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

                          E U R O P E

          Wednesday, May 6, 2026, Vol. 27, No. 90

                           Headlines



A U S T R I A

AMS-OSRAM AG: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


B U L G A R I A

BULGARIAN ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
FIRST INVESTMENT: Fitch Affirms 'B' IDR, Alters Outlook to Pos.


F R A N C E

BANIJAY SAS: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
EXPLEO GROUP: Fitch Lowers IDR to 'CCC+', Placed on Watch Negative
POSEIDON BIDCO: S&P Lowers ICR to 'SD' on Missed Interest Payment


I R E L A N D

ARINI EUROPEAN IX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
BLUEMOUNTAIN FUJI: Fitch Affirms 'B+sf' Rating on Class F Notes
GROSVENOR PLACE 2022-1: Fitch Puts B-sf Final Rating on F-R-R Notes
JUBILEE CLO 2016-XVII: Fitch Puts B-sf Final Rating on F-R-R Notes
KETTLES PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes



I T A L Y

DOVALUE SPA: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable


L U X E M B O U R G

MATADOR BIDCO: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable


M O L D O V A

ARAGVI FINANCE: Fitch Rates Planned Sr. Secured Eurobond 'B+(EXP)'


N E T H E R L A N D S

ABERTIS INFRAESTRUCTURE: Fitch Rates Hybrid Notes Final 'BB+'


T U R K E Y

ANADOLU ANONIM: Fitch Affirms 'BB' IFS Rating, Outlook Stable


U N I T E D   K I N G D O M

ADVANCED WASTEWATER: Leonard Curtis Appointed as Administrators
ADVANZ PHARMA: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
BARKSTON GARDENS: FRP Advisory, BTG Named as Joint Administrators
CAVERSWALL ENGLISH: Dow Schofield Appointed as Joint Administrators
CRANLEY GARDENS: FRP Advisory, BTG Named as Joint Administrators

DOWSON 2026-1: Fitch Assigns 'BB-sf' Final Rating to Class F Notes
HORSE GATE: FRP Advisory, BTG Begbies Named as Joint Administrators
ORWELL STUDIOS: FRP Advisory, BTG Appointed as Joint Administrators
PETER STREET: FRP Advisory, BTG Appointed as Joint Administrators
SATUS 2026-1: S&P Assigns BB+ (sf) Rating on Class E-Dfrd Notes

THG PLC: Fitch Affirms 'B+' Long-Term IDR, Alters Outlook to Neg.
UAL BAR & RESTAURANTS: FRP Advisory Appointed as Administrators

                           - - - - -


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A U S T R I A
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AMS-OSRAM AG: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed ams-OSRAM AG's Long-Term Issuer Default
Rating (IDR) at 'B'. The Outlook on the IDR is Stable. Fitch has
also affirmed the company's senior unsecured rating at 'B'. The
Recovery Rating is 'RR4'.

The affirmation reflects better EBITDA margins than last year
despite weak market conditions and free cash flow (FCF) that
remains under pressure from high interest costs. Fitch expects
gross EBITDA leverage and FCF to improve after using the proceeds
of divestments towards debt repayment in 2026. The Stable Outlook
reflects its expectation of sustained EBITDA margin improvement
that will support positive FCF in the medium term.

Key Rating Drivers

Asset Sales Support Deleveraging: ams-OSRAM is implementing an
accelerated deleveraging plan, including strategic actions to
generate EUR670 million of gross proceeds for debt reduction. The
company completed the sale of its entertainment and industry lamps
business to Ushio Inc. for about EUR100 million in March 2026. It
also agreed in February 2026 to sell its non-optical
analog/mixed-signal sensor business to Infineon Technologies AG for
EUR570 million. The transaction is expected to close in 2H26.

Challenges to 2026 Profitability: Profitability improved in 2025,
despite a challenging market environment and continued volatility
in automotive demand, supported by the company's efficiency
measures. Fitch-calculated EBITDA margin increased to 12.8% from
10%. However, 2026 profitability will be affected by
divestment-related effects, including the loss of earnings from
sold businesses, stranded overhead costs and higher precious metal
prices. Fitch expects EBITDA margin to fall to 11.2% in 2026.

Margins should then resume an upward trend, supported by new
cost-saving initiatives that are expected to deliver EUR200 million
of savings by 2028. Fitch expects margins to improve to 14.6% in
2027 on cost savings and pricing actions.

Put Option Timing Unclear: Outstanding minority put options on
OSRAM shares total EUR505 million. ams-OSRAM's obligation to
acquire these shares and pay the guaranteed dividend continues
until the related proceedings end. The company indicates the
proceedings could conclude in 2H26, but the exact timing remains
unclear. Fitch expects any cash settlement, if exercised, to be
covered by available cash. Fitch's rating case assumes most of the
amount will be repaid in 2026.

Deleveraging Path Sustained: ams-OSRAM's Fitch-calculated EBITDA
leverage reached 6.3x at end-2025, above its prior estimate of
5.9x, after the tap issue in July 2025 was used to partly repay its
2027 convertible bond, while its 2025 convertible bond was repaid
with available cash. Fitch expects leverage to fall to 5.5x at
end-2026, as the company repays the remaining 2027 convertible bond
with asset sale proceeds, and to below 4.0x at end-2027 as EBITDA
improves on cost savings.

Peer Analysis

ams-OSRAM's closest peer in the diversified industrials sector is
BE Semiconductor Industries N.V. (BB+/Stable), which also has high
technology content in its end-products. BE Semiconductor Industries
is less diversified, but has far stronger profitability and
financial profile than ams-OSRAM.

The deleveraging trajectory of ams-OSRAM is better than Flender
International GmbH (B+/Stable), but Fitch expects the former to
have much weaker FCF than Flender and BE Semiconductors.

Fitch’s Key Rating-Case Assumptions

- Revenue to decrease in 2026 due to divestments, followed by low
single-digit increases in 2027-2029

- EBITDA margin to decline in 2026, due to divestments, before
rising to around 16% in 2028, driven by enhanced pricing strategies
and cost saving measures

- Capex at 7% of revenue a year for 2026-2029

- No common dividend payments to 2029

- Gross divestment proceeds of EUR670 million used for
deleveraging

- Repayment of 90% of put options in 2026 and the rest in 2027 with
available cash

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'b'.

To derive the IDR: no other considerations were applied.

Recovery Analysis

Key Recovery Rating Assumptions

The recovery analysis assumes that ams-OSRAM would be considered a
going concern (GC) in bankruptcy and that it would be reorganised
rather than liquidated.

Its GC value available for creditor claims is estimated at about
EUR1.3 billion, assuming GC EBITDA of EUR320 million, down from
EUR330 million in its previous forecast. The revision of the GC
EBITDA reflects the divestment of assets.

Fitch assumes a 10% administrative claim.

Fitch applies an enterprise value (EV) multiple of 5x to GC EBITDA
to calculate a post-reorganisation EV. The multiple is based on
ams-OSRAM's good market position and geographical diversification,
long-term cooperation with customers and sound supplier
diversification. However, the EV multiple also reflects
concentration in the automotive segment.

Fitch deducts about EUR60 million from the EV, due to ams-OSRAM's
use of factoring facilities in 2025, adjusted for a discount, in
line with Fitch's criteria.

Fitch estimates the total amount of senior debt claims at EUR3.3
billion, as of end-2025, comprising EUR1.7 billion of senior
unsecured notes, above EUR500 million convertible bond (after
EUR192 million partial repayment in January 2026), EUR167 million
of bank loans, EUR800 million of revolving credit facility (RCF)
and EUR65 million of reverse factoring.

The allocation of value in the liability waterfall results in
recoveries corresponding to 'RR4' for unsecured debt and debt
rating aligned with the IDR.

RATING SENSITIVITIES

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

- Negative FCF margin throughout the cycle

- Gross debt/EBITDA consistently above 6.0x

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

- Neutral to positive FCF on a sustained basis

- Gross debt/EBITDA below 5.0x

- Improved diversification of the customer base

Liquidity and Debt Structure

Liquidity is supported by Fitch-adjusted cash balance of EUR1.4
billion at end-2025 (Fitch restricts EUR100 million to account for
working capital volatility) and an EUR800 million RCF, of which
EUR672 million was unused at end-2025. The RCF matures in September
2027.

Issuer Profile

Austria-based ams-OSRAM designs and manufactures semiconductor
sensor and emitter components and high-performance sensor solutions
for applications requiring the highest level of miniaturisation,
integration, accuracy, sensitivity and less power.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for ams-OSRAM.

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
   -----------               ------          --------   -----
ams-OSRAM AG           LT IDR B  Affirmed               B

   senior unsecured    LT     B  Affirmed     RR4       B



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B U L G A R I A
===============

BULGARIAN ENERGY: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
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Fitch Ratings has affirmed Bulgarian Energy Holding EAD's (BEH)
Long-Term Issuer Default Rating (IDR) and senior unsecured rating
at 'BB+'. The Outlook is Stable.

The rating reflects BEH's position as a leading integrated operator
in electricity and gas in Bulgaria. It also reflects its gradually
rising leverage by 2028, but still commensurate with the rating,
due to large capex and dividends and Fitch's conservative
assumptions for operating cash flow. These assumptions reflect
limited visibility on gas transit volumes from November 2027 due to
the EU ban on Russian pipeline gas. BEH's leverage may rise further
from 2030 following the launch of the main construction phase of
two new nuclear units, unless considerable support is provided for
this project by the Bulgarian state, for example through capital
injections.

