---

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

                          E U R O P E

          Thursday, April 16, 2026, Vol. 27, No. 76

                           Headlines



F R A N C E

BISCUIT HOLDING: Fitch Upgrades Long-Term IDR to 'CC'
ROQUETTE FRERES: S&P Puts 'BB+' LT Issue Rating on Jr. Sub. Notes


I R E L A N D

CIFC EUROPEAN VIII: S&P Assigns B- (sf) Rating to Class F Notes


K A Z A K H S T A N

BEREKE BANK: Fitch Affirms 'B+' IDR, Alters Outlook to Pos.
LLP MFO ROBOCASH: Fitch Affirms 'B-' Long-Term IDR, Outlook Neg.


L U X E M B O U R G

J&F LUXEMBOURG: Fitch Assigns 'BB+' Rating to New Sr. Unsec. Notes
RADAR TOPCO: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable


S W E D E N

POLESTAR AUTOMOTIVE: Eric Li and Geely Entities Boost Stake


U N I T E D   K I N G D O M

DRAYTON GARDENS: FRP Advisory, BTG Begbies Named as Administrators
FALCON GATE: FRP Advisory, BTG Begbies Named as Administrators
MAUNSEL STREET: FRP Advisory, BTG Begbies Named as Administrators
MAYFAIR GS: FRP Advisory, BTG Begbies Named as Joint Administrators
MITCHELLS & BUTLERS: Fitch Affirms 'B+' Rating on Class D1 Notes

MOUNT STREET: FRP Advisory, BTG Begbies Named as Administrators
NEXUS: LA Business Recovery Appointed as Administrator
PORTMAN MANSIONS: FRP Advisory, BTG Begbies Named as Administrators

                           - - - - -


===========
F R A N C E
===========

BISCUIT HOLDING: Fitch Upgrades Long-Term IDR to 'CC'
-----------------------------------------------------
Fitch Ratings has downgraded Biscuit Holding SAS's (BH) Long-Term
Issuer Default Rating (IDR) to 'RD' (Restricted Default) from
'CCC-', following an agreement reached with its lenders under its
EUR150 million second-lien debt due in 2028 amid ongoing
amend-and-extend (A&E) negotiations with lenders. Fitch has
subsequently upgraded BH's IDR to 'CC'.

Fitch has also downgraded BH's first-lien secured rating to 'CCC-'
from 'CCC' and affirmed its second-lien debt at 'C'. The Recovery
Ratings for first-lien and second-lien debt remain 'RR3' and 'RR6',
respectively. The Ratings Watch Negative have been removed.

The 'CC' rating reflects BH's ongoing debt restructuring
negotiations, which Fitch expects may result in a debt
restructuring or further concessions, which, in accordance with
Fitch's criteria, could represent a distressed debt exchange (DDE).
It also reflects an unsustainable capital structure, operational
challenges and liquidity constraints.

Fitch will reassess BH's IDR once the A&E is finalised.

Key Rating Drivers

'RD' After Interest Payment Extension: The downgrade to 'RD'
follows BH's agreement with its second-lien lenders to extend the
interest payment due on 31 March 2026 on its EUR150 million
second-lien debt. This was agreed while the company remains in
negotiations with all lender groups, including first-lien,
revolving credit facility (RCF) and second-lien creditors, to
conduct an A&E given the near-term debt maturities. According to
Fitch's criteria, an extension of the interest payment date means
the contractually agreed cash interest payment was not made in line
with the original debt terms and constitutes an 'RD'.

Debt Restructuring Likely: The subsequent upgrade to 'CC' reflects
Fitch's expectations of a debt restructuring required to put the
company on a sustainable capital base, which will likely result in
a DDE. On announcement of agreed DDE terms and set debt exchange
date, Fitch will downgrade the IDR to 'C'. Fitch expects to
downgrade the IDR to 'RD' upon execution of the DDE. Fitch would
then reassess BH's post-restructuring profile and assign a rating
consistent with its forward-looking assessment of its credit
profile. Fitch will continuously monitor the company's performance
and adherence to its financial documentation.

Poorly Funded Liquidity: Fitch expects BH to have partially
unfunded liquidity and near-term payment risk related to its EUR85
million RCF, which matures in August 2026. As of March 2026, the
company had EUR29.2 million in cash and EUR41 million drawn under
the RCF, indicating a limited available internal liquidity to fully
repay the outstanding revolver amount at maturity, in addition to
its estimated negative free cash flow (FCF) in 2025 and 2026. As a
result, securing an imminent extension of the RCF maturity or
refinancing the facility is critical to supporting BH's ongoing
operations and mitigating payment default risks.

Excessive Leverage: Fitch estimates EBITDA gross leverage to have
increased to 9.5x in 2025 (2024: 7.4x) due to an EBITDA decline and
increase in debt and forecast only moderate deleveraging towards
8.4x in 2026. These leverage levels translate into an unsustainable
capital structure, with a high probability of a debt restructuring,
which is reflected in the current rating level.

Recovery Dependent on Volume Rebound: BH's revenue was flat and its
EBITDA margin declined to 9.8% 2025 from 11.7% in 2024, driven by
intense competition from branded goods producers in core markets,
softer demand for chocolate-related products, weak pricing and an
inability to fully pass through sharply higher input costs for
cocoa, eggs and butter. Fitch expects EBITDA margin to recover to
11.1% in 2027, due to input cost and volume normalisation, and
product mix improvement. Fitch assumes a moderate ability to
increase prices given BH's role as a private-label producer facing
intense competition from branded food manufacturers.

Near-Term Negative FCF: Fitch estimates negative FCF in 2026, due
mainly to EBITDA weakness before turning positive from 2027
following a gradual margin recovery and more moderate capex.
Further, BH's FCF profile remains subject to its assessment of an
updated business plan, the medium-term capital structure and the
associated debt cash service cost.

Moderate Scale, Single Product Category: BH's rating reflects its
moderate scale with projected EBITDA under EUR200 million in
2025-2028, but strong market positions in France, Germany, Sweden
and Benelux. It operates in the single product category of sweet
and savoury bakery, mainly biscuits, but has a wide offering within
the subsector - often a key advantage for its customers. It is a
predominantly private-label producer (about 90% of revenue in
2024), but it also develops co-manufacturing and own brands
divisions, providing additional sales and profit growth
opportunities over the long term.

Peer Analysis

BH's rating is several notches below that of Platform Bidco Limited
(Valeo Foods; B-/Stable). The two companies have similar financial
profiles with comparable profitability and high leverage metrics.
Valeo Foods' rating also benefits from a stronger brand portfolio
and broader product-category diversification.

BH is similar in size, product offerings (long shelf life) and
geographic diversification to La Doria S.p.A. (B+/Stable),
although, the latter's credit profile benefits from considerably
lower leverage, higher profitability, and, to some extent, lower
exposure to commodity price volatility.

BH is larger than Sammontana Italia S.p.A. (B+/Stable) but has
similar geographical diversification. Sammontana benefits from a
more diversified product portfolio with strong brands in its key
categories. Sammontana's ratings also reflect its stronger
financial profile with higher operating margins and lower
leverage.

BH is much smaller than Sigma Holdco BV (B/Stable). The latter has
a stronger market position as the largest plant-based spreads
producer, despite a narrower product offering. Sigma's credit
profile also benefits from a higher operating margin of about 20%,
robust FCF margins in the mid-single digits and lower leverage.

