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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

          Monday, May 4, 2026, Vol. 27, No. 88

                           Headlines



F R A N C E

HOMEVI: S&P Assigns 'B' Rating to Term Loan B's Proposed Extension


I R E L A N D

BARINGS EURO 2021-1: S&P Affirms 'B- (sf)' Rating on Class F Notes
JUBILEE CLO 2016-XVII: S&P Puts Prelim. B- (sf) Rating to F-R Notes


I T A L Y

CEME SPA: Moody's Downgrades CFR to B3, Alters Outlook to Stable
LIBRA HOLDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable
LUTECH SPA: S&P Assigns 'B' Rating to New EUR400MM Sr. Sec. Notes


K A Z A K H S T A N

SEC TURKISTAN: S&P Assigns 'B/B' ICRs, Outlook Stable


L U X E M B O U R G

4FINANCE SA: Moody's Affirms 'B2' Sr. Unsec. Debt Rating


N E T H E R L A N D S

SANDY MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Negative


S P A I N

GRUPO ANTOLIN-IRAUSA: S&P Lowers ICR to 'CCC+' on Liquidity Risk


U N I T E D   K I N G D O M

81 HOLLAND: FRP Advisory, BTG Appointed as Joint Administrators
ARQIVA BROADCAST: Moody's Cuts GBP500MM Sr. Sec. Debt Rating to B2
BASILDON VIEW: FRP Advisory, BTG Appointed as Joint Administrators
CAMBRIDGE SQUARE: FRP Advisory, BTG Named as Joint Administrators
CHARLEVILLE ROAD: FRP Advisory, BTG Named as Joint Administrators

CLARIVATE PLC: Fitch Alters Outlook on BB- LongTerm IDR to Positive
CLEARSONS LIMITED: KRE Corporate Appointed as Administrators
COLINDALE PROPERTY: BTG Begbies, FRP Appointed as Administrators
DIONE TOPCO: S&P Assigns 'B' Rating, Outlook Stable
DOWSON 2026-1: S&P Assigns B (sf) Rating to Class X1-Dfrd Notes

LONDON PENTHOUSE: BTG Begbies, FRP Appointed as Administrators
MERSEY VIEW: Dow Schofield Appointed as Joint Administrators
NORLAND PLACE: FRP Advisory, BTG Appointed as Administrators

                           - - - - -


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HOMEVI: S&P Assigns 'B' Rating to Term Loan B's Proposed Extension
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S&P Global Ratings assigned its 'B' issue rating and '4' recovery
rating to France-based nursing home operator HomeVi's proposed
extension of its term loan B (TLB) to October 2031 and new 5.5-year
senior secured notes (SSNs), also maturing in October 2031.

The transaction implies a total debt of EUR1.98 billion across TLB
and SSNs. S&P said, "The '4' recovery rating on the debt indicates
our expectation of recovery prospects between 30%-50% (rounded
estimate: 45%) in the event of a default. HomeVi (B/Stable/--) also
upsized its EUR190 million revolving credit facility (RCF) to
EUR289 million and extended its maturity to April 2031. The company
will use the transaction's proceeds to refinance the EUR1.98
billion TLB initially due in 2029. We understand that the company
aims to diversify its capital structure and to improve its
financial flexibility with this move. Overall, we think the stable
debt levels should support the group's deleveraging trajectory."

HomeVi delivered robust operating performance as of year-end 2025,
with revenue growing by 3.5%. This performance came from increased
occupancy rates, higher accommodation daily rates, and the
contribution from new facilities across core regions, especially in
Spain. The company also exhibited strong profitability in 2025
despite the sale of mental health clinic facilities, contract
terminations in Spain, and higher rental costs from sale and
leaseback transactions. Therefore, S&P understands that the
profitability improvement primarily owed to cost efficiencies,
notably on energy and personnel expense, with S&P Global
Ratings-adjusted EBITDA margin reaching 22.6% in 2025, up from
21.1% in 2024.

S&P said, "Considering the proposed issuance, our revised base-case
assumptions continue to fall within the thresholds of a 'B' rating.
We anticipate that the S&P Global Ratings-adjusted debt to EBITDA
ratio will decrease to 6.5x-7.0x in 2026 and 6.0x-6.5x over
2027-2028. Our assessment is underpinned by expectations of EBITDA
improvement owing to improved cost structure, efficient hedge of
energy costs in France and Spain, and rental cost optimization,
reflecting the group's increased proportion of owned assets through
greenfield projects. Therefore, we project S&P Global
Ratings-adjusted EBITDA margins will gradually improve to
23.0%-23.5% over 2026-2028.

"We continue to anticipate that HomeVi will expand its earnings
base through organic investments and supportive market dynamics. We
believe favorable supply and demand dynamics in the sector will
support occupancy rates and average daily rates across all regions,
particularly in France, where legal tariff increases on existing
residents in 2026 should enhance the group's revenue. We also
expect the group's strategy to expand into Spain, Portugal, and the
Netherlands will contribute to revenue growth as the new facilities
reach full capacity. Therefore, we forecast annual revenue growth
of 3.0%-3.5% over 2026-2028. Our projections also include potential
delays in project implementations and the ramp-up on existing
facilities. Furthermore, we conservatively assume no contribution
from mergers and acquisitions, as the company prioritizes organic
expansion.

"We anticipate that HomeVi's free operating cash flow (FOCF) after
leases will approach break-even in 2026, improving toward EUR50
million-EUR55 million by 2028.While we believe FOCF after leases
remain constrained by elevated capital expenditure (capex)
projected at EUR140 million-EUR145 million in 2026, we expect
continued improvement in profitability coupled with easing capex
spending will result in positive FOCF after leases beyond 2026, at
EUR15 million-EUR20 million in 2027 then rising in 2028. Our capex
projection mainly reflects ongoing greenfield projects in Spain and
Portugal and the ramp-up on existing facilities in France. We also
anticipate limited working capital requirements stabilizing at
negative EUR5 million-negative EUR10 million over 2026-2028.
Following the transaction, we expect cash interest payments to
decrease toward EUR200 million-EUR215 million over the period.
Overall, we continue to think HomeVi has an adequate liquidity
position, supported by a significant undrawn portion of its RCF of
EUR269 million post-transaction. In our view, the absence of
near-term maturities will further reinforce the group's liquidity
position."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The issue ratings on the senior secured debt (including the
RCF, TLB, and SSNs) is 'B'. The '4' recovery rating on the debt
reflects our expectation of recovery between 30%-50% (rounded
estimate: 45%) in a default scenario.

-- The proposed issue rating is in line with the issuer credit
rating on the group.

-- The senior secured notes are first priority pari passu with the
senior secured term loan, RCF, and other priority debt.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: France

Simplified waterfall

-- Emergence EBITDA: EUR219.1 million

-- Multiple: 5.5x, in line with our sector assumption for European
nursing homes operators

-- Gross recovery value: EUR1.21 billion

-- Net recovery value for waterfall after 5% administrative
expense: EUR1.14 billion

-- Priority claims: None

-- Estimated senior secured debt claims: EUR2.47 billion

    --Recovery expectations: 30%-50% (rounded estimate: 45%)

    --Recovery rating: '4'

All debt amounts include six months of prepetition interest. The
RCF is assumed 85% drawn at the point of default.




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BARINGS EURO 2021-1: S&P Affirms 'B- (sf)' Rating on Class F Notes
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S&P Global Ratings raised its credit ratings on Barings Euro CLO
2021-1 DAC's class B notes to 'AA+ (sf)' from 'AA (sf)' and class C
notes to 'A+ (sf)' from 'A (sf)'. At the same time, S&P lowered to
'B- (sf)' from 'BB- (sf)' its rating on the class E notes and
affirmed its 'AAA (sf)' ratings on the A loan and class A notes.
S&P also affirmed its 'BBB (sf)' rating on the class D notes and
its 'B- (sf)' rating on the class F notes.

The rating actions follow the application of our global corporate
CLO criteria and our credit and cash flow analysis of the
transaction based on the March 2026 trustee report and January 2026
payment date report.

S&P's ratings on the class A and B notes and A loan address the
payment of timely interest and ultimate principal, and the payment
of ultimate interest and principal on the class C to F notes.

The transaction closed in May 2021. Based on the most recent
information available:

-- The weighted-average rating of the portfolio is 'B'.

-- The portfolio is diversified with 174 performing obligors.

-- The portfolio's weighted-average life (WAL) is 3.89 years.

-- There are no defaulted assets.

-- The percentage of 'CCC' rated assets is 5.96%.

-- The current scenario default rate (SDR) is primarily driven by
the lower WAL and diversified portfolio.

  Portfolio benchmarks

                                       Current      Closing

  SPWARF                               2772.15      2,784.00
  Default rate dispersion              809.4        570.74
  Weighted-average life (years)        3.891        5.16
  Obligor diversity measure            127.52       111.00
  Industry diversity measure           19.43        22.23
  Regional diversity measure           1.307        1.40

SPWARF--S&P Global Ratings' weighted-average rating factor.

On the cash flow side:

-- The reinvestment period for the transaction ended in July 2025.
The class A notes and A loan have started deleveraging, with
approximately EUR30 million of these notes being repaid as of the
last trustee report available.

-- Since closing, credit enhancement has increased for the class A
and B notes and A loan and remains unchanged for the class C notes.
It has decreased for all other classes of notes, which S&P
attributes partly to the par loss of approximately EUR8 million in
the transaction.

-- Current cash in the transaction is EUR23.74 million--the
manager has started redeeming the senior notes.

-- No class of notes is currently deferring interest.

All coverage tests are passing as of the March 2026 trustee
report.

  Transaction key metrics

                                         Current     Closing

  Total collateral amount (mil. EUR)*    360.76      400
  Defaulted assets (mil. EUR)            0.00        0
  Number of performing obligors          174         142
  Portfolio weighted-average rating      B           B
  'CCC' assets (%)                       5.96        2.49
  'AAA' SDR (%)                          57.27       63.33
  'AAA' WARR (%)                         35.93       37.04

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.

S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless,
credit enhancement has decreased for the class E and F notes due to
the loss of par in the transaction. While the transaction is out of
its reinvestment period, the manager has started to use available
principal to redeem the most senior class, and our base case
assumes the manager will continue doing this. At the same time, the
WAL test is passing by a very thin margin. The weighted-average
recovery rate has decreased since closing and against similar
transactions post the reinvestment period.

"We affirmed our 'AAA (sf)' ratings on the class A notes and A loan
to reflect their increased credit enhancement and the notes'
repayment.

"Our credit and cash flow analysis indicates higher ratings for the
class B and C notes, largely due to increased credit enhancement
for the class B notes, as well as decreasing SDRs. Although credit
enhancement is unchanged for the class C notes since closing, which
we partially attribute to support from the deleveraging of the
senior notes, our analysis shows the lower SDRs since closing has
resulted in these senior notes being able to withstand higher
default rate assumptions. We therefore raised our ratings on the
class B and C notes."