The IDR continues to reflect a one-notch uplift to reflect
government support (Bulgaria: BBB+/Stable), based on its
Government-Related Entities (GRE) Rating Criteria.

Key Rating Drivers

Strong Market Position: BEH is the largest utility in Bulgaria with
an integrated business profile. Its operations include electricity
generation from nuclear, lignite and hydro power plants, with a
fairly low average carbon exposure. The group is also active in
lignite mining, electricity transmission, and gas transmission,
transit and supply.

Russian Gas Ban Risk: The EU ban on Russian pipeline gas from
November 2027 will weaken BEH's gas transmission subsidiary,
Bulgartransgaz. Contracts for Russian gas transit to Romania,
Greece, North Macedonia and Serbia run to 2030, with capacity
reservations to 2039, and account for more than 80% of
Bulgartransgaz's revenue. Fitch conservatively assumes transit to
EU countries will stop after the ban, with flows continuing only to
Serbia and North Macedonia. Bulgartransgaz's EBITDA could fall
sharply, even to about 25% of its current level, unless other
suppliers replace these volumes.

Nuclear Project to Raise Leverage: Fitch assumes BEH's debt and
leverage will rise when the main construction phase of two new
nuclear units (up to 1,200MW each) starts from 2030, unless
considerable support is provided by the state, for example through
capital injections. BEH has started preparatory works for the
plants' construction. The final investment decision is likely to be
made by end-2026.

Normalised EBITDA: BEH's EBITDA normalised at BGN1.3 billion in
2025, from BGN1.5 billion in 2024, in line with Fitch's
expectations. Fitch expects it to remain broadly flat in 2026-2027,
supported by electricity sales at market prices following
liberalisation in July 2025, although benefits will remain capped
by the contributions paid to the Security of Electricity System
Fund (SESF). Fitch expects BEH's EBITDA will be weighed down by
BEH's underperforming gas supply and lignite mining. Fitch assumes
EBITDA to sharply decline to about BGN0.9 billion in 2028-2029,
following the EU ban on Russian gas, if the lost volumes are not
replaced by other non-Russian suppliers.

Weak Results at Lignite Mine: According to preliminary 2025 data,
the lignite mine generated negative EBITDA of BGN174 million,
similar to 2024 levels, and Fitch projects it to remain negative in
2026-2029. This is due to a downturn in local thermal power plants
utilisation within the Maritsa East complex — driven by the
expiry of purchasing power agreements (PPAs), high CO2 prices, and
intensifying competition from renewables - and also the sale prices
of lignite remaining administratively capped.

Gas Supply: Preliminary 2025 results show that Bulgargaz continued
to post negative EBITDA of BGN225 million, which Fitch projects to
gradually improve, but remain negative over 2026-2029. Bulgargaz
generates positive gross profit across most of its business
segments, but the results are weighed down by some booked,
underutilised capacities under some of its contracts.

Rise in Leverage in 2029: BEH's funds from operations (FFO) net
leverage rose to 1.5x in 2025, based on preliminary data, from 1.1x
in 2024, and Fitch forecasts it may reach 3.8x in 2028. Higher
leverage will be driven by annual capex averaging BGN1.3 billion,
including preparatory work for the nuclear project, and a 100%
dividend payout from BEH's standalone accounts in line with its
stated policy. Leverage will continue to rise after 2028 if the
construction phase of the nuclear units begins, unless the
Bulgarian state provides substantial support, such as capital
injections.

One-Notch Uplift for Support: Fitch has 'Strong Expectations' of
state support for BEH under its GRE criteria, backed by an overall
support score of 25 points out of a maximum of 60, resulting in a
one-notch uplift for the IDR from the Standalone Credit Profile
(SCP).

Responsibility to Support: Fitch assesses decision-making and
oversight as 'Very Strong' because the Bulgarian state is BEH's
ultimate shareholder (100% of shares), approves its strategy and
business plan, and tightly controls its operations. Fitch views the
precedents of support as 'Strong', based on the government's
guarantees for 12% of BEH's debt at end-2024 (10%-15% under Fitch's
rating case), preferential state loans (also for covering
working-capital needs), and regulatory support.

Incentive to Support: Fitch assesses the preservation of government
policy role as 'Strong', given BEH's crucial role in the security
of gas supply in Bulgaria, in implementing the state's strategy to
diversify gas supplies to Bulgaria, and key role in the national
green energy transformation, partly through the new nuclear plants.
Fitch does not expect material contagion risk, as a default by BEH
should not have major implications for the government's ability to
issue new debt or its cost of debt, particularly in view of the
group's low debt amount.

Peer Analysis

BEH's integrated business structure and strategic position in the
domestic market makes the group comparable to some of its central
European peers, such as MVM Zrt. (BBB/Negative) and PGE Polska
Grupa Energetyczna S.A. (BBB/Stable). Other peers include
Energo-PRO, a.s. (BB-/Stable), Eastern European Electric Company
B.V. (EEEC; BB/Stable) and Eurohold Bulgaria AD (B/Rating Watch
Negative).

Fitch expects the Bulgarian electricity market liberalisation,
alongside its integration with neighbouring countries' energy
markets, should improve transparency and limit any potential market
interference.

In contrast to peers such as ENERGO-PRO or Eurohold Bulgaria, some
deficiencies in BEH's corporate governance do not lead to a
negative adjustment to its SCP.

BEH's rating includes a one-notch uplift from its SCP to reflect
links with the sovereign, which is not the case for MVM and PGE.

Fitch’s Key Rating-Case Assumptions

- Regulated prices to households to be maintained in 2026-2029,
alongside contributions paid by BEH's generation companies to the
SESF due to capped energy selling prices

- Group EBITDA averaging BGN1.2 billion-1.3 billion annually in
2026-2027 and about BGN0.9 billion in 2028-2029

- Total capex of about BGN5.3 billion over 2026-2029

- Dividends at 100% of net income of BEH's individual statements
during 2026-2029, averaging an annual payout of about BGN300
million

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the year 2025, 20% for
the forecast year 2026, 20% for the forecast year 2027, 20% for the
forecast year 2028 and 20% for the forecast year 2029.

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

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

- The SCP is 'bb'.

To derive the IDR:

- Application of Fitch's GRE Rating Criteria results in a(n)
bottom-up +1 approach.

RATING SENSITIVITIES

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

- Weaker SCP, for example due to FFO net leverage exceeding 4.5x on
a sustained basis, increased regulatory and political risk, or
insufficient liquidity

- Weaker links with the Bulgarian state

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

- Stronger SCP due to FFO net leverage falling below 3.5x on a
sustained basis, and supported by an internal corresponding
leverage target, lower regulatory and political risk, higher
earnings predictability, and better corporate governance

- Adequate visibility on the funding structure of the new nuclear
power units

- Further tangible government support to BEH, such as additional
state guarantees materially increasing the share of
state-guaranteed debt, or cash injections, which would link BEH's
credit profile more closely with Bulgaria's stronger credit
profile

- Upgrade of Bulgaria's IDR

Liquidity and Debt Structure

Preliminary results at end-2025 indicated that BEH had an available
cash balance of BGN2,784 million against BGN1,017 million of
Fitch-projected negative free cash flow in the next 12 months.
Fitch expects the remaining available liquidity sources to be
sufficient to cover BEH's bank debt maturities of about BGN241
million throughout 2026. The next major maturity is in 2028.

Issuer Profile

BEH is a 100% state-owned, integrated utility operating in
Bulgaria. The group is involved in electricity generation,
electricity transmission, gas transmission and transit, public
supply of gas and lignite mining.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

ESG Considerations

BEH has an ESG Relevance Score of '4' for Financial Transparency
due to a qualified audit opinion and lower financial transparency
than EU peers', which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.

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

   Entity/Debt                  Rating           Recovery   Prior
   -----------                  ------           --------   -----
Bulgarian Energy
Holding EAD            LT IDR    BB+  Affirmed              BB+
                       LC LT IDR BB+  Affirmed              BB+

   senior unsecured    LT        BB+  Affirmed    RR4       BB+

FIRST INVESTMENT: Fitch Affirms 'B' IDR, Alters Outlook to Pos.
---------------------------------------------------------------
Fitch Ratings has revised First Investment Bank AD's (Fibank)'s
Outlook to Positive from Stable, while affirming its Long-Term
Issuer Default Rating (IDR) at 'B' and Viability Rating (VR) at
'b'.

The Positive Outlook reflects progress in reducing Fibank's stock
of problem assets, mostly impaired loans, while foreclosed assets
and investment properties prove harder to work out, resulting in
falling capital encumbrance by unreserved problem assets. This
eases pressures on the bank's business and risk profiles while
profitability is still vulnerable to large impairments.

The Outlook revision also considers its expectation that the bank
will continue to reduce the stock of problem assets while the
seasoning of recent high loan growth will not give rise to asset
quality risks, supported by the bank's adjusted underwriting
standards and Bulgaria's resilient economic growth prospects.

Key Rating Drivers

Asset Quality, Capital Drive Ratings: Fibank's ratings reflect the
bank's still weak asset quality and high capital encumbrance by
unreserved problem assets, albeit with signs of improvement. This
weighs on its assessment of business and risk profiles and
operating profitability, as the latter is vulnerable to higher
impairment requirements. This is balanced against a reasonable
domestic franchise and adequate funding and liquidity.