Fitch’s Key Rating-Case Assumptions

The following assumptions are subject to receipt of an updated
business plan:

- Revenue to rise 7.7% in 2026, after a 1% decline in 2025

- EBITDA margin to gradually recover towards 10.5% in 2026 from
9.8% in 2025

- Trade working capital about 10% of revenue following revenue
dynamics

- Capex to reduce towards 3.5% of revenue in 2026 from 3.9% in
2025

- M&A of about EUR20 million in 2025

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

- The quantitative financial subfactors are based on standard CRT
financial period parameters: 20% weight for the latest historical
year 2024, 40% for the forecast year 2025 and 40% for the forecast
year 2026.

- Weakest link considerations adjustment is applied based on the
Financial Flexibility factor and results in an adjustment of -1
notch(es).

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

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

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

- The SCP is 'cc'.

Recovery Analysis

Its recovery analysis assumes that BH would be considered a going
concern (GC) in bankruptcy and that it would be reorganised rather
than liquidated. This is because most of its value lies within its
wide production and logistics network in Europe, and long-standing
customer relationships.

Fitch assumed a 10% administrative claim, which is unavailable
during restructuring and is therefore deducted from the enterprise
value.

Fitch assesses GC EBITDA at EUR115 million, which includes recent
acquisitions and reflects the level of earnings required for the
group to sustain operations as a GC in unfavourable market
conditions, including a major customer loss or reduced ability to
pass on cost inflation to customers. The GC EBITDA assumes
corrective measures and a restructuring of the capital structure
for the company to remain a GC.

Fitch applies a recovery multiple of 5x, which is roughly the
mid-point of its multiple scale for the sector in EMEA, in line
with sector peers. This reflects BH's operational scale and market
positions. BH's enterprise value/EBITDA multiple is in line with La
Doria's, which has comparable scale and operates in related
packaged food categories within the private-label sector. The
multiple is below that of Sammontana and Valeo Foods of 5.5x, due
to their branded product portfolios and Valeo's bigger scale.

Based on these assumptions, its waterfall analysis generates a
ranked recovery in the Recovery Rating 'RR3' band, leading to a
first-lien secured rating of 'CCC-' for the EUR696 million term
loan B (TLB), one notch above the IDR. Fitch treats EUR80 million
18% PIK notes as ranking equally with the TLB and its RCF. Fitch
also includes accumulated interest estimated at EUR50 million to
date in the recovery waterfall calculation for the senior secured
instrument rating.

The ranked recovery for the EUR158 million second-lien facility,
including about EUR8 million of interest, for which the payment
date has been extended, corresponds to a Recovery Rating of 'RR6',
leading to a second-lien rating of 'C', one notch below the IDR.

Its estimates of creditor claims include the fully drawn EUR85
million revolving credit facility. Fitch expects BH's factoring
line will remain available during and after financial distress,
given the strong credit quality of its client base.

RATING SENSITIVITIES

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

- Payment default (such as failure to pay interest on any material
financial obligation), steps to completion of a debt restructuring
recognised as a DDE under Fitch's criteria, or entering bankruptcy,
administration or other formal winding-up procedure

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

- Fitch does not envisage an upgrade before an overhaul of the
capital structure

Liquidity and Debt Structure

BH's liquidity is constrained, with a cash balance of about EUR30
million as of March 2026. Its EUR85 million RCF (EUR41 million
drawn as of March 2026) matures in August 2026, increasing
uncertainty over the availability of sufficient liquidity to meet
near-term debt service. The TLB is due in February 2027, and the
second-lien tranche matures in February 2028.

Issuer Profile

BH is a EUR1.2 billion revenue, France-based private label biscuit
and bread substitute manufacturer, with broad production footprint
across Europe. It is owned by Platinum Equity since February 2020.

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 Biscuit Holding SAS.

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
   -----------               ------           --------   -----
Biscuit Holding SAS    LT IDR RD   Downgrade             CCC-
                       LT IDR CC   Upgrade

   senior secured      LT     CCC- Downgrade   RR3       CCC

   Senior Secured
   2nd Lien            LT     C    Affirmed    RR6       C

ROQUETTE FRERES: S&P Puts 'BB+' LT Issue Rating on Jr. Sub. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating on the
junior perpetual deeply subordinated hybrid securities subordinated
notes to be issued by Roquette Freres (BBB/Negative/A-2).

Roquette Freres intends to issue EUR500 new million junior
subordinated notes (hybrid bonds).

Proceeds will be used to increase the company's financial
flexibility in the context of deleveraging, to acquire IFF Pharma.

S&P said, "In 2025, we estimate that Roquette's free operating cash
flow (FOCF) was better than expected, however credit metrics were
below our base case. In 2026, we forecast S&P Global
Ratings-adjusted EBITDA of about EUR680 million, with positive
FOCF. We forecast our adjusted debt to EBITDA slightly below 4.0x.

"We consider the proposed hybrid notes to have intermediate equity
content from the issuance date until their first reset date,
because the notes meet our criteria in terms of the ability to
absorb losses and conserve cash during this period. To reflect our
view of the intermediate equity content of the proposed securities,
we will treat 50% of the principal amount as equity rather than
debt and 50% of the related payments for these securities as
equivalent to dividends. The proposed securities will have no
equity content after the first reset date, April 2032, because the
residual time until effective maturity (April 2052) would be less
than 20 years.

"The proposed transaction does not affect our view of the
intermediate equity content on Roquette's existing EUR600 million
junior subordinated notes."

S&P arrives at its 'BB+' issue rating on the instruments by
notching down from its 'BBB' long-term issuer credit rating on
Roquette. The two-notch difference reflects our notching
methodology, which calls for deducting:

-- One notch for subordination because S&P's long-term issuer
credit rating on Roquette is investment-grade (higher than 'BB+');
and

-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.

S&P said, "The notching to rate the securities reflects our view
that there is a relatively low likelihood that the issuer will
defer interest. Should our view change, we may increase the number
of downward notches that we apply to the issue rating.

"This transaction comes right after Roquette's results for fiscal
2025 (ended Dec. 31), on a pro forma basis of the IFF Pharma
acquisition, we estimate the S&P Global Ratings-adjusted EBITDA
margin to be about 12%, which is slightly below our previous
forecast. However, FOCF generation was positive and stronger than
our base case, translating in our estimated adjusted debt to EBITDA
of about 4.0x on a 12-month trailing basis. In 2026, we expect
EBITDA generation of approximately EUR680 million, capturing the
impact of the acquisition in addition to cost savings
implementation. We expect FOCF generation of about EUR200 million,
better than our previous forecast, thanks to lower capital
expenditure and working capital inflows. Factoring this proposed
hybrid issuance, we forecast adjusted debt to EBITDA slightly below
4.0x."

Key factors in S&P's assessment of the instruments' permanence

The proposed securities have no stated maturity (perpetual).
However, they can be redeemed in cash by the issuer within the
three months before the first reset date and then on every interest
payment date thereafter. The interest to be paid will increase by
25 basis points (bps) five years after first reset date, and by a
further 75 bps 20 years after the first reset date. S&P considers
the cumulative 100 bps set 20 years after the first reset date to
be a material step-up providing Roquette with an incentive to
redeem the securities.

S&P said, "We note that Roquette can redeem the proposed securities
early, at any time, for specific external events such as tax
changes, loss of equity treatment under International Financial
Reporting Standards accounting, loss of equity credit from rating
agencies, and changes in control.

"That said, we think that the strong focus on debt deleveraging
since the IFF Pharma acquisition and the demonstrated willingness
of the group to add and maintain a layer of hybrids in the capital
structure mitigate the risk of early redemption.