In contrast, credit enhancement for the class D notes has fallen by
approximately 70 bps since closing. S&P said, "Whilst this has
negatively affected the performance of the notes, our analysis
indicates this has been offset by the transaction's general
deleveraging, the improving SDRs, and an overall shortening of the
CLO's WAL. The affirmation of our rating on this tranche reflects
that it remains commensurate with current credit enhancement."

S&P said, "As a result of the decreased available credit
enhancement for the class E notes since closing, our analysis
indicates the notes are no longer commensurate with their current
rating level. In particular, our credit and cash flow analysis
highlighted a negative cushion between our break-even default rates
(BDRs) and SDRs at the current rating level. We therefore lowered
our rating on this tranche to 'B (sf)'--the level the tranche
passes our cash flow analysis.

"Our credit and cash flow analysis indicates the available credit
enhancement for the class F notes could withstand stresses
commensurate with a lower rating. However, we applied our 'CCC'
rating criteria, resulting in a 'B- (sf)' rating on this tranche."

The ratings uplift for this tranche reflects several key factors,
including:

-- Their available credit enhancement, which is similar to other
CLOs S&P has rated and that have recently been issued in Europe.

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

-- S&P's model generated BDR at the 'B-' rating level of 13.82%
(for a portfolio with a WAL of 3.89 years), versus if it was to
consider a long-term sustainable default rate of 3.2% for 3.89
years, which would result in a target default rate of 12.44%.

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

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

-- Counterparty, operational, and legal risks are adequately
mitigated in line with S&P's criteria.

S&P said, "Following the application of our structured finance
sovereign risk criteria, we consider the transaction's exposure to
country risk to be limited, as the exposure to individual
sovereigns does not exceed the diversification thresholds outlined
in our criteria."

Barings Euro CLO 2021-1 DAC is a European cash flow CLO transaction
that securitizes loans granted to primarily speculative-grade
corporate firms. Barings (U.K.) Ltd. manages the transaction.


JUBILEE CLO 2016-XVII: S&P Puts Prelim. B- (sf) Rating to F-R Notes
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S&P Global Ratings assigned its preliminary credit ratings to
Jubilee CLO 2016-XVII DAC's class A loan and class X, A-R, B-1-R,
B-2-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer will
have unrated subordinated notes outstanding from the existing
transaction and will issue additional subordinated notes. Subject
to an extraordinary resolution from the existing subordinated
noteholders, both the existing and the additional subordinated
notes will be exchanged for EUR41.49 million subordinated notes.

The reinvestment period will be approximately 4.4 years, while the
noncall period will be 1.5 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
payments.

The preliminary ratings assigned to the notes and loan reflect our
assessment of:

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

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

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

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor     2,771.23
  Default rate dispersion                                  583.69
  Weighted-average life (years)                              4.28
  Obligor diversity measure                                139.05
  Industry diversity measure                                21.88
  Regional diversity measure                                 1.20
  Weighted-average life (years) extended
  to cover the length of the reinvestment period             4.44

  Transaction key metrics

  Total par amount (mil. EUR)                                 375
  Defaulted assets (mil. EUR)                                   0
  Number of performing obligors                               168
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                              B
  'CCC' category rated assets (%)                            2.53
  Target 'AAA' weighted-average recovery (%)                35.75
  Actual weighted-average spread net of floors (%)           3.64
  Actual weighted-average coupon (%)                         2.87

Rationale

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'.

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

"In our cash flow analysis, we used the EUR375.00 million target
par amount, the covenanted weighted-average spread of 3.62%, the
target weighted-average coupon of 2.87%, and the covenanted
weighted-average recovery rate at all 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.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

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

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B-1-R to D-R notes could withstand
stresses commensurate with higher ratings than those assigned.
However, as the CLO will be in its reinvestment phase starting from
the effective date, during which the transaction's credit risk
profile could deteriorate, we have capped our preliminary ratings
assigned to the notes."

The class A Loan, class X, A-R, and E-R notes can withstand
stresses commensurate with the assigned preliminary ratings.

S&P said, "The class F-R notes' current BDR cushion is negative at
the assigned rating. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and recent economic outlook, we
believe this class is able to sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis further reflects
several factors, including:

-- The class F-R notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 22.10% (for a portfolio with a
weighted-average life of 4.44 years) versus 14.22% if S&P was to
consider a long-term sustainable default rate of 3.2% for 4.44
years.

-- Whether the tranche is vulnerable to nonpayment in the near
future.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

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

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
all rated classes of notes and loan.

"In addition to our standard analysis, we have also included the
sensitivity of the ratings on the class X to E-R notes, based on
four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F-R Notes."

Environmental, social, and governance

S&P regards the exposure to environmental, social, and governance
(ESG) credit factors in the transaction as being broadly in line
with our benchmark for the sector.

Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average.

For this transaction, the documents prohibit assets from being
related to certain activities. Accordingly, since the exclusion of
assets from these industries does not result in material
differences between the transaction and S&P's ESG benchmark for the
sector, no specific adjustments have been made in its rating
analysis to account for any ESG-related risks or opportunities.

Jubilee CLO 2016-XVII 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. The transaction is managed by BSP CLO Management L.L.C.

  Ratings

         Prelim  Prelim amount Credit
  Class  rating*  (mil. EUR)   enhancement (%)  Interest rate§

  X      AAA (sf)     4.00       N/A     Three/six-month EURIBOR
                                         plus 1.00%

  A-R    AAA (sf)   202.50     38.00     Three/six-month EURIBOR p
                                         lus 1.35%

  A Loan AAA (sf)    30.00     38.00     Three/six-month EURIBOR
                                         plus 1.35%

  B-1-R  AA (sf)     34.60     27.71     Three/six-month EURIBOR
                                         plus 2.10%

  B-2-R  AA (sf)      4.00     27.71     5.10%

  C-R    A (sf)      22.60     21.68     Three/six-month EURIBOR
                                         plus 2.85%

  D-R    BBB- (sf)   26.60     14.59     Three/six-month EURIBOR
                                         plus 3.90%

  E-R    BB- (sf)    16.50     10.19     Three/six-month EURIBOR
                                         plus 6.70%

  F-R    B- (sf)     13.00      6.72     Three/six-month EURIBOR
                                         plus 8.90%

  Z      NR           1.80       N/A     N/A

  Sub notes  NR      41.49       N/A     N/A

*The preliminary ratings assigned to the class A Loan, and class X,
A-R, B-1-R, and B-2-R notes address timely interest and ultimate
principal payments. S&P's preliminary ratings address ultimate
interest and principal payments on the remaining rated notes. The
payment frequency switches to semiannual and the index switches to
six-month EURIBOR when a frequency switch event occurs.
EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.



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CEME SPA: Moody's Downgrades CFR to B3, Alters Outlook to Stable
----------------------------------------------------------------
Moody's Ratings has downgraded CEME S.p.A.'s (CEME) corporate
family rating and probability of default rating to B3 from B2 and
B3-PD from B2-PD, respectively. Concurrently, Moody's have also
downgraded the instrument rating for the EUR435 million guaranteed
senior secured floating rate notes to B3 from B2 issued by CEME
S.p.A. The outlook has changed to stable from negative.  

RATINGS RATIONALE

"The downgrade reflects CEME's underperformance in 2025 compared to
Moody's expectations, which has been impacted by high one-off
costs, margin pressures in a volatile macroeconomic environment and
limited ability to timely realize synergies under the company's
value creation plan. Moody's expects the company's credit metrics
to remain outside levels commensurate with a B2 rating also in
2026" says Jay Parekh, Moody's Ratings lead analyst for CEME.

In 2025, CEME's operating performance was impacted by high one-off
costs relating to management turnover and the company's
reorganization program (totaling EUR26 million). Furthermore, the
company faced gross margin compression due to pricing pressure from
customers and higher raw material prices (mainly for copper) which
could not be fully passed on to customers. This led to a reduction
in CEME's EBITDA, despite favorable operating conditions with high
organic revenue growth reported in the company's main HSSC (home
single serve coffee) segment as well as largely stable operating
performance in the other segments. For the full-year 2025, Moody's
estimates CEME's leverage to be above 10x, as adjusted by Moody's.
Furthermore, the signed acquisition of JLT Ningbo, has yet not
closed, due to conditions precedent not being fulfilled.

Moody's expects some EBITDA growth in 2026 as reorganization costs
reduce and from copper cost pass-throughs as well as some growth
from new business opportunities. Under Moody's revised forecast,
Moody's now expects CEME to maintain a leverage at around 6.5x-7.0x
for the full year 2026. Moody's also expects a slightly negative
Moody's adjusted free cash flow in 2026 due to the extraordinary
dividend payment of EUR12 million in Q1 2026.

The company's B3 CFR continues to reflect the company's i) strong
business profile supported by its long-standing relationship with
its customers ii) leading position as a precision fluid control
solution provider to coffee and beverage machine OEMs iii)
potential to improve profitability through cost reduction by
automation, iv) good liquidity supported by CEME's ability to
generate free cash flow.

Nevertheless, the rating is constrained by CEME's i) small scale
with proforma revenues of EUR359 million in 2025, ii) weak
point-in-time credit metrics, iii) execution and timing risk
related to the cost reduction program initiatives and iv) high
leverage tolerance as seen in private equity owned businesses.

LIQUIDITY

CEME's liquidity is good. The company had a cash balance of EUR95
million as of December 2025. Furthermore, the company's recently
upsized revolving credit facility (RCF) of EUR82.5 million remains
undrawn. Moody's expects CEME to generate funds from operations of
around EUR40 million to EUR50 million per year, which, in
combination with cash on balance sheet and the undrawn RCF,
comfortably cover its capex (EUR10 million - EUR15 million), lease
payments, working capital fluctuations and Moody's working cash
assumption of around EUR10 million. Moody's expects some of the
cash to be spent on other bolt-on M&A, should the JLT Ningbo
acquisition not close. The company's liquidity also benefits from
its long-dated debt maturities.

RATIONALE FOR STABLE OUTLOOK

Moody's expects CEME's credit metrics to remain commensurate with a
B3 rating over the next 12-18 months, while the company maintains
good liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward pressure on the rating can develop if, on a sustained basis,
i) Moody's-adjusted gross debt / EBITDA remains below 6.0x, ii)
Moody's-adjusted EBITA / interest increases above 1.5x, and iii)
Moody's-adjusted FCF / debt increases towards 5%.

Downward pressure on the rating can develop if i) CEME maintains
its Moody's adjusted gross debt / EBITDA above 7.0x ii) its
Moody's-adjusted EBITA / interest remains below 1.0x, iii) its free
cash flow turns significantly negative or liquidity deteriorates.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations are a key driver in this action.
Considerations include Moody's views on CEME's aggressive financial
policies, recent management turnover (including the related cash
impact) and tolerance for a leveraged capital structure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

CEME S.p.A. is a leading manufacturer of precision fluid control
solution used in coffee machines, beverage dispensers and
decanters, and industrial applications, including digital printing,
medical instruments, commercial vehicles, and heating, ventilation
and air conditioning systems. Its product portfolio consists of
solenoid pumps and valves, gear pumps, rotatory vane pumps, flow
meters and switches. The company serves around 1,200 customers
globally through its eleven production plants spread across Europe,
Asia and America. CEME is owned by the private equity firm
Investindustrial. For the full year 2025, the company reported
revenue and company-adjusted EBITDA of EUR359 million and EUR71
million, respectively.