Operating Environment to Improve: Bulgaria's eurozone accession
completed on 1 January 2026 should improve the operating
environment for its domestic banks, strengthen the institutional
framework and its resilience, and reinforce prospects for continued
profitable operations. The accession strengthened banks' already
good liquidity and provide flexibility for contingency planning.
Business prospects are underpinned by Bulgaria's solid economic
performance, reflected in rising income levels, significant
structural improvements in asset quality, and materially reduced
sector fragmentation.

Constrained Business Model: Fibank's business profile is negatively
affected by a high, but reducing, share of problem assets (which
include impaired loans, net foreclosed assets and property
investments) limiting its flexibility to fully capture market
growth opportunities and improve profitability. Fibank is
Bulgaria's fifth-largest bank, with an 8% share of sector assets at
end-2025.

Risk Profile Slowly Improving: Fibank's risk profile is benefiting
from gradual improvements in asset quality and falling capital
encumbrance to unreserved problem assets, combined with more
prudent underwriting. However, recent loan growth remains untested
and currently benefits from Bulgaria's resilient operating
environment. Risk concentration levels remain high but is contained
as new lending is more retail-focused.

High Level of Problem Assets: Fibank's impaired loans ratio fell
460bp to 8% at end-2025, and Fitch expects it to decrease further
to below 6% by end-2027, mostly through organic reduction and
continued solid loan growth. Reserve coverage of impaired loans is
considerably weaker than peers but improved to close to 50% at
end-2025. However, the still large stock of foreclosed assets and
investment properties is difficult to resolve, weighing on asset
quality.

Fitch estimates that the problem assets ratio reduced to 17.8% at
end-2025 from 22.5% at end-2024, which remains higher than peers'.
The adequate quality of other earning assets, consisting of cash
and equivalents and investment-grade securities portfolio, supports
its assessment of Fibank's asset quality.

Impairments Weigh on Profitability: Fitch expects Fibank's
profitability metrics to moderately improve over 2026-2027 due to
large liquidity release from unremunerated mandatory reserves,
solid growth of business volumes and only modest reduction in
margins. Fitch expects continued effort to reduce impaired loans,
including through write-offs and improved reserve coverage, to
continue to weigh on Fibank's earnings and their stability. The
operating profit/risk-weighted assets ratio, excluding positive
impact of revaluation of investment property, weakened to 1.2% in
2025 from 1.6% in 2024, on higher combined loan impairment charges
and bond valuation adjustments.

Vulnerable Capitalisation: The bank's common equity (CET 1) Tier 1
ratio improved to 18.3% at end-2025 (with only 1H25 profit
included). Unreserved impaired loans reduced to 23.6% of CET 1
(2024:47.5%). However, capital encumbrance to unreserved impaired
loans, foreclosed assets and investment property were about 93% of
the bank's CET1 capital at end-2025. This is lower than in the past
but still renders capital ratios vulnerable to problem asset
valuation and asset quality risks. Fitch expects capital
encumbrance to gradually decline as the bank works out problem
assets and required impairment charges stabilise, contributing to
internal capital generation stability.

Funding/Liquidity Rating Strength: The bank's funding relies on
customer deposits that fully fund its loans. Customer deposits are
granular, and liquidity buffers provide strong coverage of Fibank's
refinancing needs. The bank remains comfortably self-funded and met
its minimum requirement for own funds and eligible liabilities at
end-2025, despite non-frequent access to international wholesale
markets.

Rating Sensitivities

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

Fitch could revise the Outlook to Stable if Fitch no longer expects
Fibank's asset quality to improve, particularly if reduction in
impaired loan ratio is lower than anticipated, which would keep
capital encumbrance to unreserved problem assets at high levels.

The ratings could come under pressure if Fibank fails to improve
asset quality, illustrating structural weaknesses in working out
problem assets. This would also challenge the bank's business model
and risk appetite in attracting new business and its financial
flexibility to increase the coverage of problem assets to reduce
sustainably capital encumbrance to unreserved problem assets. A
deterioration of the bank's CET 1 ratio towards minimum regulatory
requirement (currently set at 13.96%) on a sustained basis could
also lead to negative rating action.

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

The Positive Outlook on Fibank's Long-Term IDR indicates that an
upgrade is likely if the bank continues to reduce its problem
assets, while maintaining reasonable profitability and
capitalisation. The latter includes a sustained reduction of
capital encumbrance by unreserved impaired loans. Higher earnings
stability, though more predictable and lower impairment charges,
would also be positive for ratings.

The ratings of banks operating in developed resolution regimes
could be affected if Fitch's 'Exposure Draft: Bank Rating Criteria'
is implemented as proposed upon conversion into final criteria.

No Government Support: Fibank's Government Support Rating (GSR) of
'ns' (no support) expresses Fitch's opinion that, although
potential sovereign support for the bank is possible, it cannot be
relied on. This is underpinned by the EU's Bank Recovery and
Resolution Directive, transposed into Bulgarian legislation, which
requires senior creditors to participate in losses, ahead of a bank
receiving sovereign support.

An upgrade of the GSR would most likely result from a positive
change in Bulgaria's propensity to support domestic banks. While
not impossible, Fitch believes this is highly unlikely in light of
the existing resolution legislation.

VR ADJUSTMENTS

The operating environment score of 'bb+' is below the 'bbb'
category implied score due to the following adjustment reason(s):
level or growth of credit (negative).

The business profile score of 'b' is below the 'bb' category
implied score due to the following adjustment reason(s): business
model (negative).

The earnings and profitability score of 'b' is below the 'bb'
category implied score due to the following adjustment reason(s):
earnings stability (negative).

The capitalisation and leverage score of 'b' is below the 'bb'
category implied score due to the following adjustment reason(s):
reserve coverage and asset valuation (negative).

ESG Considerations

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

   Entity/Debt                       Rating          Prior
   -----------                       ------          -----
First Investment
Bank AD             LT IDR             B  Affirmed   B
                    ST IDR             B  Affirmed   B
                    Viability          b  Affirmed   b
                    Government Support ns Affirmed   ns



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

BANIJAY SAS: Fitch Affirms 'B+' Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Banijay S.A.S's Long-Term Issuer Default
Rating (IDR) at 'B+' with a Stable Outlook. Fitch has also affirmed
the company's senior secured debt at 'BB-' with a Recovery Rating
of 'RR3'.

The planned merger with All3Media supports Banijay's SCP and should
reinforce its leading market position and scale while balancing its
high, albeit stable, leverage profile, which would translate into
greater flexibility within its current rating. The company remains
focused on high-quality unscripted content, which supports strong
operating cash flow, with lower working capital and capex
requirements. However, these are offset by high interest payments,
which weaken interest coverage and Fitch-defined pre-dividend free
cash flow (FCF).

Banijay's IDR benefits from a one-notch uplift from its Standalone
Credit Profile (SCP) of 'b'.

The Stable Outlook reflects Fitch's view that Banijay's credit
metrics (pro forma for All3Media) will remain consistent with a 'b'
SCP.

Key Rating Drivers

Merger Enhances Business Profile: The proposed merger of Banijay
and All3Media, announced in early March 2026, will reinforce
Banijay's position as the leading independent content producer,
with a combined content library of more than 260,000 hours. The
transaction will increase revenue from English-language content to
about 36% from about 27%. The addition of Little Dot Studios will
enhance IP monetisation on digital platforms. As part of the
transaction, RedBird IMI (All3Media's shareholder) will make a
EUR625 million equalisation payment to Banijay Group. The
transaction remains subject to regulatory and anti-trust approval
and is expected to close in Autumn 2026.

Transaction Offers Deleveraging Potential: Banijay's Fitch-defined
net leverage was 5.7x at end-2025. Fitch expects standalone
leverage to rise to 6.0x in 2026. Fitch believes the merger will
have a positive effect on the combined financial structure as
All3Media's standalone leverage is lower than Banijay's. The
transaction will not be directly funded with additional debt, but
with a planned exceptional dividend of EUR171 million to Banijay
Group funded with debt, which should not materially increase
leverage. Fitch forecasts pro forma leverage at 5.6x in 2026,
remaining at about 5.5x in 2027-2029, providing financial headroom
for the rating.

Margin Normalisation Expected: The company-defined EBITDA margin
increased to 16.6% in 2025, due to higher top-line growth, driven
by high margin deliveries and a favourable revenue mix. Fitch
expects the standalone margin to normalise and remain at about 15%
in 2026-2030. Banijay is working on cost optimisation, supported by
the gradual integration of AI for post-production editing, data
analysis and curated content production, offering potential for
margin accretion. Pro forma, the company will also benefit from
All3Media's slightly higher margin, with Fitch-defined EBITDA
margin trending at about 12.9% in 2026-2028, versus about 12.5%
standalone.

Positive Pre-Dividend FCF: Banijay's FCF is supported by strong
operating cash flow, fairly low and stable working capital
(adjusted for factoring) and modest non-discretionary capex,
despite high cash interest costs. This allows Banijay to make
dividend payments to Banijay Group. Banijay retains some
flexibility to reduce dividends, as the parent has no debt and
access to cash flow from other investments. However, Banijay's
dividends drove negative post-dividend FCF over 2023-2025.
Therefore, an aggressive upstreaming of dividends that leads to
consistently negative post-dividend FCF, combined with high
leverage, could be negative for the rating.