"With the proposed transaction, we calculate that Roquette's
capitalization ratio is higher than our 15% maximum criteria
threshold, after the transaction. This means that we will only
assign intermediate equity content (50% debt and 50% equity) to the
aggregate stock of hybrid until the 15% ratio threshold."

Key factors in S&P's assessment of the instruments' subordination

The notes and coupons are direct, unsecured, and subordinated
obligations of Roquette. They rank senior to all common shares,
pari passu among themselves, and junior to all other debt
instruments.

Key factors in our assessment of the instruments' deferability

In S&P's view, Roquette's option to defer payment on the notes is
discretionary. This means that the issuer may elect not to pay
accrued interest on an interest payment date because it has no
obligation to do so.

However, Roquette will have to settle in cash any outstanding
deferred interest payment if the company declares or pays an equity
dividend or interest on equally or junior ranking securities, and
if it redeems or repurchases shares or equally or junior ranking
securities.




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

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

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
portfolio's reinvestment period will end approximately 4.50 years
after closing. Under the transaction documents, the rated notes and
loan will pay quarterly interest unless there is a frequency switch
event. Following this, the notes and loan will switch to semiannual
payment.

The ratings assigned to CIFC European Funding CLO VIII DAC's notes
and loan reflect S&P's assessment of:

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

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

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

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

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

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,785.81
  Default rate dispersion                                  489.14
  Weighted-average life (years)                              4.80
  Obligor diversity measure                                176.24
  Industry diversity measure                                21.05
  Regional diversity measure                                 1.27
  
  Transaction key metrics

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            0.48
  Target 'AAA' weighted-average recovery (%)                35.71
  Target weighted-average spread net of floors (%)           3.55
  Target weighted-average coupon (%)                         5.30

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

Rating rationale

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

"In our cash flow analysis, we modeled the EUR400 million target
par amount, the covenanted weighted-average spread of 3.55%, the
covenanted weighted-average coupon of 4.50%, and the target
weighted-average recovery rate at all rating levels. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher ratings than those we have
assigned. However, as the CLO will be in its reinvestment period
from closing until Oct. 15, 2030, during which the transaction's
credit risk profile could deteriorate, we have capped our ratings
on the notes.

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

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

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

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

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios.
"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance

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

CIFC European Funding CLO VIII DAC is a European cash flow CLO
securitization of a revolving pool, comprising euro-denominated
senior secured loans and bonds issued mainly by speculative-grade
borrowers. CIFC Asset Management LLC is the collateral manager.

  Ratings

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

  A      AAA (sf)   135.40    38.00    Three/six-month EURIBOR
                                       plus 1.20%

  A loan AAA (sf)   112.60    38.00    Three/six-month EURIBOR
                                       plus 1.20%

  B      AA (sf)     44.00    27.00    Three/six-month EURIBOR
                                       plus 1.70%

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

  D      BBB- (sf)   28.00    14.00    Three/six-month EURIBOR
                                       plus 2.95%

  E      BB- (sf)    18.00     9.50    Three/six-month EURIBOR
                                       plus 5.25%

  F      B- (sf)      8.00     7.50    Three/six-month EURIBOR
                                       plus 8.00%

  Sub. notes  NR     37.90      N/A    N/A

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

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




===================
K A Z A K H S T A N
===================

BEREKE BANK: Fitch Affirms 'B+' IDR, Alters Outlook to Pos.
-----------------------------------------------------------
Fitch Ratings has revised the Outlook on Bereke Bank JSC (SB of
Lesha Bank LLC (Public))'s Issuer Default Ratings (IDRs) to
Positive from Stable and affirmed the ratings at 'B+'. Fitch has
also upgraded the bank's National Long-Term Rating to 'BBB(kz)'
from 'BBB-(kz)', with a Positive Outlook. Fitch has affirmed the
bank's Viability Rating (VR) at 'b+'.

The Positive Outlook reflects Fitch's expectations that Bereke's
business model will continue to strengthen in the medium term,
underpinned by improving profitability, strengthened
capitalisation, and the gradual repayment of non-core state-related
funding.

Key Rating Drivers

Bereke's Long-Term IDRs and National Long-Term Rating are driven by
its standalone profile, as captured by its 'b+' VR. The VR reflects
its weaker, although improving, business profile and funding
structure relative to larger peers, enhanced profitability and
stronger capitalisation. These are counterbalanced by weak loan
performance and volatile credit losses.

High Inflation, Tightened Retail Regulations: Kazakhstan's GDP grew
by a high 6.5% in 2025 (2024: 5%), and Fitch expects economic
growth to remain robust in 2026 due to higher oil production and
solid investment. Fitch expects inflation to average 10% in 2026
(2025: 12.3%), with upside risks from tax reforms, regulated-price
adjustments and fiscal stimulus. Rapid retail lending expansion
since 2021 has created overheating risks, while ongoing regulatory
tightening is contributing to stricter credit underwriting and
slower growth.

Improving Business Profile: Bereke is a medium-sized bank
representing about 4% of sector assets as of 1 March 2026. Its
business model has been strengthening since 2023, with lending
shifting focus towards individuals and SMEs, and a funding strategy
anchored by customer deposits. These improvements are reflected in
stronger business generation capacity and larger total operating
income (2025: USD401 million: 2024: USD317 million).

Volatile Credit Losses; Accelerated Growth: Its assessment of
Bereke's risk profile incorporates volatile credit losses, which
peaked at 3.7% of average loans in 2024 before moderating to 2% in
2025 due to some recoveries. Fitch expects them at around 4% of
average loans in 2026, a natural level given the high consumer
lending contribution. Loan growth was 17% in 2025, slightly below
the sector's 20%, but Fitch expects acceleration to 25%-30% in
2026, with SME lending the primary contributor.

High Impaired Loans; Strong Coverage: Impaired loans were stable at
10.9% of gross loans at end-2025 (end-2024: 10.7%), while new
impaired loan generation exceeded write-offs (2025: 2.7% of average
loans). The coverage of impaired loans by total reserves was high
at 92%. Fitch expects impaired loans to reduce slightly to around
10% of gross loans in 2026, supported by robust loan growth.

Improved Profitability to Persist: The bank's operating
profit/risk-weighted assets (RWAs) ratio surged to 5.1% in 2025
after weak performance in 2023-2024, driven by wider margins (2025:
7.3%), enhanced operating efficiency and lower credit losses. Fitch
believes Bereke's operating profitability will remain above 4% of
RWAs in 2026, given its expectations on margin widening, despite
the expected normalisation of loan impairment charges.

Strengthened Capitalisation: Bereke's Fitch Core Capital ratio rose
to 13.2% at end-2025 (end-2024: 12.3%) due to full profit retention
and manageable RWA growth. The equity/assets ratio also increased
to 8.5% at end-2025 (end-2024: 7.5%), indicating lower
balance-sheet leverage. Fitch expects the FCC ratio to improve
further to around 14% by end-2026, underpinned by capital accretion
objectives and lower regulatory risk weights for SME exposures.

State Funding; Adequate Liquidity: Bereke's reliance on
state-related funds has reduced since 2023 but is still large
(end-2025: 18% of liabilities). Fitch views these funding sources
as non-core and a legacy of 2022 liquidity support. Strong deposit
growth (2025: 26%; 2024: 53%) drove the loans/deposits ratio down
to 77% at end-2025 (end-2023: 134%). Fitch expects the core ratio
to stay below 100% in 2026, with full repayment of state-related
funds in 2027. The liquidity buffer covered a high 64% of customer
deposits at end-2025.