LIBRA HOLDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Ratings has affirmed B2 Libra HoldCo Sarl's (Lutech or the
company) corporate family rating and B2-PD probability of default
rating and B2 instrument rating of EUR338 million backed senior
secured notes due 2027 issued by Lutech S.p.A. Concurrently,
Moody's have assigned a B2 rating to the proposed EUR400 million
backed senior secured notes due 2031 issued by Lutech S.p.A. The
outlook on both entities remains stable.

The proposed EUR400 million backed senior secured notes together
with EUR96 million of cash from balance sheet will be used to
refinance Lutech's existing debt, including EUR338 million backed
senior secured notes which mature in May 2027, to redeem the EUR100
million term loan due in April 2027 and for a EUR50 million
shareholders distribution.

RATINGS RATIONALE

The affirmation of B2 CFR reflects the company's solid operating
performance and Moody's expectations that it will support a
successful refinancing of the notes in the current difficult
environment. In 2025, the company delivered 6% like-for-like
revenue growth and positive Moody's adjusted free cash flow (FCF).
Moody's expects FCF of mid-single digit percentages of
Moody's-adjusted debt, consistent with B2 CFR over next 12-18
months.

Following the proposed refinancing and repayment of debt, Moody's
estimates Moody's-adjusted gross leverage of around 5.4x, down from
5.7x in 2025. This estimate is based on Moody's-adjusted EBITDA of
EUR108 million, including a EUR5 million pro-forma contribution
from acquisitions (excluding synergies), and after expensing most
costs classified by the company as non-recurring (around EUR29
million). Moody's-adjusted gross debt also includes a EUR98 million
adjustment for off-balance-sheet receivables factoring in 2025 (up
from EUR82 million in 2024).

Lutech's credit profile benefits from its established position in
the Italian IT services market, diversified exposure to public and
private sector clients, and a meaningful share of recurring and
repeat business. Moody's expects that the company's large share of
revenue and gross profit generated from industry-specific projects,
predominately fixed price contracts, and the absence of exposure to
business process outsourcing activities provide a degree of
insulation against near-term artificial-intelligence (AI)-related
disruption.

The key credit challenges include Lutech's operations in highly
fragmented and competitive IT services industry, evolving landscape
considering AI opportunities and risks, Moody's adjusted gross
leverage of 5.4x in 2025 pro forma transaction, and a still
developing track record of sustainable positive FCF. Lutech had a
mixed FCF track record, with previous acquisitions weighing on its
cash generation because of one-offs and build-up in working capital
during the integration phase. Its Moody's FCF was negative in 2023,
broadly break-even in 2024, and turned meaningfully positive only
in 2025. Company expects a material reduction in one off items from
2026 onwards.

LIQUIDITY

Moody's considers Lutech's liquidity to be adequate, benefitting
from long-term maturity profile post refinancing. It is supported
by EUR32 million of expected cash on balance as of December-end
2025, pro forma the transaction as well as access to a fully
undrawn EUR115 million super senior revolving credit facility
(SSRCF) at closing, with cash drawings capped at EUR95 million.
Moody's expects liquidity to be sufficient to cover intra year
working capital swings and earnings seasonality. The SSRCF includes
a springing maintenance covenant and Moody's expects Lutech to
maintain ample capacity should the covenant be tested.

Moody's forecasts Moodys-adjusted FCF of around EUR30 million in
2026 (excluding one time shareholders distribution), based on
expectation of Moody's-adjusted EBITDA growth, annual capital
spending of around EUR20 million and lease payments of EUR13
million.

The B2 CFR assumes that the company will maintain access to various
factoring lines.

STRUCTURAL CONSIDERATIONS

The proposed capital structure of Lutech primarily consists of the
EUR400 million backed senior secured notes due 2031 issued under
Lutech S.p.A. and a EUR115 million SSRCF at closing, with cash
drawings capped at EUR95 million. The backed senior secured notes,
term loan, and SSRCF all benefit from the same guarantor and
collateral package, but the SSRCF ranks senior in an enforcement
scenario. The security package is limited to pledges over shares,
bank accounts and intercompany receivables. The guarantor coverage
is at 82.9% of the company's Adjusted EBITDA.

The B2 instrument rating on the senior secured notes is aligned
with the CFR. This alignment is borderline, reflecting the
relatively large size of the SSRCF relative to total financial
debt. A further rise in SSRCF amount commitments relative to size
of total financial debt could lead to notching of the senior
secured notes below the CFR.

RATING OUTLOOK

Lutech's stable outlook reflects Moody's expectations that the
company's credit metrics will remain commensurate with Moody's
expectations for its B2 rating over the next 12-18 months. The
outlook incorporates Moody's assumptions that there will be no
significant increase in leverage from debt-funded acquisitions or
shareholder distributions, and that the company will maintain at
least adequate liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive pressure on the ratings could develop if:

-- The company continues to grow its revenues and EBITDA, and

-- the company's Moody's-adjusted debt/EBITDA moves sustainably
towards 4.0x, and

-- its Moody's adjusted FCF/debt moves sustainably towards 10%
and

-- there is adequate liquidity without major debt-funded
acquisitions

In addition, financial policy, including the sponsor commitment to
maintaining lower leverage, is an important consideration for a
higher rating.

Downward pressure on the rating could develop if:

-- Moody's-adjusted debt/EBITDA is above 5.5x, or

-- Moody's-adjusted FCF/debt is below mid-single digits, or

-- Moody's-adjusted EBITA/Interest is below 2.0x,  or

-- liquidity weakens.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Headquartered in Milan, Italy, Lutech is a leading Italian IT
service company, which is focused on the Italian market where it
generates around 90% of its revenue. In 2025, approximately 88% of
revenues were generated from digital activities (Digital Cross
Industry and Digital Industry Specific). Infrastructure Solutions,
which include procurement, design and installation of data centers
and networks, represented around 12% of revenues.

Lutech is owned by funds ultimately controlled by private equity
firm Apax Partners, which acquired it from One Equity Partners in
2021.

In 2025, Lutech reported EUR909 million and company-adjusted EBITDA
of EUR144 million based on IFRS pro forma change in perimeter due
to the acquisitions, including expected cost savings and synergies.

LUTECH SPA: S&P Assigns 'B' Rating to New EUR400MM Sr. Sec. Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' issue rating and '3' recovery
rating to the proposed EUR400 million senior secured notes Lutech
SpA plans to issue. The '3' recovery rating on the proposed notes
indicates our expectation of meaningful recovery (50%-70%, rounded
estimate 55%) in the event of a default.

Lutech intends to use the proceeds along with cash on balance sheet
to:

-- Redeem EUR338 million senior secured notes due 2027;

-- Redeem EUR100 million term loan A due 2027;

-- Distribute EUR50 million to shareholders; and

-- Pay the transaction fees and expenses.

The transaction also includes a five-year maturity extension of
Lutech's super senior revolving credit facility (RCF), initially
due in 2027, and an increase in commitments to EUR1115 million,
including the capacity to issue guarantees, and of which EUR95
million can be drawn as cash revolving loans. The proposed EUR400
million senior secured notes will be subordinated to the proposed
EUR115 million super senior RCF and rank pari passu with the
group's existing and future debt that is not contractually
subordinated to the notes.

S&P said, "The transaction improves rating headroom, with leverage
reducing by about 0.3x in 2026, which is slightly offset by our
expectation of higher factoring utilization at year-end 2026. We
also forecast that free operating cash flow (FOCF) after leases,
incorporating this transaction, will remain positive, though
minimal, in 2026.

"Financial policy and FOCF generation constrain rating upside.
While we expect leverage to decrease slightly below our 5x
threshold for an upgrade by 2027, we anticipate that FOCF to debt
will remain below our 10% requirement. An upgrade would also
require Lutech to adhere to a financial policy consistent with
maintaining both metrics at these levels."

Issue Ratings--Recovery Analysis

Key analytical factors

-- The issue rating on the proposed EUR400 million senior secured
notes is 'B', in line with the long-term issuer credit rating on
Lutech SpA. The '3' recovery rating reflects S&P's expectation of
50%-70% (rounded estimate: 55%) recovery for senior unsecured
debtholders in the event of a payment default.

-- The recovery prospects remain constrained by the amount of
prior-ranking liabilities at enforcement, including the proposed
EUR115 million super senior RCF and a EUR200 million factoring
facility.

-- Although the debt documentation gives the borrower operational
flexibility for debt incurrence, it offers creditors limited
protection, in S&P's view. The springing (40% drawn) secured net
leverage test is set at a maximum of 9.0x under the RCF. Debt
incurrence is subject to a fixed-charge coverage ratio of 2.0x with
exceptions for credit facilities or debt refinancing.

-- Under S&P's hypothetical default scenario, it assumes
increasing competition in the Italian IT services and system
integration market which would erode the firm's revenue and
margins.

-- S&P values the group as a going concern.

Simulated default assumptions

-- Year of default: 2029
-- Jurisdiction: Italy
-- Emergence EBITDA: EUR70 million
-- Multiple: 6.0x

Simplified waterfall

-- Recovery enterprise value: EUR419 million

-- Net recovery value for waterfall after 5% administrative
expenses: EUR398 million

-- Estimated priority debt claims: EUR149 million

-- Senior secured debt claims: EUR415 million

    --Recovery expectations: 50%-70% (rounded estimate 55%)

    -- Recovery rating: 3

*All debt amounts include six months of prepetition interests,
assumed 85% draw on the EUR95 million cash commitments under the
proposed RCF, and 30% draw on the EUR200 million factoring
facility.




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

SEC TURKISTAN: S&P Assigns 'B/B' ICRs, Outlook Stable
-----------------------------------------------------
S&P Global Ratings assigned its 'B/B' long- and short-term issuer
credit ratings to Social Entrepreneurship Corp. Turkistan JSC (SEC
Turkistan). The outlook is stable. S&P also assigned its long-term
'kzBB+' Kazakhstan national scale rating to SEC Turkistan.

The ratings on SEC Turkistan reflect its important social economic
mission of supporting development in Kazakhstan's Turkistan region
by providing loans to farmers and agricultural companies and
leasing real estate at subsidized rates. The company benefits from
ongoing government support through regular capital injections and
funding lines at very low interest rates. S&P Global Ratings
expects the company's capitalization to remain its main ratings
strength, reflecting moderate growth rates, full earnings
retention, and planned regular capital injections. Our ratings are
constrained by concentration of the company's activities in the
weather-dependent agricultural sector in just one region of
Kazakhstan. Potential asset quality deterioration in its unseasoned
loan portfolio, which rapidly grew over the past three years from a
low base, and less developed risk management than regional peers
are also rating constraints.