Manageable Secular Shifts: Banijay remains supported by growing
demand from streaming platforms, including free ad-supported
channels, partly offsetting structural weakness in linear
broadcasting. A high proportion of unscripted but popular shows,
localised content and a deep catalogue support resilience across
delivery platforms. However, Fitch has conservative assumptions on
free-to-air broadcaster demand following weaker trading and
continued economic uncertainty. Advertising trends in linear TV are
becoming harder to predict and more volatile. Diversification
across platforms therefore remains critical.

Additional M&A Likely: Banijay has been highly acquisitive over the
past 10 years, with M&A targeted at expanding production
capabilities and diversifying revenue streams into allied media
segments. Fitch believes Banijay will remain acquisitive due to its
desire to become a consolidator and broaden its reach in a market
that has recently had multiple M&A transactions in the US and
Europe. Fitch believes the long-term partnership between Banijay
Group and RedBird IMI, with no call or put option for either party,
provides stability and funding options for the combined company to
undertake further M&A.

PSL Assessments Unchanged: Its assessments under its Parent and
Subsidiary Linkage Rating Criteria are unchanged despite Banijay
Group's pro forma ownership falling to 50% from 100%. Fitch
assesses the legal and operational incentives for Banijay Group to
support Banijay as 'Low', with no operational overlap and no
cross-defaults or guarantees between the two entities, and assess
the strategic incentives to support as 'Medium'. Banijay is a
material asset to the group, providing diversification, a
competitive advantage and moderate growth prospects in a mature
industry. This leads to an overall bottom-up approach where
Banijay's 'B+' IDR is notched up once from its 'b' SCP.

Stronger Parent; Weaker Subsidiary: Fitch views the consolidated
business profile of Banijay Group as broadly corresponding to the
low end of the 'bb' range. Banijay Group's larger scale and
business diversification are constrained by regulatory oversight at
Banijay Gaming. However, the consolidated profile benefits from the
stronger financial structure and financial flexibility at Banijay
Gaming. In its view, Banijay's deleveraging is sensitive to the
parent's dividend policy. Banijay Group's financial policy aims for
about 2.0x group-defined net debt/adjusted EBITDA by 2029.

Peer Analysis

Banijay's direct peers include Mediawan Holding SAS (B/Stable) and
Lions Gate Entertainment Corp., and integrated media businesses
such as ITV Studios - part of ITV plc (BBB-/Stable) - and Fremantle
Limited - part of RTL Group.

Banijay benefits from greater scale, better geographic
diversification and tailored local content with a greater
proportion of non-scripted content than its studio peers,
supporting lower operating volatility and stable cash flow.
Mediawan has a smaller scale and a higher share of scripted
content. Its leverage thresholds are lower than Banijay's at the
same SCP.

ITV Studios is comparable to Banijay, although it produces a higher
share of scripted content. The wider group has weaker geographic
diversification and is directly exposed to secular challenges in
linear broadcasting. This is balanced by a strong market position
in the UK as a vertically integrated public service broadcaster,
stronger financial flexibility and significantly lower leverage.

Fitch’s Key Rating-Case Assumptions

On a standalone basis:

- Revenue growth of 4% in 2026, followed by 3% in 2027-2029

- Fitch-defined EBITDA margin at about 12.5% in 2026-2029,
including adjustments of about EUR30 million for recurring cash
outflows related to staff incentive programmes and EUR10 million of
restructuring costs

- Working-capital outflows of 1% of revenue in 2026 and 2% of
revenue in 2027-2029

- Capex at 3% of revenue in 2026-2029

- Common dividends of about EUR30 million a year in 2026-2027,
increasing to EUR40 million in 2028 and EUR50 million in 2029

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer on a standalone basis as follows, using its
Corporate Rating Tool to produce the SCP:

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

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

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

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

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

- The SCP is 'b'.

To derive the IDR:

- Application of Fitch's Parent and Subsidiary Linkage Rating
Criteria results in a bottom up +1 approach.

Recovery Analysis

Fitch assumes that on a standalone basis Banijay would be
reorganised as a going concern (GC) in distress or bankruptcy
rather than liquidated. Fitch estimates post-restructuring EBITDA
at EUR337 million, in the event of weaker demand for non-scripted
formats and increasing price pressures. A distressed enterprise
value multiple of 6.0x is applied to GC EBITDA to calculate a
post-restructuring valuation.

Fitch deducts 10% for administrative claims before allocating an
enterprise value of EUR1.82 billion, according to the liability
waterfall.

Fitch deducts EUR195 million of local production facilities ranking
before Banijay's senior secured debt. Fitch expects its EUR170
million revolving credit facility to be fully drawn in the event of
default, ranking equally with its senior secured notes and term
loans.

The issuer also has EUR245 million of off-balance-sheet committed
factoring, of which EUR221 had been used at end-2025. Fitch
considers that they would remain in place in distress and therefore
excludes them from the cash flow waterfall. The facilities are
secured by low-counterparty-risk receivables and tax credits
associated with content creating. The company uses these dedicated
facilities to bridge the timing differences between content
creation outflows and associated receipts. Fitch continues to
include factoring in its leverage calculations.

Based on current metrics and assumptions, its waterfall analysis
generates a rating of 'BB-'/'RR3'. Fitch does not expect a change
in the senior secured rating after the transaction, subject to the
final capital structure.

RATING SENSITIVITIES

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

- EBITDA net leverage above 6.0x and EBITDA leverage above 6.5x on
a sustained basis

- EBITDA interest coverage consistently below 2.5x

- Weakening FCF towards break-even or negative territory

- Deterioration of EBITDA because of failure to renew leading
shows, an increase in competition, or inability to control costs

- Weaker links between Banijay Group and Banijay, with reduced
incentives to support Banijay

- An overall weaker consolidated credit profile of Banijay Group,
so that the parent's consolidated credit profile is no longer
stronger than Banijay's SCP

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

- EBITDA net leverage below 5.0x and EBITDA leverage below 5.5x on
a sustained basis, together with visibility on the use of its large
cash balance

- Continued growth of EBITDA and FCF, with continued demand for
non-scripted and scripted content without a significant increase in
competitive pressure

- Stronger legal, strategic or operational incentives for Banijay
Group to support Banijay

- EBITDA interest cover sustained above 3.2x

- Sustained low single-digit FCF margins

Liquidity and Debt Structure

Banijay had cash and cash equivalents of EUR264 million at
end-2025. Banijay also has access to an undrawn EUR170 million
revolving credit facility. This provides satisfactory liquidity for
working-capital requirements, earn-outs and M&A opportunities.

Following the repayment of the unsecured notes in March 2025, the
next debt maturity will be in March 2028, when its senior secured
term loans mature. The merger with All3Media will not trigger a
change-of-control clause for Banijay's debt instruments.

Issuer Profile

Banijay is the largest independent content producer and distributor
globally. It is home to over 130 production companies across 25
territories and has a multi-genre catalogue boasting over 225,000
hours of original programming.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

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
   -----------              ------           --------   -----
Banijay
Entertainment SAS

   senior secured     LT     BB- Affirmed     RR3       BB-

Banijay S.A.S.        LT IDR B+  Affirmed               B+

Banijay US
Holding, Inc.

   senior secured     LT     BB- Affirmed     RR3       BB-

EXPLEO GROUP: Fitch Lowers IDR to 'CCC+', Placed on Watch Negative
------------------------------------------------------------------
Fitch Ratings has downgraded Expleo Group's Long-Term Issuer
Default Rating (IDR) to 'CCC+' from 'B-' and placed the IDR on
Rating Watch Negative (RWN). Fitch has also downgraded Expleo's
EUR610 million senior secured term loan B (TLB) to 'CCC+' from 'B-'
with a Recovery Rating of 'RR4' and placed it on RWN.

The downgrade reflects its assessment of Expleo's tight liquidity,
despite the announced amend-and-restatement (A&R) transaction to
extend the maturity of its EUR110 million drawn revolving credit
facility (RCF), due in March 2027, and its TLB, due in September
2027, by 2.5 years. The A&R is subject to non-core asset disposals
by September 2026 and, therefore, execution risk, while the
company's underlying performance remains broadly in line with its
previous expectations for recovery after 2026 supporting its view
of the business model as 'intact'.

Fitch expects Expleo's planned disposals to reduce debt and improve
liquidity in the coming months, based on one agreed disposal and
others at an advanced stage of the sales process. If progress on
these initiatives is made, Fitch may remove the RWN. Evidence of
performance recovery in line with its rating case would support
rating upside. Should Fitch believe the disposals will not be
realised by September 2026, Fitch may downgrade the ratings
further, as indicated by the RWN.

Key Rating Drivers

Refinancing Risks; Uncertain Disposals: Fitch still views Expleo's
refinancing risks as high, despite the announced A&R, although
Fitch expects operational improvement to support its key credit
metrics from 2027. Mitigating these risks largely depends on
Expleo's ability to reduce leverage though disposals. The company
is at an advanced stage in several asset disposals, but, in its
view, the process has been slow and the outcome remains uncertain
in terms of timing and size. Fitch aims to resolve the RWN based on
progress with disposals and refinancing, or the lack thereof.

Fitch does not believe the A&R, on its current terms, would
constitute a distressed debt exchange under Fitch's Corporate
Rating Criteria. The asset disposals required by the transaction
would have a positive impact on the company's liquidity and access
to alternative financing and, therefore, the second condition of
distressed debt exchange recognition - that the restructuring has
the effect of allowing the issuer to avoid an eventual probable
default - is unlikely to be met.