Rating Sensitivities

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

Fitch could revise the Outlook on IDRs and National Rating to
Stable if the bank shows aggressive asset growth in the medium
term, with the FCC ratio sustainably declining towards 11%.
Substantial weakening of the bank's profitability could also lead
to us revising the Outlook to Stable.

A downgrade of Bereke's ratings would be triggered by a material
deterioration in asset quality and liquidity buffers, resulting in
break-even performance.

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

An upgrade of Bereke's VR, Long-Term IDRs and National Rating would
require further strengthening of the bank's business profile, with
a longer record of good profitability and reasonable capital
buffers, and substantial reduction of non-core state-related
funding contribution into its funding mix. An upgrade would also be
supported by improvements in the local operating environment.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The bank's 'B' Short-Term IDRs are the only possible option mapping
to the 'B+' Long-Term IDRs.

The bank's Government Support Rating of 'no support' reflects
Fitch's view that government support cannot be relied on, given the
bank's limited systemic importance and the ongoing implementation
of a resolution framework in Kazakhstan, which signals highly
uncertain government propensity to support the banking system.

The bank's National Long-Term Rating of 'BBB(kaz)' reflects the
bank's creditworthiness in local currency relative to that of other
issuers in Kazakhstan.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The Short-Term IDRs are sensitive to changes in the bank's
Long-Term IDRs.

An upgrade of Bereke's Government Support Rating would require a
positive change in the government's propensity to support the bank.
This is highly unlikely, given the recently adopted resolution
legislation in Kazakhstan.

Bereke's National Long-Term Rating is sensitive to change in its
creditworthiness relative to other Kazakhstani issuers.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason:
macroeconomic stability (negative).

The earnings & profitability score of 'bb-' is above the 'b &
below' category implied score due to the following adjustment
reason: historical and future metrics (positive).

The funding & liquidity score of 'b+' is below the 'bb' category
implied score due to the following adjustment reason: deposit
structure (negative).

ESG Considerations

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

   Entity/Debt                        Rating           Prior
   -----------                        ------           -----
Bereke Bank JSC
(SB of Lesha Bank
LLC (Public))       LT IDR             B+  Affirmed    B+
                    ST IDR             B   Affirmed    B
                    LC LT IDR          B+  Affirmed    B+
                    Natl LT      BBB(kaz)  Upgrade     BBB-(kaz)
                    Viability          b+  Affirmed    b+
                    Government Support ns  Affirmed    ns

LLP MFO ROBOCASH: Fitch Affirms 'B-' Long-Term IDR, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed LLP MFO Robocash.kz (Robocash) at 'B-'
and removed it from Rating Watch Negative (RWN). The Outlook on
Robocash's Long-Term IDR is Negative.

Key Rating Drivers

Regulatory Scrutiny Pressures Business: The Negative Outlook
reflects the implications for Robocash's credit profile from
declining new business generation following the local regulator's
decision to tighten caps on interest and commission income. The
removal of the RWN reflects the ending of Robocash's licence
suspension and its proven capacity to operate profitably since
then. However, Fitch expects new business generation to stabilise
at only about 50% of 2025 volumes. Its base case is for Robocash's
pre-tax ROAA to decline significantly from its strong 2025 level of
42.7%, but for the company to remain profitable.

Robocash's licence was temporarily suspended between October and
December 2025 due to deficiencies in underwriting standards related
to loans granted to already highly indebted borrowers, which
breached regulatory policies. However, these issues were resolved
without further suspension and Fitch does not believe Robocash's
franchise to have been impaired in the long term.

High Dividend Manageable for Liquidity: In March 2026, Robocash
agreed to upstream one-off shareholder dividends of USD10 million
(equivalent to KZT5 billion), attributed by management to excess
cash accumulation amid lower new business generation. Management
still has sufficient liquidity to cover dividend payment and its
debt obligations, with funds left for business needs, currently
sitting at KZT9.7 billion at end-1Q26.

Regulatory Tightening Threatens Profitability: Robocash's
profitability has historically been strong, but it had to change
its revenue structure following tightening of lending rate caps in
mid-2024. Agency fees, relating to insurance contracts, were 73% of
revenue in 2025, largely replacing interest income. However, this
revenue stream was also capped by the regulator in September 2025
at 10%, which Fitch believes will lower profitability from 2026
onwards. The company has been streamlining operations and reducing
its costs, remaining profitable, albeit much less so, at end-1Q26
with pre-tax ROAA sitting at 6.2%, on the basis of annualised
unaudited figures.

Limited Leverage; Equity-Dominated Funding: Robocash is funded
largely by equity (90% at end-1Q26). In May 2025, Robocash issued a
two-year USD3 million bond. Management has been paying its coupons
consistently despite challenges and has sufficient liquidity to
repay the bond in full when it falls due. Robocash has no plans for
further debt funding as the cost is too high.

ESG - Customer Welfare and Governance Structure: Robocash's ratings
are constrained by legal and governance risks reflected in its
temporary licence suspension, as well as heightened scrutiny of the
payday lending sector. Interest rate and commission income caps
were revised in 2024 and 2025, respectively, to protect customers
and improve transparency, This has a negative impact on the credit
profile and is presently highly relevant to the rating,
constraining its assessment of Robocash's business profile factor.

RATING SENSITIVITIES

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

- Evidence of material damage in Robocash's business profile,
whether through a loss of franchise strength or regulatory
constraints that call into question the long-term viability of the
business model

- Any signs of liquidity shortage or a material increase in
leverage due to third-party borrowing, cash upstreaming or a
weaking of capital quality, for example through bulky investments
in assets with unclear valuation, including to related-party
exposures

- Contagion risks from sister companies with which Robocash has
significant operational integration, threatening Robocash's
performance or solvency

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

- Proven viability of Robocash's business model in the wake of the
latest regulatory caps, reflected in consistent profitable
performance and access to adequate liquidity, would result in Fitch
revising the Outlook to Stable and affirming the Long-Term IDR at
'B-'

- Rating upside is limited over the medium term. However, sustained
diversification into lower-risk, conventional financial products,
while maintaining sound profitability and limited leverage coupled
with strengthening of corporate governance, could support positive
rating action in the long term

ADJUSTMENTS

The standalone credit profile has been assigned below the implied
standalone credit profile due to the following adjustment
reason(s): business profile (negative).

The sector risk operating environment score has been assigned in
line with the implied score.

The business profile score has been assigned in line with the
implied score. Business model was identified as a relevant negative
factor in the assessment.

The asset quality score has been assigned above the implied score
due to the following adjustment reason(s): collateral and reserves
(positive).

The earnings & profitability score has been assigned below the
implied score due to the following adjustment reason(s): portfolio
risk (negative).

The capitalisation & leverage score has been assigned below the
implied score due to the following adjustment reason(s): risk
profile and business model (negative).

The funding, liquidity & coverage score has been assigned below the
implied score due to the following adjustment reason(s): business
model/funding market convention (negative).

ESG Considerations

LLP MFO Robocash.kz has an ESG Relevance Score of '5' for Customer
Welfare - Fair Messaging, Privacy & Data Security due to material
risks stemming from regulatory pressure on payday lenders in
Kazakhstan, which has a negative impact on the credit profile, and
is highly relevant to the rating, resulting in a lower rating
outcome.

LLP MFO Robocash.kz has an ESG Relevance Score of '5' for
Governance Structure to reflect business and legal risks stemming
from rudimentary governance standards, which has a negative impact
on the credit profile, and is highly relevant to the rating,
resulting in a lower rating outcome.

