IP No. 19732)  
   Ali Abbas Khaki (IP No. 25690)  
   Matthew Boyd Callaghan (IP No. 14630)  
   FTI Consulting  
   200 Aldersgate, Aldersgate Street  
   London, Greater London, United Kingdom  

For further details, contact:

   FTI Consulting  
   Tel. No: +44 (0)7974 518450  
   Email: project_mist@fticonsulting.com  

CASSON SQUARE PROPERTY: FTI Consulting Appointed as Administrators
------------------------------------------------------------------
Casson Square Property Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), No CR-2026-001788,
and Joanne Hewitt-Schembri (IP No. 19732), Ali Abbas Khaki (IP No.
25690), and Matthew Boyd Callaghan (IP No. 14630) of FTI Consulting
were appointed as Joint Administrators on March 10, 2026.

The company enagages in the 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:

   Joanne Hewitt-Schembri (IP No. 19732)  
   Ali Abbas Khaki (IP No. 25690)  
   Matthew Boyd Callaghan (IP No. 14630)  
   FTI Consulting  
   200 Aldersgate, Aldersgate Street  
   London, Greater London, United Kingdom  

For further details, contact:

   FTI Consulting  
   Tel. No: +44 (0)7974 518450  
   Email: project_mist@fticonsulting.com  


FAREHAM STREET: FTI Consulting Appointed as Administrators
----------------------------------------------------------
Fareham Street Properties Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), No CR-2026-001786,
and Joanne Hewitt-Schembri (IP No. 19732), Ali Abbas Khaki (IP No.
25690), and Matthew Boyd Callaghan (IP No. 14630) of FTI Consulting
were appointed as Joint Administrators on March 10, 2026.

The company engages in the 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:

   Joanne Hewitt-Schembri (IP No. 19732)  
   Ali Abbas Khaki (IP No. 25690)  
   Matthew Boyd Callaghan (IP No. 14630)  
   FTI Consulting  
   200 Aldersgate, Aldersgate Street  
   London, Greater London, United Kingdom  

For further details, contact:

   FTI Consulting  
   Tel. No: +44 (0)7974 518450  
   Email: project_mist@fticonsulting.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.

This material is copyrighted and any commercial use, resale or
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