Negative FCF to Recover: Expleo's historically negative free cash
flow (FCF) resulted in weaker liquidity and heavy use of its RCF
and factoring facilities. Fitch acknowledges that FCF has improved
due to better working-capital management and lower capex, which
Fitch expects to reverse to negative FCF in 2026, mainly due to
continued restructuring costs. Assuming no additional macroeconomic
challenges and progress with disposals and refinancing, Fitch
expects EBITDA recovery to support FCF improving to
neutral-to-positive in 2027-2028. Fitch also expects leverage to
decline gradually after spiking to 7.8x at end-2025, averaging 6.5x
through 2028.

Sustained Revenue Contraction: Fitch expects Expleo's revenue,
which decreased further in 2025, to start recovering in 2026, but
its rating case reflects a further decline due to expected
disposals. The company continues to face volume pressure in its
core French, UK and German markets, which generated 74% of 2025
revenue, amid a challenging macroeconomic environment. In addition,
Fitch expects continued weakness in the automotive and
transportation sectors, which account for about a third of Expleo's
2025 revenue.

Weaker Profitability to Recover: Fitch forecasts Expleo's EBITDA
margin, which fell to 7.8% in 2025 from 8.3% in 2024, to average
about 9% through 2028, supported by cost restructuring and assuming
disposals. However, execution risk remains, as Expleo's ability to
absorb costs in case of revenue underperformance is limited by high
personnel costs (about 68% of 2025 revenue).

Peer Analysis

Expleo is an engineering, consulting and technological services
company, characteristics that differentiate it from several general
IT services companies. Fitch, therefore, focuses on the
characteristics of the broader portfolio of business services
issuers rather than niche-specific peers. These include moderate
recurring revenue streams with a stable customer base, greater
geographic concentration in its local market, defensible market
positions and reputational value, a growth strategy predominantly
dependent on bolt-on acquisitions and high but sustainable
leverage.

Expleo's business size is comparable to that of peers, such as
property management service provider Emeria SASU (B-/Negative) and
Polygon Group AB (B-/Negative). Across a broad universe of
Fitch-rated business services companies, Expleo's average EBITDA
margin of 8.4% remains modest. This reflects the successful
implementation of Expleo's restructuring and the inherent benefits
of its asset-light business model.

Fitch’s Key Rating-Case Assumptions

- Revenue to stabilise by 2027, followed by 5.8% growth in 2028

- EBITDA margin to trend to about 9% on business refocus and
restructuring

- Cash interest paid at an average of EUR53 million with EURIBOR
interest rate as per Fitch's latest Global Economic Outlook

- Working-capital outflow at an average of 0.6% of revenue from
2026 to 2028

- Capex to remain modest at about 1.0% of revenue until 2028

- Historical convertible bonds to continue capitalising interest at
9% to 2028, which is treated as equity-like under its criteria

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'ccc+'.

Recovery Analysis

- The recovery analysis assumes that Expleo would be reorganised as
a going concern (GC) in a bankruptcy, rather than liquidated in a
default

- A 10% administrative claim

- Fitch's GC EBITDA of EUR92 million reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level, on which Fitch bases
the enterprise valuation (EV), and follows a conservative approach
to Expleo's newly introduced restructuring programme strategy

- An EV multiple of 5.0x EBITDA is applied to GC EBITDA to
calculate a post-reorganisation EV

- The multiple of 5.0x reflects Expleo's business model as a
multi-specialist provider of engineering, technology and consulting
services relative to other business services companies, which are
mainly focused on general IT services. It is further supported by a
strong niche market position and well-known investment-grade
customer base

- The waterfall analysis consists of super senior factoring, with
its highest outstanding amount of EUR130 million in 2025. Its
senior secured EUR115 million RCF is fully drawn
post-restructuring, alongside a senior secured TLB and overdraft
facility drawn by EUR4.5 million

- These assumptions result in a recovery rate for the senior
secured instrument within the 'RR4' range, resulting in the
instrument rating being equalised with the IDR

RATING SENSITIVITIES

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

- Delay in disposals, debt reduction or refinancing

- Weaker-than-expected operating performance, negative FCF and
tightening liquidity headroom

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

- Successful execution of planned disposals with debt reduction,
and progress with refinancing

- Performance improvement supporting neutral-to-positive FCF and
EBITDA gross leverage below 6.5x

Liquidity and Debt Structure

Fitch-adjusted cash stood at EUR59.5 million at March 2026,
assuming intra-year working-capital changes at 2.5% of sales, and
EUR110 million was drawn on its EUR115 million RCF. The low cash
balance reflects lower revenue, business seasonality, with cash
generation typically strongest at year-end, restructuring costs and
working-capital swings.

Fitch forecasts liquidity will weaken, with negative FCF of EUR26
million in 2026, before improving to neutral in 2027, while
reliance on the company's factoring facility continues.

Issuer Profile

Expleo is a leading integrated engineering, consulting and
technology servicing provider for mostly automotive and aerospace
companies.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

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
   -----------               ------             --------   -----
Expleo Group           LT IDR CCC+  Downgrade              B-

    senior secured     LT     CCC+  Downgrade    RR4       B-

POSEIDON BIDCO: S&P Lowers ICR to 'SD' on Missed Interest Payment
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Poseidon Bidco S.A.S. to 'SD' (selective default) and its issue
rating on the EUR1.1 billion senior secured TLB to 'D' (default).

At the same time, S&P lowered its issue rating on the EUR278
million RCF to 'CCC-' from 'CCC+' because, in its view, the
restructuring negotiations could affect interest payments on the
RCF within the next six months.

On March 31, 2026, France-based payment terminal company Poseidon
BidCo S.A.S. missed an interest payment of EUR19.5 million on its
EUR1.1 billion senior secured term loan B (TLB).

S&P said, "The 30-day grace period has now passed without payment,
which we view as akin to a default because the issuer has failed to
keep its original promise. However, we understand that the group
remains current on its other obligations, including the revolving
credit facility (RCF) due March 2028."

S&P Global Ratings downgraded Poseidon BidCo because it missed the
March 2026 interest payment on its senior secured TLB due to
liquidity pressure and its decision to preserve liquidity during
the restructuring negotiations. The 30-calendar-day grace period
has passed. S&P said, "We understand that Poseidon BidCo, which
does business as Ingenico, is in talks with the lenders to defer
the payment, but no agreement had been reached at the time of
publication. We view the missed interest payment on the senior
secured TLB as a default under our criteria, given it is a failure
on the debt's original promise. We assigned a rating of 'SD' to
Ingenico because we understand that the company is current on its
other obligations, which include its EUR278 million RCF and its
priority factoring facilities."

In 2025, Ingenico reported company-adjusted EBITDA of EUR164
million, down from EUR168 million in 2024. Its annual revenue had
declined by 10.7% to EUR815 million. Ingenico has a EUR278 million
RCF maturing in March 2028 and a EUR1.1 billion TLB in March 2030,
and we estimate that S&P Global Ratings-adjusted debt to EBITDA was
about 37x in 2025. Free operating cash flow (FOCF) was negative by
EUR98 million in the fiscal year ended Dec. 31, 2025, and we expect
it to remain negative during fiscal 2026. As a result, the
company's liquidity will remain under pressure.

As soon as S&P has further information regarding Ingenico's plans
to address the default and its liquidity position, it expects to
reassess its ratings on the company and on its debt.



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

ARINI EUROPEAN IX: Fitch Assigns 'B-sf' Final Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Arini European CLO IX DAC's notes final
ratings, as detailed below.

   Entity/Debt              Rating           
   -----------              ------           
Arini European
CLO IX DAC

   A XS3306705412        LT AAAsf  New Rating

   A- Loan               LT AAAsf  New Rating

   B XS3306705768        LT AAsf   New Rating

   C XS3306706147        LT Asf    New Rating

   D XS3306706493        LT BBB-sf New Rating

   E XS3306706659        LT BB-sf  New Rating

   F XS3306706816        LT B-sf   New Rating

   Subordinated Notes
   XS3306707038          LT NRsf   New Rating

Transaction Summary

Arini European CLO IX DAC is a European cash flow CLO backed
predominantly (at least 90%) by senior secured obligations, with a
component of senior unsecured obligations, second-lien loans,
mezzanine obligations and high-yield bonds. Net proceeds from the
notes issue have been used to fund a portfolio with a target par
amount of EUR500 million. The portfolio is actively managed by
Arini Loan Management US LLC. The CLO has a 4.5-year reinvestment
period and an 8.5-year weighted average life (WAL) test covenant at
closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The Fitch weighted
average rating factor (Fitch WARF) of the identified portfolio is
23.2.

High Recovery Expectations (Positive): At least 90% of the
identified portfolio comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate (WARR) of the identified portfolio
is 62.2%.

Diversified Portfolio (Positive): The transaction sets out various
portfolio concentration limits, including a cap of 20% for the top
10 largest obligors, and a maximum exposure to the top three
largest Fitch-defined industries of 40%. These covenants help
ensure the portfolio is not excessively concentrated.

Portfolio Management (Neutral): The transaction features a 4.5-year
reinvestment period, scheduled to expire on 30 October 2030 and
with reinvestment criteria broadly consistent with other European
CLOs. The legal documents include two sets of matrices (set A and
set B). Each set contains two matrices with fixed-rate limits of 5%
and 10%. All four matrices correspond to a top-10 largest obligor
concentration limit at 20%.

Set A applies at the closing date and is linked to an 8.5-year WAL
test covenant. The collateral manager may switch to set B 12 months
after the closing date, which references a 7.5-year WAL test
covenant. The switch to set B is conditional on each of the Fitch
collateral quality tests being satisfied and the collateral
principal amount (measured with defaults at Fitch collateral value)
at least meeting the reinvestment target par balance.