LLP MFO Robocash.kz has an ESG Relevance Score of '4' for Exposure
to Social Impacts to reflect a business model focused on extending
credit at high rates, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

LLP MFO Robocash.kz has an ESG Relevance Score of '4' for Group
Structure due to contagion risks, stemming from operational
integration with the wider group. This has a negative impact on the
credit profile and is relevant to the ratings in conjunction with
other factors.

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

   Entity/Debt                 Rating            Prior
   -----------                 ------            -----
LLP MFO Robocash.kz   LT IDR    B-    Affirmed   B-
                      ST IDR    B     Affirmed   B
                      LC LT IDR B-    Affirmed   B-
                      LC ST IDR B     Affirmed   B
                      Natl LT B+(kaz) Affirmed   B+(kaz)



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

J&F LUXEMBOURG: Fitch Assigns 'BB+' Rating to New Sr. Unsec. Notes
------------------------------------------------------------------
Fitch Ratings has assigned J&F Luxembourg Finance S.à r.l.'s (J&F
Lux) new senior unsecured exchange notes due in 2032 a 'BB+'
rating. The notes are unconditionally and irrevocably guaranteed by
J&F S.A. (BB+/Stable), Eldorado Brasil Celulose S.A. (BB/Stable),
LHG Mining Ltd and Flora Produtos de Higiene e Limpeza S.A.

The rating reflects the exchange offer for Eldorado's outstanding
2032 notes with the same coupon and maturity date. During the early
tender period, holders receive USD1,000 of new J&F notes plus
USD2.50 cash per USD1,000 tendered. After day 10, the exchange
ratio declines to USD950 only. J&F Lux is seeking bondholder
consent to amend the 2032 documents, including eliminating most
covenants and certain events of default and other provisions.

J&F's ratings reflect its ownership of pulp and energy companies,
among other businesses, with strong market positions. Fitch expects
J&F to maintain strong appetite for acquisitions and a concentrated
debt profile, requiring refinancing.

Key Rating Drivers

Strategic Asset Portfolio: J&F has a diversified portfolio of
assets in strategic sectors. Its primary asset is JBS S.A.
(BBB-/AAA(bra)/Stable), the world's largest and most diversified
protein producer. J&F holds controlling and strategic ownership in
JBS. J&F also controls Eldorado, one of Brazil's largest pulp
producers. Historically, JBS and Eldorado accounted for more than
95% of the group's consolidated results and dividends received by
J&F.

J&F has an aggressive growth strategy in Brazil's energy sector
through acquisitions and capacity expansion. The strategy is yet to
be tested over a longer period and carries integration and
execution risks. The strategy will also require high cash
disbursements and monetisation of new assets. Fitch expects the
group's energy business to triple its share of consolidated EBITDA
to about 16% within four years.

Solid EBITDA and Dividend Flow: J&F became an operational holding
after the incorporation of Âmbar Energia Ltda. Fitch's base case
projects EBITDA of BRL6.2 billion in 2026 and BRL7 billion in 2027
at the holding level due to the ramp-up of generation and
distribution assets in the energy sector. J&F's access to cash
generated by its fully consolidated businesses is an important
rating consideration, as it will fund its M&A strategy. Fitch
expects consolidated EBITDA to approach BRL50 billion within two
years. Fitch estimates dividends received to average about BRL2.6
billion over the next three years after an exceptional BRL7.5
billion in 2025.

Moderate Leverage: Fitch projects holding company leverage,
measured as net financial debt (excluding JBS)/EBITDA (excluding
JBS) + dividends, to be moderate at an average of 3.0x over the
next three years. It will peak at 3.8x in 2026 due to M&As, higher
capex and interest, including the estimated capacity contracted in
March 2026 from a capacity reserve auction (LRCap). Visibility
around new acquisitions is low and could increase debt and pressure
leverage. Fitch estimates the holding's total adjusted debt at
BRL26.5 billion at end-2025, including BRL10 billion in bank debt,
BRL13.5 billion in receivables sales, and BRL2.5 billion from a
leniency agreement.

ESG - Governance: J&F is controlled 100% by Wesley and Joesley
Batista. The Batista family plays an active role in managing the
group at both the board and operational levels, as well as in
strategic decision-making. Fitch regards the dual listing of JBS on
the NYSE in the U.S. and B3 in Brazil as credit positive. It
enhances the group's financial flexibility, including the use of
equity as a funding source.

Peer Analysis

J&F's 'BB+' rating is one notch below Intercorp Peru Ltd.'s Issuer
Default Rating (IDR) of 'BBB-'. Intercorp's rating reflects a
consolidated profile, diversified businesses, and the credit
quality of subsidiaries in financial, retail, real estate and
education. Intercorp has stronger dividend coverage and less
volatile dividend flows than J&F, supported by Peru's 'BBB'/Stable
operating environment and its business mix. Intercorp is less
reliant on a single subsidiary, while J&F's assets are concentrated
in JBS.

J&F's rating is two notches above Cosan S.A.'s IDR of
'BB-'/'A+(bra)'/Rating Watch Negative. Cosan's ratings reflect its
persistently strained financial structure and financial
flexibility, with the company relying on asset sales to repay
long-term debt. J&F has a better capital structure and lower
reliance on dividends. Cosan faces substantial pressure from its
non-controlled subsidiary Raizen S.A. (C).

Fitch’s Key Rating-Case Assumptions

- Annual dividends received between BRL2.0 billion and BRL2.5
billion from 2026

- Dividend payments averaging BRL1.8 billion annually from 2026

- Average investments of BRL1.5 billion a year

- M&A payments of BRL2.5 billion in 2026 and BRL440 million in
2027

Corporate Rating Tool Inputs and Scores

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

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

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

- Assessments of the quantitative financial subfactors also include
bespoke calculations.

- The Governance assessment of 'Some Deficiencies' results in an
adjustment of -1 notch(es).

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

- The SCP is 'bb+'.

RATING SENSITIVITIES

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

- Dividend distribution or value extraction mechanisms that can
deteriorate J&F credit profile

- Net financial debt (excluding JBS)/EBITDA (excluding JBS) plus
dividends above 3.5x on a recurring basis

- Interest coverage (excluding JBS) by EBITDA (excluding JBS) and
dividends below 1.5x on a recurring basis

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

- Consistent improvement in corporate governance practices

- Net financial debt (excluding JBS)/EBITDA (excluding JBS) plus
dividends below 2.5x on a recurring basis

- Interest coverage (excluding JBS) by EBITDA (excluding JBS) and
dividends above 2.0x on a recurring basis

Liquidity and Debt Structure

The value of J&F's stakes in JBS and other companies provides
additional financial flexibility. This is a critical rating
consideration because the holding company does not maintain
considerable cash and equivalents against short-term debt
maturities. Holding company debt is high relative to expected
dividend inflows, and J&F's debt schedule is fairly concentrated,
with BRL4.3 billion maturing by end-2026 against a cash and
equivalents position of BRL1.3 billion.

The rating factors in its expectation that J&F will refinance its
debt, by rolling over BRL3 billion-4 billion a year, as indicated
by its current bond issuance strategy. J&F has good access to
unsecured bank debt with top-tier institutions at moderate cost.

Issuer Profile

J&F is one of Brazil's largest investment holding companies, with
stakes in companies in the protein, energy, pulp, mining, consumer
goods, and financial sectors. Shareholding control is exclusively
held by the Batista family.

Summary of Financial Adjustments

- Obligations related to acquisitions were adjusted in the debt

- The leniency agreement was included in debt

- Provision reversals and gains from asset sales were excluded from
the EBITDA calculation

Date of Relevant Committee

01-Apr-2026

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 J&F is 32 for 2035. This reflects a physical
risk (VSp) component signal of 10 and a transition risk (VSt)
component signal of 32.