The starting point for S&P's long-term rating on SEC Turkistan is
the anchor of 'b+' for finance companies in Kazakhstan. It is two
notches below the 'bb' anchor for banks, based on economic and
industry risk scores of '7' for Kazakhstan under its Banking
Industry Country Risk Assessment (on a scale from 1-10, with 1
denoting the lowest risk). The lower anchor relative to that for
banks reflects SEC Turkistan's lack of central bank access and no
regulatory oversight. It also reflects the industry dynamics for
financial companies operating in the country.

S&P expects that SEC Turkistan will maintain its well-established
unique market position of providing loans to agricultural producers
and cattle farmers in the region at subsidized rates. The mission
of SEC Turkistan is to support stable socioeconomic development of
Kazakhstan's Turkestan region, one of the poorest regions in
Kazakhstan with gross regional product per capita of about $4,700
compared with $14,000 for Kazakhstan as a whole. In addition to
providing loans to about 4,500 small farmers and to about 50 small
agricultural companies at 0.01%-2.5% interest rates, SEC Turkistan
also manages and rents out real estate and equipment, such as land
plots, community shops, industrial parks, administrative buildings,
and vehicles. Its other important mission is ensuring food security
in the region through maintaining stable prices on socially
significant food products through providing loans to community
shops, which sell these products at a 10% discount to market
prices, buying products from farmers on forward contracts, and
storing staple food products. The company also takes part in
tourism, residential construction, and industrial and
infrastructure development in the region.

S&P expects SEC Turkistan's capitalization to remain strong in
2026-2027. It forecasts that its risk-adjusted capital (RAC) ratio
will remain at about 12%-13% in 2026-2027 compared with our
estimate of about 12% at year-end 2025. In 2025, the region
injected Kazakhstani tenge (KZT) 8 billion capital to support the
company's growth, and plans to inject KZT2 billion-KZT3 billion
capital per year in 2026-2027 and fully retain earnings. Gross
loans rapidly grew to KZT66 billion by year-end 2025 from KZT28
billion two years earlier. However, the company plans to moderate
loan growth to less than 10% per year in 2026-2028. The company
operates as a not-for-profit and recorded a 0.5% return on assets
in 2025. The company has no prudential regulatory requirements,
unlike other financial companies in Kazakhstan, which need to
comply with minimum capital adequacy ratios, leverage requirements,
and limits on single-name concentrations.

SEC Turkistan's moderate risk position reflects a concentration of
activities in the weather-dependent agricultural sector and real
estate in the Turkestan region, unseasoned loan quality, and less
developed risk management than at regional peers. S&P considers the
company's disclosure in its International Financial Reporting
Standards (IFRS) accounts as lower than other peer financial
companies. The company does not publish consolidated IFRS accounts,
is audited by a local auditor, and does not disclose asset quality
in its annual accounts. Two people in risk management in the
company underwrite and monitor loans to about 50 small companies.
SEC Turkistan outsources underwriting and monitoring of loans to
about 4,500 small farmers to other related companies. The company
reports that loans more than 90 days overdue were less than 1% of
total loans as of March 31, 2026; however, some of them are
unseasoned and are still in a grace period. The top 20 customers
accounted for about 34% of total loans and about 88% of total
adjusted capital at year-end 2025, which is comparable with
regional peers.

The company is funded by local and national budget. SEC Turkistan
is funded by long-term loans (three-15 years) from the Turkestan
region and from Kazakhstan's federal budget and Fund For Industry
Development at 0%-1% rates. The company plans to issue a small
amount of foreign currency bonds to diversify funding. The company
has historically maintained free liquid assets at very low levels
of less than 1% of total assets on average in 2024-2025. A large
portion of cash on the balance sheet is part of targeted funding
for various programs and therefore can't be utilized for general
purposes.

S&P said, "We consider SEC Turkistan a GRE with a moderate
likelihood of receiving timely and sufficient extraordinary
government support. This does not result in any notches of uplift
to our rating on the entity.

"We think that the company plays an important role for the region,
reflecting its wide mandate to support socioeconomic development of
the Turkestan region. This is particularly true for its involvement
in social projects, including administration of subsidized funding
to farmers and acquisition of certain staples from them for later
resale at subsidized prices to support the population.

"We view the link between the government of the Turkestan region
and SEC Turkestan as limited, reflecting our view that government
support for the GRE sector in the region is doubtful. This is
because the budget of the Turkistan region depends highly on
transfers from the Kazakhstan government (projected at about 91.5%
of operating revenue at the regional level over 2026) and has
limited own revenue and liquidity. Therefore, any extraordinary
support would likely require some form of funding from the state
budget. We have limited visibility whether existing administrative
mechanisms would result in timely disbursement of the necessary
funds.

"The stable outlook reflects our expectations that the business and
financial profile of SEC Turkistan will remain stable over the next
12 months, taking into account moderate balance sheet growth and
continued funding support from the regional government.

"We could take a negative rating action over the next 12 months if
we see diminished funding support from the Turkistan region, or if
balance sheet growth places significant pressure on its
capitalization with the RAC ratio reducing below 10%, or if the
quality of its loan portfolio materially deteriorates as loans
season."

An upgrade over the next 12 months is unlikely.



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

4FINANCE SA: Moody's Affirms 'B2' Sr. Unsec. Debt Rating
--------------------------------------------------------
Moody's Ratings has affirmed 4Finance, S.A.'s long-term backed
senior unsecured debt rating at B2 and 4Finance Holding S.A.
(4Finance)'s long-term corporate family rating at B2. The outlook
on 4Finance, S.A. and 4Finance remains stable.

RATINGS RATIONALE

-- RATIONALE FOR THE AFFIRMATIONS

The affirmation of 4Finance's rating at B2 reflects the group's
high credit risk as a sub-prime consumer lender, its historically
strong underlying profitability and its improved financial
flexibility after the sale of its fully owned subsidiary TBI Bank
EAD (TBI Bank; Ba2 stable, ba3).

The 4Finance group grew very rapidly since 2014, partly through the
acquisition of TBI Financial Services B.V. and its subsidiary TBI
Bank in 2016, which 4Finance sold in February 2026.

The sale is positive for the group's financial flexibility in the
short-term, as it has allowed the early repayment of 4Finance,
S.A.'s Euro bond that was maturing in October 2026; the sale also
provides sufficient resources to repay the other outstanding Euro
bond maturing in May 2028.

The company is however looking for investment opportunities in
other markets, which may deploy part of the funds obtained from the
sale. Moody's therefore expect the group's strategy and other
investments to evolve, which will provide more clarity on the
group's future cash flows and more broadly its financial
flexibility.

4Finance assumes significant credit risks by lending to individuals
with limited access to more traditional bank lending. As of
December 2025, the nonperforming loan (NPL) ratio for the online
lending business stood at a high 11.8%, down from 12.4% a year
earlier. The volumes in the subprime lending segment have
contracted in recent years because of the exit from some countries
as well as some changes to the online lending product mix. The
company is currently present in ten countries, and is actively
looking for new opportunities in emerging markets as part of its
strategic growth plans.

In affirming the ratings, Moody's have also considered 4Finance's
increased capitalization after the sale of TBI Bank, as well as
Moody's assessments that the group's capital ratios will again
decrease to more normalized levels as the group continues its
strategic growth. The sale of TBI Bank will also exert upward
pressure on the group's profitability, given the online business'
focus on the more profitable subprime lending segment.

-- RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's views of the company's
strengthened financial position after the sale of TBI Bank, which
has provided 4Finance with sufficient financial resources to allow
the repayment of the two outstanding Euro bonds.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

4Finance's CFR could be upgraded if the company significantly
improves its financial flexibility in a sustained manner, while
maintaining strong recurring profitability, adequate capitalization
and contained asset quality.

An upgrade in 4Finance's CFR would likely result in a corresponding
upgrade to 4Finance, S.A.'s backed senior unsecured debt rating.

4Finance's CFR could be downgraded if there are any signs of
deterioration in its financial flexibility, for example by a
deployment of the proceeds from the sale of TBI Bank in other
investments. The CFR could also be downgraded if asset quality was
to deteriorate substantially; the company's recurring return on
assets was to decline; or the company's capitalisation would
significantly deteriorate.

A downgrade in 4Finance's CFR would likely result in a
corresponding downgrade to 4Finance, S.A.'s backed senior unsecured
debt rating. 4Finance, S.A.'s debt rating could also be downgraded
because of adverse changes to their debt capital structure, which
would lower the recovery rate for senior unsecured debt classes.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in July 2024.

4Finance's "Assigned Standalone Assessment" of b2 is set five
notches below the "Financial Profile initial score" of baa3 to
reflect the company's risks related to the operating environment
for European subprime lenders and other high-cost instalment
lenders.



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

SANDY MIDCO: Moody's Affirms 'B3' CFR, Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating and the
B3-PD probability of default rating of Sandy Midco B.V. (Landal or
the company), a holiday park operator based in the Netherlands. At
the same time, the ratings of the existing backed senior secured
bank credit facilities borrowed by Sandy Bidco B.V. were affirmed
at B3. The outlook on all entities was changed to negative from
stable.

RATINGS RATIONALE

The rating affirmation of Landal's B3 rating and a change of
outlook to negative reflects a combination of both weaker 2025
performance and a challenging outlook with declining sales for 2026
as a result of a VAT increase in the Netherlands and weakening
credit metrics, against ou Moody's r previous expectation of
improving performance and metrics. Credit metrics remain below
Moody's requirements for the B3 rating category, a lack of
performance improvements could result in further negative rating
pressure.

Landal's operating results in 2025 were weaker than Moody's had
anticipated with respect to free cash flow generation, from a
combination of slightly lower earnings, higher expenses and
negative working capital movements. Moody's estimates
Moody's-adjusted debt/EBITDA for FY 2025 of around 8.6x and free
cash flow to debt of -3.4% based on management reporting and
Moody's estimates.

2026 will be a challenging financial year for Landal. Moody's
previously anticipated a lower impact of the VAT increase in the
Netherlands on revenues than recent bookings suggest. Moody's
understands that the timing of bookings may have shifted and
distorts annual comparison, and see some potential positive impact
from currently increased flight cost for local holiday demand
against a backdrop of an overall tighter consumer budget. Moody's
have assumed a roughly 6% decline in revenues net of VAT, while
recent company reactions to a weak booking season suggest a level
of stabilisation for at least gross revenue formation (pre VAT)
appears possible.

A number of cost elements identified as one-off by the company
extend into 2026 and could partially sustain further, weakening
EBITDA and cash flow generation. The company has identified cost
and revenue potential, while Moody's are mindful of a weaker track
record of bottom line and margin development over the last years.
Moody's expects Moody's-adjusted Debt/EBITDA to increase above 9.0x
in 2026 from an estimated 8.6x in 2025 before declining towards a
still elevated 8x in 2027.