Cash Flow Modelling (Positive): Fitch's analysis relies on a
stressed-case portfolio to test the robustness of the structure
against its covenants and portfolio guidelines. The WAL used for
the transaction's Fitch-stressed portfolio analysis was reduced by
12 months to reflect the strict post-reinvestment period
conditions, which include (i) passing all par value tests, (ii)
passing the Fitch 'CCC' obligations portfolio profile test, which
is capped at 7.5%, and (iii) a WAL test covenant that progressively
steps down over time. In Fitch's opinion, these conditions reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B, D,
C, E and F notes each have a rating cushion of two notches, due to
the better metrics and shorter life of the identified portfolio
than the Fitch-stressed portfolio. The class A notes are at the
highest achievable rating and therefore have no rating cushion.

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

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of two notches each for the class B, C, D, E and F notes.
The 'AAAsf' notes are at the highest level on Fitch's scale and
cannot be upgraded.

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

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

BLUEMOUNTAIN FUJI: Fitch Affirms 'B+sf' Rating on Class F Notes
---------------------------------------------------------------
Fitch has upgraded BlueMountain Fuji EUR CLO V DAC's class B and C
notes and affirmed the rest as detailed below.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
BlueMountain Fuji
EUR CLO V DAC

   A XS2073824851      LT AAAsf  Affirmed   AAAsf
   B XS2073825403      LT AAAsf  Upgrade    AA+sf
   C XS2073825742      LT AA-sf  Upgrade    A+sf
   D XS2073826120      LT BBB+sf Affirmed   BBB+sf
   E XS2073826559      LT BB+sf  Affirmed   BB+sf
   F XS2073826633      LT B+sf   Affirmed   B+sf

Transaction Summary

BlueMountain Fuji EUR CLO V DAC is a cash flow CLO of mainly
European senior secured obligations. The portfolio is managed by
Sound Point Capital Management LP. The CLO is outside of its
reinvestment period and reinvestment is subject to the reinvestment
criteria following the exit of the reinvestment period.

KEY RATING DRIVERS

Deleveraging Increases Credit Enhancement: Since Fitch's last
rating action in June 2025, the class A notes have amortised by
EUR114 million, including the payment made on 15 April 2026. This
has led to an increase in credit enhancement (CE) for the class A
to E notes, particularly for the senior notes. CE for the class F
notes has remained broadly stable due to par losses. The par loss,
currently at 2% of par, was due largely to reported defaults of
about EUR6.8 million, according to the latest trustee report of 1
April 2026. Nevertheless, losses are below the rating case
assumptions. This supports the positive rating actions.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the underlying obligors at 'B'/'B-'. The Fitch-calculated weighted
average rating factor (WARF) of the current portfolio is 26.6 as
calculated by Fitch under its current criteria.

High Recovery Expectations: Senior secured obligations comprise
96.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 61% under its current
criteria.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration, as calculated by Fitch, is about 19%, and no obligor
represents more than 3% of the portfolio balance. Exposure to the
three largest Fitch-defined industries is about 34%. Fixed-rate
assets reported by the trustee are at 8.1% of the portfolio
balance, against a limit of 10%.

Transaction Out of Reinvestment Period: The reinvestment period
ended in July 2024, but the manager can still reinvest on a
maintained or improved basis even though the deal is currently
failing all collateral quality tests. While most proceeds have been
used to amortise the notes since October 2025, certain proceeds
have been used or retained for reinvestment in March and April
2026.

Fitch therefore tested the ratings for upgrades based on a stressed
portfolio, with a weighted average life floor of four year under
its criteria, across the entire Fitch test matrix set linked to a
top 10 obligor concentration of 23%, which is the current
applicable matrix set. The matrix set linked to a top 10 obligor of
15% was not tested, because amortisation to date makes a decline in
the top 10 obligor concentration to below the current level
unlikely. Fitch has applied a 1.5% haircut to the WARR in the Fitch
test matrix set as the recovery rate in the documentation is not in
line with the current criteria and can lead to inflation in the
WARR.

Deviation from Model-Implied Rating: The class C note rating is one
notch below its model-implied rating (MIR) of 'AAsf'. This reflects
insufficient default rate cushion above the current rating, due to
an uncertain economic environment.

RATING SENSITIVITIES

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

Downgrades may occur if the build-up of the notes' CE following
amortisation does not compensate for a larger loss than assumed due
to unexpectedly high levels of defaults and portfolio
deterioration.

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

Upgrades may occur if the portfolio's quality remains stable and
the notes continue to amortise, leading to higher CE across the
structure.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for BlueMountain Fuji
EUR CLO V DAC.

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

GROSVENOR PLACE 2022-1: Fitch Puts B-sf Final Rating on F-R-R Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2022-1 DAC's reset
final ratings, as detailed below.

   Entity/Debt              Rating           
   -----------              ------           
Grosvenor Place
CLO 2022-1 DAC

   A-R-R XS3337377447    LT AAAsf  New Rating
   B-R-R XS3337378171    LT AAsf   New Rating
   C-R-R XS3337378502    LT Asf    New Rating
   D-R-R XS3337378841    LT BBB-sf New Rating
   E-R-R XS3337379146    LT BB-sf  New Rating
   F-R-R XS3337379658    LT B-sf   New Rating
   X-R-R XS3337377959    LT AAAsf  New Rating

Transaction Summary

Grosvenor Place CLO 2022-1 is a securitisation of mainly senior
secured loans and secured senior bonds (at least 90%) with a
component of senior unsecured, mezzanine and second-lien loans.
Note proceeds have been used to redeem the existing notes except
the subordinated notes and to fund the existing portfolio with a
target par of EUR400 million. The portfolio is actively managed by
CQS (UK) LLP. The CLO has an about 4.5-year reinvestment period and
an about 8.5-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B' category. The
Fitch weighted average rating factor of the current portfolio is
24.4.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 62.4%.

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

Portfolio Management (Neutral): The transaction includes six
matrices, all corresponding to a top-10 obligor concentration limit
at 20%. Two matrices are effective at closing and correspond to two
fixed-rate asset limits of 1% and 10% and an 8.5-year WAL test. The
other four matrices can be selected by the manager any time from
five months to 17 months after closing and correspond to the same
two fixed-rate asset limits and 8.08-year and 7.08-year WAL tests,
respectively.

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

Cash Flow Modelling (Positive): The WAL Fitch modelled in the
transaction's Fitch-stressed portfolio and matrices analysis is 12
months less than the WAL test covenant. This is to account for the
strict reinvestment conditions envisaged by the transaction after
its reinvestment period. These include passing both the coverage
tests and the Fitch 'CCC' maximum limit, and a WAL test covenant
that progressively steps down both before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

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

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
for the class A-R-R and three notches for the class D-R-R notes and
four notches each for the class B-R-R and C-R-R notes and to below
'B-sf' for the class E-R-R and F-R-R notes. There would be no
impact on the class X-R-R.

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Grosvenor Place CLO
2022-1 DAC.

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

JUBILEE CLO 2016-XVII: Fitch Puts B-sf Final Rating on F-R-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2016-XVII DAC reset notes
final ratings, as detailed below.

   Entity/Debt                  Rating           
   -----------                  ------           
Jubilee CLO
2016-XVII DAC

   A Loan                    LT AAAsf  New Rating
   A-R-R-R XS3311856986      LT AAAsf  New Rating
   B-1-R-R-R XS3311857018    LT AAsf   New Rating
   B-2-R-R-R XS3311857109    LT AAsf   New Rating
   C-R-R XS3311857281        LT Asf    New Rating
   D-R-R XS3311857364        LT BBB-sf New Rating
   E-R-R XS3311857448        LT BB-sf  New Rating
   F-R-R XS3311857521        LT B-sf   New Rating
   X XS3311856804            LT AAAsf  New Rating
   Z XS3335688886            LT NRsf   New Rating

Transaction Summary

Jubilee CLO 2016 - XVII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. The
portfolio has a target par of EUR375 million.

The portfolio is actively managed by Benefit Street Partners. The
collateralised loan obligation (CLO) has a 4.5-year reinvestment
period and an 8.5-year weighted average life test (WAL) at
closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the identified portfolio at
'B'/'B-'. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 25.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.6%.

Diversified Portfolio (Positive): The transaction includes various
concentration limits in the portfolio, including a fixed-rate
obligation limit at 8%, a top 10 obligor concentration limit at
20%, and a maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction includes three
matrix sets, each based on a top 10 obligor limit of 20%. One
matrix set is effective at closing, corresponding to fixed-rate
asset limits of 2.5% and 8%, and to a 8.5-year WAL test. The other
two forward matrix sets correspond to a 7.5-year and seven-year WAL
test, which can be elected by the manager 12 and 18 months after
closing respectively, subject to the aggregate collateral balance
(defaults at Fitch collateral value) being at least at reinvestment
target par.

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

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

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class
B-1/B-2 to F notes each have a rating cushion of up to three
notches, due to the identified portfolio's better metrics and a
shorter WAL life than the Fitch-stressed portfolio.

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

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread being available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Jubilee CLO
2016-XVII DAC.

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

KETTLES PARK: Fitch Assigns 'B-sf' Final Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned Kettles Park CLO DAC final ratings, as
detailed below.