ESG Considerations

J&F has an ESG Relevance Score of '5' for Governance Structure due
to ownership concentration and board independence, which has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a lower rating.

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

   Entity/Debt             Rating           
   -----------             ------           
J&F Luxembourg
Finance S.a r.l.

   senior unsecured     LT BB+  New Rating

RADAR TOPCO: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
--------------------------------------------------------------
Fitch has affirmed Radar Topco SARL's (Swissport) Long-Term Issuer
Default Rating (IDR) at 'BB-' with a Stable Outlook. Fitch has also
affirmed the EUR1.5 billion (equivalent) term loan B (TLB) due 2031
issued by Swissport's subsidiary Radar Bidco SARL at 'BB+' with a
Recovery Rating of 'RR2'.

The affirmation reflects Swissport's robust business profile given
its leading market position in global ground and cargo handling.
Fitch views the company's operations as resilient in the context of
the Middle East conflict, due to its limited exposure to the region
and sustained passenger and cargo demand in the rest of its
geographies.

The Stable Outlook reflects its expectation that EBITDAR margin
would remain about 12.5% in 2026 -2028, while Fitch expects EBITDAR
leverage to average 4.6x.

The TLB rating remains notched up twice from the 'BB-' IDR under
Fitch's Corporates Recovery Ratings and Instrument Ratings Criteria
for senior secured instruments.

Key Rating Drivers

Limited Rating Headroom: Fitch expects Swissport's EBITDAR leverage
to be 4.8x at end-2026, in line with its negative rating
sensitivity. The July 2025 dividend recapitalisation exhausted the
rating headroom Fitch has anticipated in its April 2025 forecast.
While Fitch expects leverage to decline modestly in 2027 and 2028,
any material underperformance in profitability or additional
dividend recapitalisation could push leverage metrics beyond the
'BB-' sensitivity range.

Robust Business Profile: Swissport benefits from a robust business
profile, underpinned by strong global market positions in B2B
aviation services, with market shares of about 15% in ground
handling and 13% in cargo handling. Its established global
operating record supports relationships with large airline
customers, including Deutsche Lufthansa (BBB-/Stable), Turkish
Airlines (BB/Stable) or United Airlines Holdings, Inc.
(BB+/Stable).

The company's business model is largely contracted under IATA
standard ground handling agreements, which typically run for
three-to-five years and define the key service parameters at a
given airport. These contracts also generally include
cost-escalation clauses, which help mitigate inflation risk and
support earnings visibility. Overall, this gives Swissport's
revenue generation stability and predictability.

2025 Performance: Swissport's Fitch-calculated EBITDAR increased by
4.7% to EUR481 million at end-2025, primarily supported by the
cargo business, (about 50% of EBITDAR) benefitting from favourable
volumes and pricing despite uncertainty surrounding US tariffs.
Ground handling performance was adversely affected by the exit from
the Rome Fiumicino airport, which resulted in lower handled
volumes, although pricing momentum remained positive. However,
Fitch-calculated EBITDA declined by 4.7% to EUR270 million,
reflecting higher lease payments mainly associated with one-off
investments at JFK and Manchester airports.

Limited Exposure to Conflict: Swissport has limited direct exposure
to the Middle East conflict; operations in Israel and Saudi Arabia
are about 2% of group revenue. Outside the region, the company has
continued to operate normally, with passenger and cargo demand
remaining strong, despite temporary disruption at the onset of the
conflict. Swissport has effective mechanisms to pass through cost
inflation to customers via tariff indexation in case of a prolonged
inflationary environment. Fitch believes that a longer conflict,
leading to a further reduction in passenger and cargo volumes,
would pose a significant execution risk to the company's
deleveraging path.

Moderate EBITDAR Growth Expectation: Fitch expects EBITDAR to grow
at mid-single-digits, primarily supported by rising volumes in both
the ground handling and cargo businesses. Fitch also forecasts a
modest increase in EBITDAR to 12.8% in 2028 from 12.5% in 2025,
driven by management's optimisation initiatives. In 2025, the
company reduced operating costs by EUR35 million and expects to
deliver a further EUR28 million of cost savings in 2026, which
Fitch partially included in its forecast.

Consistent Cash Generation: Swissport benefits from a
cash-generative profile, and Fitch expects the company to generate
positive free cash flow (FCF) through 2028. This is supported by
its asset-light business model, with capex intensity of about 3% of
sales, while Fitch forecasts broadly neutral working capital
changes over the period. Its forecast does not incorporate any
additional M&A or dividend distributions. However, Fitch believes
the company could undertake another shareholder-friendly
transaction if deleveraging progresses as expected through 2028.

Peer Analysis

Fitxh views AVIA SOLUTIONS GROUP (ASG) PUBLIC LIMITED COMPANY
(BB/Negative) as a peer for Swissport given B2B aviation services
offerings by both companies. Specific services between the two
differ, but Fitch sees underlying linkage to the aviation industry
dynamics as comparable. Fitch views Swissport's business profile as
broadly comparable to that of Avia Solutions, which recovered
faster post-pandemic, has faster growth prospects and benefits from
a wider range of services although some could be volatile.
Swissport benefits from a larger revenue base, better-contracted
business profile and greater geographical diversification.

Compared with InPost S.A. (BB+/Rating Watch Negative), Swissport
has stronger barriers to entry and greater geographic
diversification, but InPost generates higher EBITDA margins.
Swissport's credit profile places it adequately in the 'BB' rating
category, given its financial leverage. It is comparable to that of
Avia and InPost, and better than that of SGL Group ApS (B/Stable),
whose small size, lower debt capacity and credit metrics place it
in the 'B' rating category.

Fitch’s Key Rating-Case Assumptions

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

- Low-to-mid single-digit growth in ground handling and cargo
volumes and pricing to 2028

- EBITDAR margin to gradually increase to 12.8% in 2028 from 12.5%
in 2025

- Stable capex intensity at about 3% of sales to 2028

- No dividends and no M&A to 2028

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

- The SCP is 'bb-'.

RATING SENSITIVITIES

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

- EBITDAR gross leverage above 4.8x on a sustained basis

- EBITDAR fixed-charge coverage below 1.5x on a sustained basis

- Structural or cost inflation-driven decline in EBITDAR margins to
below 10%

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

- EBITDAR gross leverage below 3.8x on a sustained basis

- EBITDAR fixed-charge coverage above 1.8x on a sustained basis

Liquidity and Debt Structure

As of end-2025, Swissport had EUR385 million of readily available
cash, complemented by a EUR250 million undrawn revolving credit
facility. Fitch expects the company's positive FCF to largely cover
its limited debt maturities through 2028. In January 2026,
Swissport successfully completed the repricing of its TLB
facilities, reducing the margin on both the euro and US dollar
tranches by 50bp and, thereby, lowering its effective cost of debt.
Since the initial issuance of the TLBs, the company has reduced
margins by a cumulative 125bp on the euro tranche and 150bp on the
dollar tranche. However, Fitch sees the EBITDAR fixed-charge
coverage as weak given the company's significant leases expenses
and interest paid on financial debt.

Issuer Profile

Swissport is a global leading provider of ground and cargo handling
services for the aviation industry.

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 Radar Topco SARL is 51. Fitch refers to
the airlines sector to calculate Swissport's Climate.VS being the
company's end-market.