In total Moody's assumes a larger negative free cash flow for 2026
before moving to reduce cash burn in 2027. Moody's-adjusted
interest cover remaining well below 1x, resulting in a weak rating
positioning. Moody's also considers the changes to the executive
leadership highlighting concerns about integration performance and
trading outlook.

Despite weaknesses in credit and cash flow metrics, Landal's good
market position in its core markets Netherlands and Germany
supports in its credit profile. Medium term, Moody's expects that
the company's operating performance should reflect the benefits of
the larger scale of Landal's holiday park operation business.
Landal benefits from a sizeable real estate ownership which gives
the company options for liquidity and leverage management. Landal
may also benefit from a relative pricing advantage due to
increasing fuel cost stemming from the Iran conflict compared to
flight related holidays.

LIQUIDITY

Moody's considers Landal's liquidity as adequate, with total
liquidity amounting to EUR165 million as of December 2025 mainly
consisting of undrawn revolving credit facility (RCF) capacity. The
group does not have any near-term debt maturities, and its
financing structure is covenant-lite with a net leverage covenant
of 9.0x springing at 40% under its RCF. Given the weaker business
outlook with ongoing cash burn and a seasonal low at year-end,
Moody's expects the RCF will be partially drawn at the end of 2026
but Moody's still consider the covenant headroom to be sufficient.
The group has a EUR1.6 billion unencumbered real estate assets base
that can support its liquidity profile and provides capital
structure optionality. The company does not face major debt
maturities before its term loan B and its revolving credit facility
mature in 2029.

STRUCTURAL CONSIDERATIONS

The B3 ratings of the senior secured term loan B and senior secured
RCF are in line with the company's B3 CFR because the company's
capital structure is all senior with a covenant-lite
documentation.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded upon

-- Moody's-adjusted leverage sustainably below 6.0x

-- Consistently good liquidity

-- Moody's EBITA/Interest Expense above 1.5x

The ratings could be downgraded if

-- Moody's EBITA/Interest Expense remains below 1x on a
sustainable basis

-- Lack of visible progress towards break even Moody's-adjusted
free cash flow.

-- Liquidity deteriorates

-- An aggressive financial policy, reflected by large debt-funded
acquisitions or distributions, as well as changes in its strategy
with regard to the real estate ownership

The principal methodology used in these ratings was Business and
Consumer Services published in February 2026.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

COMPANY PROFILE

Landal is a leading holiday park operator based in the Netherlands.
Following the completion of the acquisition of Landal by Roompot
and renaming to Landal, the combined group operates around 300
parks under a mixed model across 10 countries in Europe, notably
the Netherlands, which will remain its key market, Germany,
Denmark, the UK and Austria. In 2024, the combined group generated
EUR877 million in revenue. KKR acquired Roompot from PAI Partners
in July 2020.



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

GRUPO ANTOLIN-IRAUSA: S&P Lowers ICR to 'CCC+' on Liquidity Risk
----------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on Grupo
Antolin-Irausa S.A.U. (Antolin) to 'CCC+' from 'B-' and assigned a
negative outlook. At the same time, S&P lowered the issue rating on
the group's senior secured notes to 'CCC+' from 'B-' with the
recovery rating at '3', indicating its expectation of 55% recovery
(rounded estimate) in a default scenario.

S&P said, "The negative outlook indicates that we could downgrade
Antolin if the refinancing of the 2028 senior secured notes is not
addressed within the next six months so that the SFA facilities
become current, or if we anticipate the company is likely to engage
in a distressed debt restructuring that we would consider
tantamount to a default, including an interest payment deferral, or
a transaction that we would consider as a distressed exchange."

The springing maturity under Grupo Antolin's senior facilities
agreement (SFA) could be triggered if it does not refinance its
2028 senior secured notes by Oct. 27, 2027.

Without additional sources of funding, the group faces the risk of
a liquidity crunch if the springing maturity becomes current, as we
expect S&P Global Ratings-adjusted free operating cash flow (FOCF)
to remain negative in 2026, estimated at about negative EUR2
million, which is below previous expectations. This is despite the
expected increase in EBITDA margins to 6.2% in 2026 from our
estimate of 6.0% in 2025 thanks to management's transformation
plan.

S&P said, "We understand management is considering measures to
strengthen the balance sheet but the lack of detail on magnitude
and timeliness does not allow us to assess if these will be
sufficient to support the group's refinancing needs."

The downgrade and negative outlook mainly reflect the risk of a
liquidity crunch if the springing maturity event in Antolin's SFA
is triggered. The group's SFA contains a springing maturity clause
under which the maturity of the term loan A (EUR258 million
outstanding at Dec. 31, 2025) and revolving credit facility (RCF;
EUR64 million drawn at Dec. 31, 2025) is anticipated to be brought
forward to Oct. 27, 2027 from June 30, 2029, if the EUR380 million
2028 senior secured notes are not fully refinanced by that date.
S&P said, "Considering our expectation that FOCF will not turn
positive before 2027, alongside persisting gloomy market conditions
with the notes trading close to their lowest point, we believe the
company's refinancing capacity might be stretched. Although we
expect liquidity sources will exceed uses by 1.65x over the next 12
months starting December 2025, we believe that, should the
springing maturity become current in October 2026 (debt due in the
subsequent 12 months), Antolin would most likely not have
sufficient liquidity to meet its obligations over the subsequent 12
months--with total debt maturities estimated at about EUR382
million (including the anticipated maturities)--if it does not
secure additional funding."

In first quarter 2025, the group announced a set of upcoming
measures to strengthen the balance sheet, with no confirmed
timeline. As part of those measures, the group has thus far
contracted a seven-year EUR150 million syndicated loan guaranteed
by Spain's public bank and disposed of three legal entities in
India for total gross proceeds of EUR159 million. These measures
will support liquidity prospects in the short term, but we expect
Antolin's cash position to continue to erode thereafter. As long as
the shape, amount, structure, and execution timeline of those
measures remains unknown, this prolongs the uncertainty around the
company's ability to meet its financial commitments over the longer
term.

S&P Global Ratings-adjusted FOCF was weaker than previously
expected for 2025 and our revised base case now assumes it will not
turn positive before 2027. S&P said, "Our estimate of adjusted FOCF
in 2025 is a EUR70 million cash outflow (pending final
adjustments), well below EUR21 million cash burn previously
expected. This was the result of working capital outflows of about
EUR51 million. For 2026, we now forecast FOCF to remain negative
(about EUR2 million) with a neutral working capital impact and
factoring usage to increase to EUR190 million from EUR175 million
in 2025. Hence, we now estimate that FOCF might not return to
positive territory before 2027."

Good execution on Antolin's transformation plan to partly offset
the lack of light vehicle production growth. S&P said, "We expect
revenue to decrease by 7.3% in 2026 from about EUR3.7 billion in
2025 mainly due to the volatile automotive industry environment and
slightly declining light vehicle production, and the recent
divestment in India. Good execution of the transformation plan,
coupled with the gradual replacement of low-margin projects with
more profitable business, should partly offset revenue decline.
Actions under the plan mainly include footprint optimization,
workforce rightsizing, automation, and operational efficiency
improvements. As a result, we forecast adjusted EBITDA margins to
increase to 6.2% in 2026 after our estimate of 6.0% for 2025
(pending final adjustments) and 5.3% in 2024. We also expect
restructuring costs to decrease to EUR20 million in 2026 from EUR28
million in 2025."

The conflict in the Middle East represents an additional headwind
for the recovery of profitability and cash flow. S&P said, "We
factor in an expected 0.3% net impact (after pass-throughs to
customers) on the group's 2026 EBITDA margin, mainly from higher
expected raw materials and transportation costs. Extensive use of
plastics, whose price is indexed to oil currently hovering around
$100 per barrel (Brent) is likely to trigger a cost spiral. Should
the conflict last longer than (beyond April), we anticipate
pressure on margins and on working capital."

The negative outlook reflects S&P's belief that, unless it secures
additional sources of funding, Antolin's cash flow deficits amid a
continued tough light vehicle production environment will weigh on
its ability to refinance its 2028 senior secured notes before the
end of October 2026, making its term loan A and RCF become current,
constraining liquidity.

S&P could lower its rating on Antolin if:

-- The refinancing of the 2028 senior secured notes is not
addressed within the next six months, leading to the term loan A
and RCF under the SFA to become current (debt due in the subsequent
12 months), further constraining liquidity.

-- S&P anticipates the company is likely to engage in a distressed
debt restructuring that we would consider tantamount to a default,
including an interest payment deferral, or a transaction that it
would consider as a distressed exchange.

S&P could revise its outlook to stable or raise our ratings if:

-- The company refinances its 2028 senior secured notes such that
S&P no longer sees a risk of any debt facility becoming current in
the near term; and

-- S&P believes the group's FOCF generation will at least be
break-even through sustained operating performance improvements.



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

81 HOLLAND: FRP Advisory, BTG Appointed as Joint Administrators
---------------------------------------------------------------
81 Holland Park (Flat 1) Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-002109. Simon Baggs
and David Hudson of FRP Advisory Trading Limited and with Paul
Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint
administrators on March 16, 2026.

81 Holland Park (Flat 1) Limited carried on a business of buying
and selling of own real estate and other letting and operating of
own or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, 2nd
Floor, 120 Colmore Row, Birmingham, B3 3BD).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

  Simon Baggs  
  David Hudson  
  FRP Advisory Trading Limited  
  2nd Floor, 120 Colmore Row  
  Birmingham  
  B3 3BD  

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information contac:

  The Joint Administrators
  Tel: 0121 710 1680  
  Alternative contact: Abbie Lenihan
  Email: cp.birmingham@frpadvisory.com  


ARQIVA BROADCAST: Moody's Cuts GBP500MM Sr. Sec. Debt Rating to B2
------------------------------------------------------------------
Moody's Ratings has downgraded to B2 from B1 the rating of the
GBP500 million backed senior secured debt due July 2030 (junior
notes) issued by Arqiva Broadcast Finance Plc (ABF) and
unconditionally and irrevocably guaranteed by, among others, its
parent company Arqiva Broadcast Parent Limited (ABPL).
Concurrently, Moody's have withdrawn the Ba2 Corporate Family
Rating and Ba2-PD probability of default rating of ABPL and
assigned a B2 CFR and B2-PD probability of default rating to ABF.
The outlook on ABF was changed to negative from stable.

Moody's have decided to withdraw the rating(s) for Moody's own
business reasons.

The rating action follows ABPL's half-year results announcement on
March 02, 2026 [1], which indicated weaker near-term cash flow
generation and a potential intention to accelerate senior debt
repayment.