   Entity/Debt               Rating           
   -----------               ------           
Kettles Park CLO DAC

   A XS3309075250         LT AAAsf  New Rating

   B XS3309075417         LT AAsf   New Rating

   C XS3309075680         LT Asf    New Rating

   D XS3309075920         LT BBB-sf New Rating

   E XS3309076225         LT BB-sf  New Rating

   F XS3309076571         LT B-sf   New Rating

   Subordinated Notes
   XS3309076811           LT NRsf   New Rating

Transaction Summary

Kettles Park CLO DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. The transaction
has a target par of EUR400 million. The portfolio is actively
managed by Blackstone Ireland Limited. The collateralised loan
obligation (CLO) has an about 4.75-year reinvestment period and an
8.25-year weighted average life test (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 23.6.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.9%.

Diversified Portfolio (Positive): The transaction includes four
Fitch test matrices, of which two are effective at closing. The two
closing matrices correspond to an 8.25-year WAL, a top-10 obligor
concentration limit at 20% and fixed-rate obligation limits at 5%
and 12.5%. It has two forward matrices with a seven-year WAL, top
10 obligors and the same fixed-rate asset limits, which are
effective 15 months after closing if the WAL does not step up or 21
months after closing if the WAL steps up.

The transaction also includes various other concentration limits,
including a maximum exposure to the three-largest Fitch-defined
industries at 40%. These covenants ensue the asset portfolio will
not be exposed to excessive concentration.

WAL Step-Up Feature (Neutral): The transaction can extend the WAL
by six months on or after the step-up date, which is six months
after closing. The WAL extension is subject to conditions,
including passing the collateral quality and coverage tests and the
adjusted collateral principal amount being least equal to the
reinvestment target par balance.

Portfolio Management (Neutral): The transaction has a 4.75-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

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

RATING SENSITIVITIES

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

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

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

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

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
remaining life of the transaction.

Upgrades after the end of the reinvestment period, except for the
'AAAsf' notes, may result from stable portfolio credit quality and
deleveraging, leading to higher credit enhancement and excess
spread available to cover losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Kettles Park CLO
DAC.

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



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

DOVALUE SPA: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed doValue S.p.A.'s Long-Term Issuer
Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch has also
affirmed doValue's senior secured bonds at 'BB'.

Key Rating Drivers

Leading Franchise, Capital-Light Model: The ratings reflect
doValue's strong servicer franchise for distressed debt and real
estate in southern Europe, reinforced by its acquisition of Italian
peer Gardant S.p.A. in 4Q24. Its acquisition of coeo, a German debt
servicer, has widened doValue's geographical scope and product
offering, and has some upside for Fitch's assessment of doValue's
business profile in the medium term.

The rating also reflects doValue's cash-generative and asset-light
business model, which is less affected by higher funding costs than
debt purchasers', and its expectations of improving revenue and
EBITDA margin (2025: EUR582 million revenue; 33% EBITDA/gross
revenue as calculated by Fitch).

Lower-Risk Business Model: Debt servicing is a capital-light and
cash-generative business, with long-term contracts offering good
visibility on workflow and resource requirements (expected yearly
EUR3 billion-4 billion inflows from forward flows). The recent
acquisitions add three large forward-flow contracts: two in Italy,
with Banco BPM S.p.A. (BBB/Stable) until 2029 and BPER Banca S.p.A.
(BBB/Positive) until 2034, and one in northern Europe, with
buy-now-pay-later specialist Klarna Group plc.

Acquisitions Widen Scope: Fitch expects doValue's franchise to
benefit from its wider service offer after the acquisitions of
Gardant and coeo. The former strengthens doValue's presence in more
profitable unlikely-to-pay (UTP) exposures, and the latter adds
expertise in unsecured retail exposures and presence in northern
European markets. doValue has a good integration record of
EBITDA-accretive acquisitions, and it remains open to smaller
acquisitions, in Fitch's view, in line with its stated net leverage
appetite.

Client Concentrations: Geographical expansion reduced revenue
concentration by client, and Fitch expects the share of gross
revenue from non-performing loans (NPLs) to decline (2025: 64%)
after the coeo acquisition in April 2026. Concentration risk is
inherent in debt servicing, but doValue manages this well and
benefits from servicing large portfolios for its anchor
shareholders. Operational risk and risks tied to underwriting new
mandates - such as defining minimum collections and upfront
payments - are doValue's key risks and are managed well.

High Operating Costs: Fitch expects profitability to improve in the
next two years (2026: about EUR270 million EBITDA; 33% EBITDA/gross
revenue in its forecast) due to Gardant's and coeo's higher margins
and some synergies. However, profitability is a rating weakness, in
its view, due to doValue's labour-intensive business model and
profit leakage to minority interests.

Falling Post-Acquisition Leverage: Fitch expects doValue's gross
debt/EBITDA (end-2025: 4.8x) to decline below 3.5x by end-1H26 on a
trailing-12-months (TTM), pro forma basis after the coeo
acquisition. The gross debt/EBITDA ratio rose sharply in 4Q25 after
the company's bond issue, but this was rating-neutral as doValue
held the proceeds in an escrow account until transaction closing,
and also because leverage was lower on a pro forma TTM basis,
including coeo's servicing business. Fitch expects gross debt to
reduce in the next four months as coeo's modest portfolio of
acquired non-performing receivables (about EUR100 million) is
disposed of.

Long-Dated Funding Profile; Adequate Liquidity: doValue's good
access to capital markets is reflected in recent transactions,
which included the refinancing of two bonds and a rights issue
(EUR150 million). Liquidity is sound as the business model does not
require debt funding for cash generation. Fitch expects doValue's
liquidity to benefit from EUR144 million cash at end-2025 (plus
EUR351 million bond proceeds in an escrow account) and a EUR147
million undrawn revolving credit facility. Repayments on the
amortising bank lines are manageable, and the EBITDA/interest costs
ratio remains sound in its base case.

RATING SENSITIVITIES

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

Gross debt/EBITDA exceeding 3.5x, without a clear path to
meaningful deleveraging in the near term, could result in a
downgrade, as could underperformance in key collection performance
indicators, or weak profitability.

A material increases in doValue's risk appetite, reflected, for
example, in weakening risk governance and controls or a shift from
the capital-light business model, could also lead to negative
rating action.

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

Fitch could upgrade doValue's Long-Term IDR if doValue's gross
debt/EBITDA ratio falls below 2.5x on a sustained basis, in
conjunction with stable collections, sound profitability and lower
net profit leakage to minority interests.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

doValue's senior secured notes (EUR300 million due in February 2030
and EUR350 million due in November 2031) are rated in line with the
company's 'BB' Long-Term IDR, due to Fitch's expectation of average
recovery prospects, as the bonds rank pari passu with the company's
bank facilities. The notes are secured by doValue's shares in its
subsidiaries (including coeo after its acquisition), which are also
guarantors of the bonds. doValue's loans and bonds share the same
security package.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior bonds' rating is primarily sensitive to changes in
doValue's Long-Term IDR.

Changes to Fitch's assessment of recovery prospects for the senior
bonds in a default, eg as a result of introduction of material
lower- or higher-ranking debt, could also result in the senior
bonds' rating being notched up or down from the Long-Term IDR.

ADJUSTMENTS

The 'bb+' business profile score is below the 'bbb' category
implied score due to the following adjustment reason: accounting
policies (negative).

The 'bb-' earnings and profitability score is above the 'b'
category implied score due to the following adjustment reason:
portfolio risk (positive).

The 'bb-' capitalisation and leverage score is above the 'b'
category implied score due to the following adjustment reason:
historical and future metrics (positive)

ESG Considerations

doValue has an ESG Relevance Score for Customer Welfare of '4'
because its business model as credit servicer exposes it to
regulatory changes and conduct-related risks. These issues have a
moderately negative impact on the credit profile and are relevant
to the rating in conjunction with other factors.

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

   Entity/Debt             Rating          Prior
   -----------             ------          -----
doValue S.p.A.       LT IDR BB Affirmed    BB
                     ST IDR B  Affirmed    B

   senior secured    LT     BB Affirmed    BB



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

MATADOR BIDCO: Fitch Affirms 'BB' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Matador Bidco S.a.r.l's Long-Term Issuer
Default Rating (IDR) at 'BB'. The Outlook is Stable.

Matador's 'BB' rating reflects its reliance on a single investment,
balanced against sound credit quality supported by dividends from
an investment-grade credit (38.41% stake in Moeve S.A.;
BBB-/Stable).

Key Rating Drivers

Dedicated Investment Holding Company: Matador is Carlyle Group's
investment holding company, set up to manage its 38.41% interest in
Moeve, a Spanish multinational company in the oil and gas industry
involved in the exploration, production, refining, distribution and
marketing of petroleum products, as well as chemicals production.
Matador has no other holdings or wholly owned assets and does not
expect to acquire any additional holdings.

Very High Portfolio Concentration: Asset concentration is very
high, with a single asset contributing 100% of the portfolio. Moeve
has moderate leverage, strong liquidity and a diversified business
profile, but its cash flow is exposed to volatile hydrocarbon
prices and refining margins, as well as a challenging environment
in the chemicals sector. Fitch views the single-asset concentration
and indirect exposure to volatile sectors as key constraints on
Matador's credit profile.

Some Control Over Dividend Distribution: Moeve reduced its dividend
payout in 2024 to support its investment programme and protect its
credit metrics. Lower dividends reduce Matador's debt service
coverage ratio, but Fitch expects dividends from Moeve to remain
sufficient to service interest at the holding company. The
shareholder agreement with Mubadala Investment Company, PJSC, which
holds an indirect 61.36% interest in Moeve, allows Matador to
request adequate dividends from Moeve, which mitigates the risk of
a cash shortfall.