Fitch considers that transition costs will remain limited compared
to airlines as Swissport's Scope 1 emissions only relates to its
car and truck fleet with the airports. In addition, Fitch believes
that the regulation will be softer for ground handling compared
with airlines. Consequently, climate transition risk does not have
a material influence on Swissport's ratings.

The company has committed to net zero by 2050 with an interim
target of a 42% reduction in emissions by 2032. To achieve this
target, the company will invest in the
electrification/hybridisation of its fleet.

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
   -----------             ------           --------   -----
Radar Topco SARL     LT IDR BB-  Affirmed              BB-

Radar Bidco SARL

   senior secured    LT     BB+  Affirmed    RR2       BB+



===========
S W E D E N
===========

POLESTAR AUTOMOTIVE: Eric Li and Geely Entities Boost Stake
-----------------------------------------------------------
Eric Li (Shufu Li) and the affiliated Geely/Volvo entities --
Zhejiang Geely Holding Group Company Limited, Geely Sweden Holdings
AB, PSD Investment Limited / PSD Capital Limited, Snita Holding
B.V., Volvo Car Corporation, Volvo Car AB, Geely Sweden Automotive
Investment B.V., and the various Beijing/Shanghai Geely investment
companies -- disclosed in a Schedule 13D (Amendment No. 14) filed
with the U.S. Securities and Exchange Commission that as of March
31, 2026, they beneficially own the following of Polestar
Automotive Holding UK PLC's Class A American Depositary Shares /
Class A Ordinary Shares, par value $0.01 each (percentages based on
143,865,248 Class A ADSs and 996,419 Class B ADSs outstanding as of
March 31, 2026):

     * Eric Li: 79,981,976 shares (55.2% of the class), with sole
voting power over 88,949,747 shares and sole dispositive power over
79,981,976 shares.

     * Volvo Car Corporation / Snita Holding B.V. / Volvo Car AB:
28,827,431 shares (19.9%), with sole voting and dispositive power
(noting Snita's recent conversion activity).

     * PSD Investment Limited / PSD Capital Limited: 33,949,660
shares (23.4%), with sole voting power over 42,917,431 shares and
sole dispositive power over 33,949,660 shares.

     * Geely Sweden Holdings AB / Shanghai Geely Zhaoyuan
International Investment Co., Ltd / Beijing Geely Wanyuan
International Investment Co., Ltd / Beijing Geely Kaisheng
International Investment Co., Ltd / Zhejiang Geely Holding Group
Company Limited: 46,032,316 shares (31.8%), with sole voting and
dispositive power.

     * Geely Sweden Automotive Investment B.V.: 16,738,542 shares
(11.6%), with sole voting and dispositive power.

This amendment primarily reflects Snita Holding B.V.'s
debt-to-equity conversion under the Snita Term Loan Facility. On
March 31, 2026, Snita converted approximately USD 274 million of
principal into 16,150,000 Class A ADSs (first tranche). A second
tranche of approximately USD 65 million into 3,850,000 Class A ADSs
is expected before June 30, 2026. The amendment also extends the
maturity of the remaining loan balance and adjusts the margin.
Snita has anti-dilution rights to maintain up to 19.9% ownership
through further conversions if Polestar issues new equity.

Eric Li may be reached through:

     Conghui An
     Zhejiang Geely Holding Group
     No. 1760 Jiangling Road
     Binjiang District
     Hangzhou, China 310051
     Tel: +86-571-2809-8282

A full-text copy of the Schedule 13D is available at:
https://tinyurl.com/ujk4kfr2

                     About Polestar Automotive

Polestar (Nasdaq: PSNY) is the Swedish electric performance car
brand with a focus on uncompromised design and innovation, and the
ambition to accelerate the change towards a sustainable future.
Headquartered in Gothenburg, Sweden, its cars are available in 27
markets globally across North America, Europe and Asia Pacific.

Gothenburg, Sweden-based Deloitte AB, the Company's auditor since
2021, issued a "going concern" qualification in its report dated
May 9, 2025, attached to the Company's Annual Report on Form 10-K
for the year ended December 31, 2024, citing that the Company
requires additional financing to support operating and development
activities that raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2025, the Company had $3.6 billion in total assets,
$7.9 billion in total liabilities, and a total deficit of $4.3
billion.



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

DRAYTON GARDENS: FRP Advisory, BTG Begbies Named as Administrators
------------------------------------------------------------------
Drayton Gardens (Flat 4) Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001905. Simon Baggs
and David Hudson of FRP Advisory Trading Limited and Paul Cooper of
BTG Begbies Traynor (London) LLP were appointed as Joint
Administrators on March 12, 2026.

Drayton Gardens (Flat 4) Limited specialized in real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, Derby
House, 12 Winckley Square, Preston, PR1 3JJ).

The Joint Administrators can be reached at:

  Simon Baggs  
  David Hudson  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact:  
  Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com  


FALCON GATE: FRP Advisory, BTG Begbies Named as Administrators
--------------------------------------------------------------
Falcon Gate Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001906. David Hudson
and Simon Baggs of FRP Advisory Trading Limited and Paul Steven
Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint
Administrators on March 12, 2026.

Falcon Gate Property Limited specialized in the buying and selling
own real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to FRP Advisory Trading Limited, Derby
House, 12 Winckley Square, Preston, PR1 3JJ).

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Steven Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact:  
  Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com  



MAUNSEL STREET: FRP Advisory, BTG Begbies Named as Administrators
-----------------------------------------------------------------
Maunsel Street Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001894. David
Hudson and Simon Baggs of FRP Advisory Trading Limited and Paul
Cooper of BTG Begbies Traynor (London) LLP were appointed as Joint
Administrators on March 12, 2026.

Maunsel Street Property Limited specialized in the buying and
selling of own real estate.

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

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact:  
  Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com  


MAYFAIR GS: FRP Advisory, BTG Begbies Named as Joint Administrators
-------------------------------------------------------------------
Mayfair (GS) Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-001888. David Hudson and
Simon Baggs of FRP Advisory Trading Limited and Paul Cooper of BTG
Begbies Traynor (London) LLP were appointed as Joint Administrators
on March 12, 2026.

Mayfair (GS) Limited specialized in real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (in process of being changed to FRP Advisory Trading
Limited, Derby House, 12 Winckley Square, Preston, PR1 3JJ).

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact:  
  Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com  

MITCHELLS & BUTLERS: Fitch Affirms 'B+' Rating on Class D1 Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Mitchells & Butlers Finance Plc's (M&B)
class A notes and interest-rate and cross-currency swaps, class AB,
class B, class C and class D notes.

The affirmation reflects its expectation of continued performance
stabilisation and M&B's high-quality estate. The managed business
model helps the group adapt to the dynamic and competitive
eating-and-drinking out market in the UK. The ratings on the class
A notes and the swaps reflect strong free cash flow (FCF) debt
service coverage ratio (DSCR) metrics with sufficient rating
headroom to absorb material EBITDA deterioration in a downturn. The
ratings are constrained at 'A+' by its overall 'Midrange' industry
profile assessment for the pub sector.