RATINGS RATIONALE

DOWNGRADE OF JUNIOR NOTES TO B2 FROM B1

The rating downgrade to B2 reflects Moody's expectations that lower
than previously anticipated operational cash flows coupled with a
potential acceleration of senior debt amortisation over the medium
term will significantly reduce cash flow available for junior debt
service. As a result, Moody's expects there to be limited
flexibility to meet junior debt payments in downside scenarios,
unless management takes mitigating actions that would increase
near-term cash flow generation. The junior group has access to a
GBP45 million super-senior revolving credit facility, sized to
cover 12 months forward looking interest costs on the ABF notes;
however, this provides capacity only to address a limited liquidity
shortfall.

The financial performance of the consolidated Arqiva group under
ABPL over the first half of the current financial year ending in
June 2026 indicates lower near-term operating cash flow generation
from slower growth and increasing margin pressure on contract
renewals. A sizeable impairment of over GBP630 million linked to
media and broadcast goodwill and smart utility network assets also
points to weaker business prospects than previously assumed. In
addition, potential changes to Arqiva group's core terrestrial
broadcasting activities over the coming 10-15 years appear to drive
management's desire to accelerate senior debt repayment, to the
likely detriment of cash flow available for junior debt service.

The junior notes are contractually and structurally subordinated to
around GBP883 million of senior debt (excluding accrued interest
and debt issue costs) as at December 2025, issued as part of a
ring-fenced senior secured financing structure around the main
operating subsidiaries within the Arqiva group. The senior covenant
package restricts distributions, on which ABF relies to service the
junior notes, if certain ratio thresholds are breached. It also
includes a cash sweep mechanism should any senior debt remain
outstanding beyond its expected maturity. The next major senior
debt maturity, for GBP250 million of notes, is in June 2028. Arqiva
group expects to refinance this maturity and a further GBP164
million with an expected maturity in June 2030 ahead of their due
dates, potentially with an amortising profile.

Financial policy is a key governance consideration under Moody's
approach for assessing environmental, social and governance (ESG)
risks. Given Moody's views of limited financial flexibility within
the junior group, Moody's have changed Arqiva group's governance
score to G-4 from G-3, and the overall credit impact score to CIS-4
from CIS-3.

CFR WITHDRAWAL AND ASSIGNMENT

The structural and contractual subordination exposes ABF creditors
to a materially higher probability of default compared with senior
lenders, and the risk of high loss severity in the event of
default. The withdrawal of ABPL's Ba2 CFR reflects the growing
divergence of expected loss between junior and senior creditors
within the wider Arqiva group, and Moody's views that a
consolidated CFR does not provide a meaningful guide to the junior
group's credit risk. In turn, ABF's newly assigned B2 CFR
represents Moody's views of the junior group's credit risk only and
is therefore aligned with the junior notes rating.

The B2 ratings remain supported by (1) Arqiva group's monopoly
position as provider of terrestrial TV and radio broadcasting
network access and transmission services in the United Kingdom; (2)
its leading role in providing commercial digital terrestrial
television and radio capacity and managed media services; and (3)
the stability and predictability of cash flows under long-term (and
typically inflation-linked) contracts with public service
broadcasters and other media companies of generally good credit
quality. However, these credit strengths are offset by the risk
that technological developments, for example wider high-speed
broadband roll-out and take-up, and changing viewing patterns that
favour on-demand internet TV could disrupt Arqiva's core business
model over the longer term. While current licence and contract
arrangements protect the group's cash flow stability at least into
the mid-2030s, an ongoing government review into the long-term
future of terrestrial broadcasting could challenge Arqiva's
business model after 2035.

To diversify its income stream, the group has entered new business
areas, such as smart meter communications infrastructure, but these
activities currently account for only around 15% of commercial
EBITDA as reported by the company and provide lower operating
margins.

RATING OUTLOOK

The outlook on ABF is negative, reflecting the risk that near-term
operating cash flow pressure could intensify and may not be
sufficiently offset by mitigating actions, including cost savings
or rebalancing of the investment programme to support future
business growth. It also considers the pending outcome of an
ongoing government review on the future of terrestrial television.
The uncertainty around long-term business prospects is leading to
margin pressures on core activities and a potential drive to
accelerate senior debt repayment, reducing cash flow available for
junior debt service. The outlook could be stabilised if government
decisions provide long-term support for the business and cash flow
generation improves, including as a result of additional cost
saving measures, such that there is additional headroom to cover
junior debt service.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the negative outlook, upward rating pressure is currently not
anticipated.

Ratings could be downgraded further if (1) demand for Arqiva
group's core media services appeared likely to weaken as a result
of changes to policy, broadcaster or consumer preferences, unless
the adverse credit implications are offset by stronger financial
metrics or new activities with stable and predictable cash flows ;
(2) future earning of other segments appeared likely to fall short
of management's expectations; (3) covenant headroom at the senior
financing structure were to reduce, making a distribution block
more likely, or a senior debt cash sweep appeared likely to be
triggered by a failure to refinance ahead of the expected maturity;
and (4) the impact on the junior debt, in terms of cash flow
available to junior debt service was not adequately mitigated.

LIST OF AFFECTED RATINGS

Issuer: Arqiva Broadcast Parent Limited

Withdrawals:

Probability of Default Rating, Withdrawn , previously rated
Ba2-PD

LT Corporate Family Rating, Withdrawn , previously rated Ba2

Outlook Actions:

Outlook, Changed To Ratings Withdrawn From Stable

Issuer: Arqiva Broadcast Finance Plc

Downgrades:

Backed Senior Secured (Local Currency), Downgraded to B2 from B1

Assignments:

Probability of Default Rating, Assigned B2-PD

LT Corporate Family Rating, Assigned B2

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Communications
Infrastructure published in September 2025.

The B2 ratings are two notches below the historical
scorecard-indicated outcome of Ba3, because the consolidated
metrics on which the scorecard is based do not adequately reflect
the risk for junior creditors associated with their severe
structural and contractual subordination to operating company cash
flows compared with senior lenders.

Arqiva Broadcast Finance Plc (ABF) is the financing vehicle of
Arqiva Broadcast Parent Limited (ABPL), a holding company within
the Arqiva group, which owns and operates a portfolio of
communications infrastructure assets in the UK and provides
television and radio broadcast services as well as connectivity and
communications solutions in the media and utility industries,
including smart metering for gas, electricity and water utilities.

BASILDON VIEW: FRP Advisory, BTG Appointed as Joint Administrators
------------------------------------------------------------------
Basildon View Cottage (RR) Limited was placed into administration
in the High Court of Justice, Court Number CR-2026-002075. 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 16, 2026.

Basildon View Cottage (RR) Limited operated in the real estate
sector.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to 2nd Floor, Churchill House, 26–30
Upper Marlborough Road, St Albans, AL1 3UU).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

  David Hudson  
  Simon Baggs  
  FRP Advisory Trading Limited  
  2nd Floor, Churchill House  
  26–30 Upper Marlborough Road  
  St Albans  
  AL1 3UU  

  -- and --

  Paul Steven Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information:

  The Joint Administrators
  Tel: 01727 811111  
  Alternative contact: Daniel Brooks
  Email: cp.stalbans@frpadvisory.com  


CAMBRIDGE SQUARE: FRP Advisory, BTG Named as Joint Administrators
-----------------------------------------------------------------
Cambridge Square (QT) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002083. 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 16, 2026.

Cambridge Square (QT) Limited carried on a business of buying and
selling of own real estate and other letting and operating of own
or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
England, SW1W 9SA (to be changed to FRP Advisory Trading, 2nd
Floor, Churchill House, 26–30 Upper Marlborough Road, St Albans,
AL1 3UU).

Its principal trading address is 134 Buckingham Palace Road,
London, England, SW1W 9SA.

The Joint Administrators can be contacted at:

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

  -- and --

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  London  
  E14 5NR

Further information:

  The Joint Administrators
  Tel: 01727 811111  
  Alternative contact: Luke Bambrough
  Email: cp.stalbans@frpadvisory.com

CHARLEVILLE ROAD: FRP Advisory, BTG Named as Joint Administrators
-----------------------------------------------------------------
Charleville Road Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-002106. Simon Baggs
and David Hudson of FRP Advisory Trading Limited and Paul Steven
Cooper of BTG Begbies Traynor (London) LLP, were appointed as joint
administrators on March 16, 2026.

Charleville Road Property Limited carried on a business of buying
and selling of own real estate and other letting and operating of
own or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to c/o FRP Advisory Trading Ltd, 2nd Floor,
120 Colmore Row, Birmingham, B3 3BD).

Its principal trading address is 134 Buckingham Palace Road,
London, SW1W 9SA.

The Joint Administrators can be contacted at:

  Simon Baggs  
  David Hudson  
  FRP Advisory Trading Limited  
  2nd Floor, 120 Colmore Row  
  Birmingham  
  B3 3BD  

  -- and --

  Paul Steven Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information contact:
  
  The Joint Administrators
  Tel: 0121 710 1680  
  Alternative contact: Abbie Lenihan
  Email: cp.birmingham@frpadvisory.com  


CLARIVATE PLC: Fitch Alters Outlook on BB- LongTerm IDR to Positive
-------------------------------------------------------------------
Fitch Ratings has affirmed Clarivate Plc, Camelot U.S. Acquisition
LLC, Camelot Finance S.A., and Clarivate Science Holdings
Corporation's Long-Term Issuer Default Ratings (IDRs) at 'BB-'. The
Rating Outlook is revised to Positive from Stable. Fitch has also
affirmed Clarivate's first-lien debt at 'BB+' with a Recovery
Rating of 'RR1' and its unsecured debt at 'BB-'/'RR4'.

The affirmation reflects Clarivate's strong recurring revenue
profile, EBITDA margins above 40%, and robust FCF generation, which
support solid credit protection. The Positive Outlook is supported
by the company's voluntary debt reduction over the past several
years and improving business mix. As management has exited more
transactional revenue streams, the proportion of subscription-based
revenue has increased.

These strengths are balanced against Clarivate's EBITDA leverage,
which Fitch expects will remain above 4.0x over the near to medium
term, constraining the rating. It is also uncertain when the
company will begin growing its top line.

Key Rating Drivers

Improved Forecast: Clarivate's portfolio changes have reduced
revenue and EBITDA, but Fitch expects growth in recurring revenue
and margin expansion to offset this. The company has voluntarily
reduced debt over the past two years, and Fitch expects this to
continue in 2026. Leverage was 4.3x at YE 2024 and 4.4x at YE 2025.
The temporary increase reflects management's strategy to reduce
transactional and project-based revenue.

Robust FCF: Clarivate's FCF rose to $365 million in 2025 from $320
million in 2024. Dispositions have modestly reduced EBITDA, but
Fitch expects FCF to continue to grow. Capital intensity was about
11% in 2025 and should remain in the 9% to 10% range as the company
invests in its technology platforms and machine learning
capabilities. Strong recurring revenue and EBITDA margin above 40%
support attractive FCF generation and financial flexibility.

Limited AI Disruption Risk: Clarivate's business is not at serious
risk from AI in the short term. Its proprietary data, metadata and
technology platforms support a defensible position that remains
difficult to replicate, even as machine learning and large language
models develop. Products such as its global patent information and
ProQuest research platform combine broad content, curation and
workflow tools that support customer retention and revenue
stability.