   Entity/Debt                   Rating           Prior
   -----------                   ------           -----
Mitchells & Butlers
Finance Plc

   Mitchells & Butlers
   Finance Plc/Project
   Revenues - Third
   Lien/3 LT                  LT

      Class B2 Secured
      6.013% Notes
      XS0179137194            LT BB+  Affirmed   BB+
   
   Mitchells & Butlers
   Finance Plc/Project
   Revenues - First
   Lien/1 LT                  LT

      Class A2 Secured
      5.574% Notes (LTCR)
      XS0179133953            LT A+  Affirmed    A+
   
      Class A1N
      XS0267227212            LT A+  Affirmed    A+

      Class A3N
      XS0267229267            LT A+  Affirmed    A+

      Class A4
      XS0267230943            LT A+  Affirmed    A+

      Interest Rate Swap      LT A+  Affirmed    A+

      Cross Currency Swap     LT A+  Affirmed    A+

   Mitchells & Butlers
   Finance Plc/Project
   Revenues - Fifth
   Lien/5 LT                  LT

      Class D1
      XS0267233889            LT B+  Affirmed    B+

   Mitchells & Butlers
   Finance Plc/Project
   Revenues - Fourth
   Lien/4 LT                  LT

      Class C1 Secured
      6.469% Notes
      XS0179137947            LT BB  Affirmed    BB

      Class C2
      XS0267233020            LT BB  Affirmed    BB

   Mitchells & Butlers
   Finance Plc/Project
   Revenues - Second
   Lien/2 LT                  LT

   Class AB XS0267232485      LT A-  Affirmed    A-

KEY RATING DRIVERS

Industry Profile - Midrange

Sector Structural Decline, Recovery Continues: The UK pub sector
has a long history and is deeply rooted in the country's culture.
However, the sector has been in structural decline for the past
three decades due to demographic shifts, greater health awareness
and the increasing presence of competing offerings. The sector is
highly exposed to discretionary spending, strong competition
(including from the off-license trade), and other macro factors,
such as inflation reducing disposable income and pushing up
utility, wages and food and drink costs.

In terms of barriers to entry, licensing laws and regulations are
moderately stringent, and managed pubs are fairly capital
intensive. However, switching costs are generally viewed as low,
even though there may be some positive brand and captive market
effects. In terms of sustainability, Fitch expects the strong pub
culture in the UK to persist, leading people back to pubs, despite
the potentially unfavourable economy.

Operating environment - Weaker; Barriers to entry - Midrange;
Sustainability - Midrange

Company Profile - Stronger

Managed Estate, Better Profitability Visibility: M&B is a large
operator of restaurants, pubs and bars in the UK, including a range
of well-known brands aimed at both the more expensive and value-end
of the market. The company's trading history (2006-2019 CAGR per
pub of 2.9%) has shown resilience to the declining UK pub industry.
The securitised portfolio included 1,307 outlets at September 2025.
Almost all of M&B's estate is managed pubs, leading to better
visibility of underlying profitability. The pubs are
well-maintained and feature a high minimum maintenance covenant.
The company has a long record of maintenance capex in excess of the
required level, even during the pandemic.

Financial performance - Stronger; Company operations - Stronger;
Transparency - Stronger; Dependence on operator - Midrange; Asset
quality - Stronger

Debt Structure - 1 - Stronger; Debt Structure - 2 - Midrange

Standard Fully Amortising WBS Structure - Debt Structure: Stronger
(Class A and Swaps); Midrange (Class AB, B, C and D): The debt is
fully amortising with some concurrent amortisation of junior
tranches. The notes are a combination of fixed-rate and fully
hedged floating-rate debt. The security package is strong, with
comprehensive first-ranking fixed and floating charges over
borrower assets. The class A notes are senior ranking to the junior
class AB, B, C and D notes. A liquidity facility covering 18 months
of debt service is full accessible to the class A, AB, and B notes
but in limited amounts for the class C and D notes. The structure
includes debt service covenants and restricted payment conditions,
which are tested quarterly.

Fitch views the creditworthiness of the issuer's obligations under
the interest rate and cross currency swaps as consistent with the
long-term ratings of the class A notes, as the swaps are expected
to default with the notes under certain scenarios.

Debt profile - Stronger (Class A and Swaps), Midrange (Class AB, B,
C and D); Security package - Stronger (Class A and Swaps), Midrange
(Class AB, B, C and D); Structural features - Stronger (Class A and
Swaps, Class AB, B, C and D)

Peer Analysis

M&B's closest peers are hybrid pub company securitisations, such as
Greene King Finance Plc and Marston's Issuer Plc, although Fitch
considers M&B to have a more reactive and transparent business
model as the only fully managed estate among Fitch-rated peers.

M&B's class A notes are rated at the pub sector rating cap category
and higher than other senior debt tranches in Fitch's whole
business securitisation pub portfolio due to its comparatively
strong financial metrics. However, Fitch views the junior notes as
well-aligned with its pub peers.

RATING SENSITIVITIES

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

- Projected FCF DSCRs below 2.2x, 1.8x, 1.2x, 1.1x and 1.0x for the
class A, AB, B, C and D notes, respectively, could lead to a
downgrade.

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

- The class A notes' ratings are constrained by the industry cap
applicable to WBS pub transactions.

- Projected FCF DSCRs above 1.9x, 1.4x, 1.3x and 1.2x for the class
AB, B, C and D notes, respectively, could lead to an upgrade.

Financial Profile

Its 2026 Fitch Rating Case (FRC) assumes that EBITDA will rise
marginally (CAGR of +1.5%) between 2026 and 2036 with declining
free cash flow is (CAGR of -1.2%). This reflects ongoing cost
pressures and changing consumer habits, which are affecting
turnover in the mature pub industry.

The projected metrics FCF DSCR (minimum of average and median
between 2026 and 2028) under its rating case for the class A, AB,
B, C and D notes are 2.4x, 1.8x, 1.2x, 1.1x and 1.1x,
respectively.

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Mitchells & Butlers Finance Plc.

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.

MOUNT STREET: FRP Advisory, BTG Begbies Named as Administrators
---------------------------------------------------------------
Mount Street Mayfair Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001910. David Hudson
and Simon Baggs of FRP Advisory Trading Limited and Paul Cooper of
BTG Begbies Traynor (London) LLP were appointed as Joint
Administrators on March 12, 2026.

Mount Street Mayfair Limited specialized in real estate.

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

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact:  
  Nick Saunders  
  Email: Nick.Saunders@frpadvisory.com  


NEXUS: LA Business Recovery Appointed as Administrator
------------------------------------------------------
Nexus The Educators Connection Limited was placed into
administration in the High Court of Justice, Court Number
CR-2026-00177. Virgil Harsham Levy of LA Business Recovery Limited
was appointed as administrator on March 10, 2026.

Nexus The Educators Connection Limited engages in non-specialised
wholesale trade.

Its registered office is at Unit 2 Chelworth Industrial Estate,
Cricklade, Swindon, SN6 6HQ.

The Administrator can be reached at:

  Virgil Harsham Levy  
  LA Business Recovery Limited  
  1 Beasley`s Yard  
  126 High Street  
  Uxbridge  
  Middlesex  
  UB8 1JT  

For further details, contact:

  LA Business Recovery Limited  
  Tel. No: 01895 819 460  
  Email: info@labr.co.uk  


PORTMAN MANSIONS: FRP Advisory, BTG Begbies Named as Administrators
-------------------------------------------------------------------
Portman Mansions (CS) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001909. David Hudson
and Simon Baggs of FRP Advisory Trading Limited and Paul Cooper of
BTG Begbies Traynor (London) LLP were appointed as Joint
Administrators on March 12, 2026.

Portman Mansions (CS) Limited specialized in real estate.

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

The Joint Administrators can be reached at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  110 Cannon Street  
  London  
  EC4N 6EU  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

For further details, contact:

  The Joint Administrators  
  Tel. No: 01772 440700  

  Alternative contact for enquiries on proceedings:  
  Nick Saunders  
  Email: nick.saunders@frpadvisory.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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                * * * End of Transmission * * *