Resilient Demand: Clarivate's revenue has remained resilient
through past downturns because customers rely on its products.
Transactional revenue is declining as management exits some
segments and focuses on subscription products and recurring
revenue. Customers in academia and government account for almost
half of revenue, and scientific and technical journal subscriptions
have shown limited sensitivity to weaker macroeconomic conditions.

Diversified Relationships: Clarivate's flagship products hold
strong market positions and are embedded in customer
decision-making, supported by multi-year agreements. The company
has more than 30,000 customers in over 150 countries, including the
top 30 pharmaceutical companies by revenue and 50 global patent
offices. Relationships with the top 50 customers average more than
15 years. No customer accounts for more than 2% of revenue.

Peer Analysis

Clarivate has a leading position in information services and
analytics serving the scientific research, intellectual property
and life sciences markets. Investment-grade issuers in the data and
analytics sector operate with much larger scale, measured by both
revenue and EBITDA, and with lower leverage than Clarivate. One
example is MSCI, Inc., (BBB-/Stable) which maintains leverage below
3.5x and consistently has one of the highest margin profiles in the
peer set.

Other Fitch-rated issuers in the 'BB' category include NCR Atleos
Corporation (BB-/Rating Watch Positive), NCR Voyix Corporation
(BB/Stable), Shift4 Payments, Inc. (BB/Stable) and NIQ Global
Intelligence plc (BB-/Stable). Clarivate's EBITDA margins and FCF
margins are higher than any of these issuers, but its leverage is
also higher.

Fitch's Key Rating-Case Assumptions

- Revenue decline of about 3% in 2026 due to dispositions, with
0.5% organic revenue growth in the following years;

- EBITDA margins sustained above 40%;

- Capital intensity at 10% of revenue in line with prior years;

- Excess cash allocated to debt reduction and share repurchases.

Corporate Rating Tool Inputs and Scores

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

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

- 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.

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

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

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

- The SCP is 'bb-'.

No adjustments were made to the SCP, resulting in an IDR of 'BB-'.

RATING SENSITIVITIES

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

- Expectation for EBITDA leverage sustained above 5.0x;

- Expectation for flat to negative organic revenue growth.

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

- Expectation for EBITDA Leverage sustained below 4.0x;

- Sustained FCF margin above 12.5%;

- Expectation for sustained, positive organic revenue growth and
increasing mix of recurring revenue.

Factors that Could, Individually or Collectively, Lead to a Change
in Outlook

- Shift to more aggressive financial policy, such as using
divestiture proceeds primarily for share repurchases rather than
debt reduction.

Liquidity and Debt Structure

The company has adequate liquidity with $317 million of cash at YE
2025 and the full $775 million available on the revolving credit
facility. Fitch projects FCF to exceed $350 million in 2026,
allowing the company to reduce debt or repurchase shares.

The company has senior secured notes of approximately $920 million
maturing in 2028 and unsecured notes of approximately $920 million
maturing in 2029. All these notes are fixed rate. In January 2024,
Clarivate extended its revolving credit facility to 2029 and its
term loan to 2031.

Issuer Profile

Clarivate Plc is a leading global information services and
analytics company serving the scientific research, intellectual
property and life sciences end-markets. It provides structured
information and analytics to facilitate the discovery, protection
and commercialization of scientific research, innovations and
brands.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Camelot U.S.
Acquisition LLC     

                        LT IDR BB-  Affirmed              BB-

   senior secured       LT     BB+  Affirmed    RR1       BB+

Clarivate Plc     

                        LT IDR BB-  Affirmed              BB-

Clarivate Science
Holdings Corporation

                        LT IDR BB-  Affirmed              BB-
   senior unsecured     LT     BB-  Affirmed    RR4       BB-
   senior secured       LT     BB+  Affirmed    RR1       BB+

Camelot Finance S.A.   

                        LT IDR BB-  Affirmed              BB-
   senior secured       LT     BB+  Affirmed    RR1       BB+

CLEARSONS LIMITED: KRE Corporate Appointed as Administrators
------------------------------------------------------------
Clearsons Limited was placed into administration in the High Court
of Justice, Court Number CR-2026-001685. Paul Ellison and
Christopher Errington of KRE Corporate Recovery Limited were
appointed as administrators on March 17, 2026.

Clearsons Limited carried on a business of service activities not
elsewhere classified.

Its registered office is at The Stables, 23b Lenten Street, Alton,
Hampshire, GU34 1HG.

The Administrators can be contacted at:

  Paul Ellison  
  Christopher Errington  
  KRE Corporate Recovery Limited  
  Unit 8, The Aquarium  
  1–7 King Street  
  Reading  
  RG1 2AN  

Further information:

  Chloe Brown
  Tel: 01189 479090  
  Email: chloe.brown@krecr.co.uk  

COLINDALE PROPERTY: BTG Begbies, FRP Appointed as Administrators
----------------------------------------------------------------
Colindale Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002026. Paul Cooper of
BTG Begbies Traynor (London) LLP and David Hudson and Simon Baggs
of FRP Advisory Trading Limited, were appointed as administrators
on March 13, 2026.

Colindale Property Limited carried on a business of buying and
selling of own real estate and other letting and operating of own
or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
England, SW1W 9SA.

The Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  London  
  E14 5NR  

  -- and --

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

Further information, contact:

  Jack Thornber
  BTG Begbies Traynor (Central) LLP
  Tel: 0116 406 2965  
  Email: Jack.Thornber@btguk.com  


DIONE TOPCO: S&P Assigns 'B' Rating, Outlook Stable
---------------------------------------------------
S&P Global Ratings assigned its 'B' rating on Dione Topco Ltd.
(LRQA) and its financing subsidiary Dione Bidco Ltd. Additionally,
S&P assigned its 'B' issue rating and '3' recovery rating on the
company's EUR500 million senior secured TLB and GBP75 million
senior secured RCF. The '3' recovery rating on the debt reflects
S&P's expectation of meaningful recovery (50%-70%; rounded
estimate: 55%) in the event of a payment default.

S&P said, "The stable outlook indicates that we expect LRQA to
maintain healthy revenue and EBITDA growth in the next 12-24
months. Despite opening leverage of about 7.0x, we expect solid
demand from the mandated audit and certification cycle and
supportive regulatory requirements, as well as incremental
contributions from bolt-on acquisitions will underpin gradual
deleveraging to about 6.0x, with sustained positive free operating
cash flow (FOCF) generation in 2026-2027.

"The final ratings on LRQA are in line with the preliminary ratings
we assigned on March 2, 2026. There were no material changes to the
transaction or financial documentation compared with our original
assessment.

LRQA has refinanced its existing capital structure by issuing a new
EUR500 million senior secured TLB. This accompanies the issuance of
a new senior secured RCF of GBP75 million, which remains undrawn at
the close of transaction. As part of this transaction, LRQA intends
to use GBP70 million of the net proceeds to prefund future
acquisitions or potential shareholder remuneration. S&P said, "We
note that preference shares owned by Goldman Sachs Asset Management
and management are also present in the capital structure. We treat
these as equity and exclude them from our leverage and coverage
calculations because the instrument's terms indicate it will act as
a cushion to conserve cash and absorb any losses ahead of the
group's debt."

LRQA's established operations in a defensive industry,
characterized by high barriers of entry and regulatory tailwinds,
support our business risk profile assessment. The group is a global
assessment, inspection, and certification specialist, with a long
heritage and multi-accreditations that serve a deep base of
blue-chip multinational customers. As part of the underlying
services, the company is required to maintain a comprehensive
portfolio of accreditations, which takes time to obtain and to
build technical expertise. The group operates in a sizable and
stable sector that is principally underpinned by the mandated audit
and certification cycle. Long-term structural trends like evolving
regulatory requirements and operational complexities will
inherently raise the switching costs for repeat customers, which,
alongside the extensive accreditation ownership, will help create
entry barriers for new entrants and benefit existing service
providers like LRQA. S&P expects recurring and nondiscretionary
spending will support revenue predictability and reinforce its
business position, which benefits LRQA's credit quality.

LRQA benefits from a diversified geographical, service, end market
and customer mix. LRQA operates in about 150 countries, with 34% of
revenue coming from Europe, the Middle East and Africa (EMEA); 20%
from the U.K. and Ireland; 20% from the Americas; 14% from
Asia-Pacific; and 12% from Greater China. Through a broad service
offering in assessment and certification (52% of revenue),
inspection (28%), cybersecurity (8%), and data analytics and
advisory (12%), it serves multiple end markets including
manufacturing and construction (33% of revenue), professional
services (16%), energy and utilities (16%), food and beverage
(11%), transport (6%), consumer and retail (6%), and technology and
telecom (5%), among others. The company works with more than 33,000
clients globally, with the top 10 customers accounting for less
than 15% of revenue. In our view, the geographical, service, end
market, and customer concentration remain modest, and S&P expects
the diversification will help improve the business resilience and
enable the company to ride through peaks and troughs of the
economic cycle.

Relatively limited scale and concentration to assessment services
constrain our business risk profile. In 2025, LRQA had a pro forma
annual revenue of GBP483 million and employed over 3,500 employees.
Although the company grew significantly through organic and
inorganic strategies, it currently lacks scale and market share
relative to other rated peers and has room to seize further market
share in a sizable, fast-growing and resilient addressable market.
As part of LRQA's broad service offerings, assessment revenue
primarily relating to sales derived from independent certification
and responsible sourcing assessment accounted for over 50% of total
revenue in 2025. That said, the group has grown its inspection
business and recently diversified into complementary, adjacent
service lines including cybersecurity, and data analytics and
advisory, which are rapidly growing niches and present further
opportunities for LRQA. S&P said, "Although improving to a certain
extent, we view LRQA's scale and concentration to assessment
services as somewhat weaker compared with other sizable and more
diversified global rated peers, to which we assign a stronger
business risk profile."

Market fragmentation and service nature inherently present some
risks to industry participants. The assurance, inspection, and
certification market is highly fragmented, which naturally results
in higher competition and lower pricing power for industry
participants. That said, LRQA has a deep client base and long
tenure with low churn rate. S&P said, "Along with its established
brand and rich heritage, we expect these would help protect its
market position in a fragmented and competitive market. LRQA also
operates in a labor-intensive industry that requires highly skilled
employees. This requirement could make the company inherently
vulnerable to issues like labor market tension and wage inflation.
However, we understand LRQA has a high subcontractor capacity and
utilization, thereby enabling the business to flex the cost base
and demonstrate agility over the cost structure in the event of
demand fluctuations and seasonality trends. We also note the
assurance, inspection, and certification services can typically
expose service providers to reputational and litigation risk if
work is conducted inconsistently with regulatory standards. Having
said that, we are currently unaware of such issues and understand
LRQA has a strong reputation in the market."

Supported by ongoing strategic initiatives, LRQA is well-positioned
to deleverage and improve credit metrics in the next 12-24 months.
Following the carve-out of LRQA from Lloyd's Register, we note the
separation phase is largely complete. The company's near-term
growth priority is to progress with its key strategic agendas,
primarily through digital transformation, organizational
rationalization, and cost reduction initiatives. S&P said, "We
anticipate continued investments into client-facing digital
platforms to enhance customer experience and automated workflows to
support operational functions. For example, unified client
interfacing portal MyLRQA, proprietary data-driven platform EiQ,
and a single integrated customer relationship management tool are
some recent technological upgrades to the client engagement journey
and the company's support for operations. Together with some
headcount optimization, we expect these will provide scope for
savings and efficiency gains in indirect costs and overheads. If
these strategic initiatives are executed according to plan, we
expect LRQA to be on track to deleverage and improve its credit
metrics in 2026-2027."

S&P said, "Our assessment of LRQA's financial risk profile
considers the group's financial sponsor ownership and its tolerance
for high leverage. Since Goldman Sachs Asset Management's ownership
in 2021, LRQA has completed 12 bolt-on acquisitions, primarily
focusing on the group's separation from Lloyd's Register. We think
that LRQA will gradually ramp up its buy-and-build strategy in a
fragmented industry in the next 12-24 months. In our view, any
future acquisitions are likely to be relatively modest bolt-ons,
and we anticipate LRQA will actively pursue value-adding
opportunities in more sizable geographies like the Americas and
Asia-Pacific and in higher-growth niches in cyber and
sustainability to improve scale and diversification. If the company
identifies suitable strategic opportunities to enhance
capabilities, deepen positioning, and expand geography, we think
that these are likely to be backed by pre-funded cash on balance
sheet and facility drawings and they will be executed in a
disciplined manner. If LRQA is not able to execute on its pipeline
of merger and acquisition (M&A) opportunities, we note that GBP70
million of the net proceeds could be used instead to fund a
dividend to shareholders. Should the group's financial policy
become more aggressive, with material ongoing debt-funded
acquisitions or shareholder returns, we anticipate this would
postpone its deleveraging timeline and put downward pressure on
credit metrics and the ratings.

"The stable outlook indicates that we expect LRQA to maintain
healthy revenue and EBITDA growth in the next 12-24 months. Despite
opening leverage of about 7.0x, we expect solid demand from the
mandated audit and certification cycle, supportive regulatory
requirements, and incremental contributions from bolt-on
acquisitions will underpin gradual deleveraging to about 6.0x and
positive FOCF generation in 2026-2027."

S&P could consider lowering the rating in the next 12 months if:

-- LRQA generates negative FOCF on a sustained basis,
Funds from operations (FFO) cash interest coverage persists below
2.0x, or

-- LRQA adopts a more aggressive financial policy through
shareholder returns or significant debt-funded acquisitions that
result in leveraging not reducing to below 7.0x.

S&P said, "Although we consider an upgrade unlikely in the near
term, we could raise the rating if LRQA reduces leverage below 5.0x
and increases FFO to debt above 12%, for a sustained period. An
upgrade would also depend on the company's financial sponsors
committing to maintaining a more conservative financial policy."

DOWSON 2026-1: S&P Assigns B (sf) Rating to Class X1-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Dowson 2026-1
PLC's class A, B, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X1-Dfrd
notes. The class X1-Dfrd and X2 notes are excess spread notes. The
proceeds from the class X1-Dfrd notes are used to fund the initial
required cash reserves, the premium portion of the purchase price,
to pay certain issuer expenses and fees, and to pay any upfront
swap premium due to the swap provider.

Dowson 2026-1 is the ninth public securitization of U.K. auto loans
originated by Oodle Financial Services Ltd. S&P also rated the
first eight Dowson securitizations issued between September 2019
and November 2025.

S&P does not believe that the transaction will be affected by the
Financial Conduct Authority's (FCA's) proposed redress scheme for
missold car finance loans. The pool does not include any agreements
within the scope of the current scheme proposal.

Oodle is an independent auto and consumer lender in the U.K., with
a focus on used car financing for prime and near-prime customers.

The underlying collateral comprises fully amortizing fixed-rate
auto loan receivables arising under hire purchase (HP) agreements
granted to private borrowers resident in the U.K. for the purchase
of used and new vehicles. There are no personal contract purchase
(PCP) agreements in the pool. Therefore, the transaction is not
exposed to residual value risk.

Of the pool, 17.7% consists of multipart agreements that include
certain add-on components. These cover insurance, warranties, and
refinancing of amounts owed by the obligor under any preexisting
HP, lease, or other auto finance agreement, which is terminated by
the obligor upon entering a new agreement. The add-on components
comprise about 2.2% of the pool.

Collections will be distributed monthly with separate waterfalls
for interest and principal collections, and the notes amortize
sequentially until the subordination for the class A notes reaches
38%. After this point, the asset-backed notes will amortize pro
rata, subject to nonreversible sequential amortization triggers.

A combination of note subordination, the availability of
collateralized notes reserve fund, and any available excess spread
provides credit enhancement for the rated notes.

The class A reserve fund provides liquidity support to the class A
notes, the class B reserve fund provides liquidity support to the
class A and B notes, and the collateralized notes reserve fund
provides liquidity support and credit enhancement to the class A to
F-Dfrd notes.

Oodle is the initial servicer of the portfolio. A moderate severity
and portability risk assessment, combined with a low disruption
risk assessment, results in no cap on the transaction rating. The
transaction includes a backup servicer, Lenvi Servicing Ltd.

The assets pay a monthly fixed interest rate, and all notes pay
compounded daily Sterling Overnight Index Average (SONIA) plus a
margin subject to a floor of zero. Consequently, the notes benefit
from an interest rate swap with a fixed amortization profile, with
an option to rebalance subject to the satisfaction of certain
conditions.

S&P said, "Our structured finance operational risk and sovereign
risk criteria do not constrain the assigned ratings. We consider
the issuer to be bankruptcy remote under our legal criteria. We
have reviewed the legal opinions received, which provide assurance
that the sale of the assets would survive the seller's
insolvency."

  Ratings    
                              Available
                              Credit                      Legal
                   Amount     enhancement                 final  
  Class  Rating*  (mil. GBP)  at closing (%)§  Interest  
maturity

  
  A       AAA (sf)   222.6    35.05   Daily compounded
                                      SONIA plus 0.90%    May 2033

  B       AA (sf      34.1    25.05   Daily compounded
                                      SONIA plus 1.10%    May 2033

  C-Dfrd  A (sf)      24.7    17.80   Daily compounded
                                      SONIA plus 1.40%    May 2033

  D-Dfrd  BBB (sf)    19.6    12.05   Daily compounded
                                      SONIA plus 1.65%    May 2033

  E-Dfrd  BB (sf)     17.0     7.05   Daily compounded
                                      SONIA plus 2.50%    May 2033

  F-Dfrd  B- (sf)     23.0     0.30   Daily compounded
                                      SONIA plus 4.70%    May 2033

  X1-Dfrd†  B (sf)    29.0     0.00   Daily compounded
                                      SONIA plus 3.75%    May 2033

  X2†       NR        13.6     0.00   Daily compounded
                                      SONIA plus 4.50%    May 2033

*S&P's ratings on the class A and B notes address the timely
payment of interest and ultimate payment of principal, while its
ratings on the class C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd, and X1-Dfrd
notes address the ultimate payment of both interest and principal
no later than the legal final maturity date. S&P's ratings also
address the timely receipt of interest and full immediate repayment
of all previously deferred interest on the class C–Dfrd, D-Dfrd,
E-Dfrd, F-Dfrd, and X1-Dfrd notes when they become the most senior
class outstanding.
§Available credit enhancement comprises subordination and the
availability of the collateralized notes reserve fund. †The class
X1-Dfrd and X2 notes are excess spread notes not backed by
collateral.
SONIA--Sterling Overnight Index Average.
NR--Not rated.

LONDON PENTHOUSE: BTG Begbies, FRP Appointed as Administrators
--------------------------------------------------------------
London Penthouse (BG) Limited was placed into administration in the
High Court of Justice, Business and Property Courts of England and
Wales, Insolvency & Companies List (ChD) Court Number
CR-2026-002015. Paul Cooper of BTG Begbies Traynor (London) LLP,
and David Hudson and Simon Baggs of FRP Advisory Trading Limited,
were appointed as administrators on March 13, 2026.

London Penthouse (BG) Limited carried on a business of buying and
selling of own real estate and other letting and operating of own
or leased real estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA.

The Joint Administrators can be contacted at:

  Paul Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  London  
  E14 5NR  

  -- and --

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

For further information, contact:

  Abigail Smith
  BTG Begbies Traynor (Central) LLP
  Tel: 0161 837 1700  
  Email: MFS@btguk.com  

MERSEY VIEW: Dow Schofield Appointed as Joint Administrators
------------------------------------------------------------
Mersey View Pleasure Grounds Limited, trading as Forest Hills
Hotel, was placed into administration in the High Court of Justice,
Business and Property Courts in Manchester Insolvency & Companies
List (ChD) Court Number CR-2026-000382. Lisa Marie Moxon and
Christopher Benjamin Barrett of Dow Schofield Watts Business
Recovery LLP were appointed as joint administrators on March 17,
2026.

Mersey View Pleasure Grounds Limited carried on a business
providing hotel and leisure services.

Its registered office is at 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly Overton Hill, Frodsham,
Warrington, Cheshire, WA6 6HH).

Its principal trading address is Overton Hill, Frodsham,
Warrington, Cheshire, WA6 6HH.

The Joint Administrators can be contacted at:

  Lisa Marie Moxon  
  Christopher Benjamin Barrett  
  Dow Schofield Watts Business Recovery LLP  
  7400 Daresbury Park  
  Daresbury  
  Warrington  
  WA4 4BS  

Further information:

  The Joint Administrators
  Tel: 01928 378014
  Alternative contact: Laura Hewitt
  Email: laura@dswrecovery.com  

NORLAND PLACE: FRP Advisory, BTG Appointed as Administrators
------------------------------------------------------------
Norland Place (Flat 2) Limited was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency & Companies List (ChD) Court Number
CR-2026-002003. David Hudson and Simon Baggs of FRP Advisory
Trading Limited and Paul Cooper of BTG Begbies Traynor (London)
LLP, were appointed as administrators on March 13, 2026.

Norland Place (Flat 2) Limited carried on a business of buying and
selling of own real estate and other letting and operating of own
or leased real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA.

The Administrators can be contacted at:

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

  -- and --

  Paul Steven Cooper  
  BTG Begbies Traynor (London) LLP  
  31st Floor, 40 Bank Street  
  Canary Wharf  
  London  
  E14 5NR  

Further information, contact:

  Jack Thornber
  BTG Begbies Traynor (Central) LLP
  Tel: 0116 406 2965  
  Email: Jack.Thornber@btguk.com  



                           *********


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

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

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

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