Sound Asset Liquidity: Fitch assumes Matador's stake in Moeve is
fairly liquid, based on the latter's commitment to maintain an
investment-grade rating, its solid financial profile and
diversified business profile.

Good Access to Capital: Matador successfully refinanced its loan in
2024, and Fitch assumes that ownership by Carlyle Group, alongside
the high quality of Matador's investment, will support access to
various forms of external funding ahead of the maturity of its
USD710 million loan due in July 2029.

Moderate Asset-Based Leverage: Fitch assumes gross loan-to-value of
about 35%, based on a 7x enterprise value/EBITDA multiple and
USD710 million of debt. This is in line with its expectations for
the rating category. Cash flow-based leverage is high, but Fitch
does not expect a funding shortfall, making loan-to-value-based
leverage metrics more relevant.

Peer Analysis

Matador's closest peer is Breakwater Energy Holdings S.a r.l
(BB+/Stable), an investment holding company, set up to manage EIG
Partners' 25% interest in Repsol E&P, the upstream operating
company of Repsol, S.A. (BBB+/Stable).

The two companies are comparable in their strong access to capital,
good financial flexibility, and the highly concentrated nature of
their portfolios with indirect exposure to the volatile oil and gas
sector. Breakwater's rating is one notch above Matador due to the
higher quality of its investment and lower asset-based leverage as
measured by gross loan-to-value.

Fitch’s Key Rating-Case Assumptions

- Dividends averaging USD65 million a year to 2029

- Stable asset value based on an enterprise value/EBITDA multiple
of 7x

- Gross debt of USD710 million

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), Portfolio Credit
Characteristics (bbb-, Higher), Portfolio Diversification (b,
Higher), Risk Appetite and Investment Track Record (bb+, Moderate),
Transparency and Execution of Investment Strategy (bbb, Lower),
Access to Capital (bbb-, Moderate), Financial Structure (bb,
Higher), and Financial Flexibility (bb, Moderate).

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

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

- The SCP is 'bb'.

RATING SENSITIVITIES

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

- Negative rating action on Moeve

- An increase in gross and net loan-to-value to above 45% and 40%,
respectively, on a sustained basis

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

- Positive rating action on Moeve

- A decline in gross and net loan-to-value to below 30% and 25%,
respectively, on a sustained basis

Liquidity and Debt Structure

At end-September 2025, Matador had cash and short-term deposits of
EUR55 million, and Fitch expects the holding company to maintain
similar cash level plus dividends received from Moeve.

Issuer Profile

Matador is the investment vehicle supporting Carlyle's 38.41% joint
venture interest in Moeve.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

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
   -----------                ------          --------   -----
Matador Bidco S.a.r.l   LT IDR BB  Affirmed              BB

   senior secured       LT     BB  Affirmed    RR4       BB



=============
M O L D O V A
=============

ARAGVI FINANCE: Fitch Rates Planned Sr. Secured Eurobond 'B+(EXP)'
------------------------------------------------------------------
Fitch Ratings has assigned Aragvi Holding International Limited's
(Trans-Oil, B+/Stable) planned USD300 million to USD400 million
non-callable five-year senior secured eurobond an expected rating
of 'B+(EXP)' with a Recovery Rating of 'RR4'.

The eurobond will be issued by Aragvi Finance International DAC,
and used to partly refinance its 11.125% USD650 million eurobond
maturing in 2029 via a tender offer and to replace short-term debt.
The expected rating is in line with Trans-Oil's Issuer Default
Rating (IDR), reflecting average recovery prospects in case of
default. The assignment of the final instrument rating is
contingent on the successful placement of the eurobond and the
completion of the tender offer.

Trans-Oil's IDR reflects its moderate scale and reliance on one
region to source soft commodities. Temporarily stretched leverage
limits rating headroom, while supported by their dominant market
position in agricultural exports and sunflower-seed crushing in
Moldova, with increasing diversification. This market position
translates into a higher EBITDA margin than larger peers.

Key Rating Drivers

Expected Eurobond Rating Aligned with IDR: The rating on the
proposed eurobond is in line with Trans-Oil's IDR, as it will rank
equally with all of Trans-Oil's other secured debt and behind
pre-export finance and working capital facilities secured by
inventory. The proposed eurobond's provisions mirror those of the
existing bond, indicating it is of the same debt class.

The proposed issuance addresses part of Trans-Oil's short-term debt
and part of its 2029 bond, which it plans to refinance in advance
via tender offer, subject to acceptance by holders. This makes the
transaction leverage neutral.

Resilient EBITDA Amid Challenging Environment: Fitch projects
Trans-Oil's EBITDA at above USD200 million in the financial year
ending June 2026 (FY26), supported by expanded crushing and
origination operations in Romania and Serbia. These largely offset
the impact from its assumption of lower origination volume from
Ukraine. Trans-Oil adequately managed operations during FY25 amid
high competition, climate-related price distortions and the
incorporation of new crops into its sales mix.

Superior EBITDA Margins: Trans-Oil exhibits above-industry-average
EBITDA margins in its crushing and trading segments. Fitch
forecasts group profitability at around 9.0% over FY26-FY29, versus
9.6% in FY25. The high margins are supported by the group's leading
market positions and dominant scale in its regions, improving
operating efficiency and rising infrastructure capacity.

Improving Diversification: Trans-Oil is investing in silos and
port-terminal infrastructure on the Danube River to expand capacity
in Romania and Serbia. This supports trading volume outside
Moldova, including via origination from Ukraine. Fitch expects a
gradual substitution of Ukraine origination with other markets,
while retaining some volume sourced from western Ukraine in the
long run. Trans-Oil generated 70% of EBITDA from commodities
originated outside Moldova in FY24, up from 20% in FY20, driven by
grain trading sourced in Ukraine.

High Capex Plans: Trans-Oil plans to continue expanding crushing
and infrastructure capacity in Serbia and Romania. This includes
the construction of a new soybean and rapeseed crushing plant in
Romania, with annual crushing capacity of up to 300,000 tonnes.
Fitch assumes a rise in capex to around 2% of revenue annually for
the next four years, compared with a historical average of 1% of
revenue. Investments will be partly funded by a EUR25 million grant
from the Romanian government.

Temporarily Stretched Leverage: Fitch projects Trans-Oil's readily
marketable inventory (RMI)-adjusted EBITDA net leverage to remain
at 3.5x in FY26, which is stretched for the rating. This leaves
limited rating headroom for external shocks. Fitch expects new
capacity and working capital normalisation over FY27-FY29 to
support deleveraging to below 3.0x by end-FY27. Trans-Oil's growth
strategy suggests scope for additional expansion projects, but
Fitch expects these to be funded in line with the group's
conservative financial policy.

Peer Analysis

Trans-Oil is considerably smaller than international agricultural
commodity traders and processors, such as Archer Daniels Midland
Company (A/Negative) and Bunge Global SA (BBB+/Stable).

Trans-Oil's two-notch rating differential compared with Tereos SCA
(BB/Negative) reflects the latter's stronger business profile,
supported by larger scale, greater geographic diversification and
more flexible cost structure. This is partly offset by Tereos's
weaker financial structure.

Trans-Oil compares well with Kernel Holding S.A. (CCC-), a
Ukrainian sunflower seed crusher and grain trader that has a
comparable vertically integrated model, including significant
logistics and infrastructure assets. The main differences are
Kernel's integration into crop-growing, which limits sourcing and
procurement risk, and a wider customer base. Kernel also has
greater scale and a larger sourcing market, which - until Russia's
invasion of Ukraine - provided greater weather-risk protection. By
contrast, Trans-Oil has lower competition risk, given its stronger
market position and the absence of major global competitors in
Moldova. Kernel's IDR reflects heightened operational and financial
risk from the Ukraine war.

Fitch’s Key Rating-Case Assumptions

- Stable key agricultural commodity prices

- Average annual revenue growth of above 4% over FY26-FY29

- EBITDA margin of around 9.0% over FY26-FY29

- Partial reversal of working capital outflows, followed by
normalisation

- Increased capex of around USD200 million over FY26-FY29

- No dividends

Corporate Rating Tool Inputs and Scores

Fitch scored the issuer as follows, using its CRT to produce the
SCP:

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

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
FY25, 40% for the forecast year FY26, 30% for the forecast year
FY27 and 20% for the forecast year FY28.

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

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

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

- The SCP is 'b+'.

Recovery Analysis

The proposed eurobond is rated in line with Trans-Oil's IDR,
reflecting average recovery prospects given default. The eurobond
will be secured by pledges over a majority of assets of key
Moldovan entities, excluding commodities.

Its recovery approach assumes the group will be liquidated instead
of restructured in financial distress. Fitch expects the increase
in liquid assets, such as RMI, from Trans-Oil's increased scale to
encourage creditors secured by these assets to pursue liquidation.
This would yield better bondholder recoveries than a going concern
approach, given pledges over the group's other assets.

Fitch applies customary advance rates for Trans-Oil's main assets,
including 80% for trade receivables, 30% for non-RMI inventory and
30% for property, plant and equipment. Fitch-adjusted RMI is used
to repay outstanding working-capital credit lines first, which
Fitch assumes at USD207 million pro forma after using USD150
million of new proceeds to replace short-term debt, as these
creditors have direct recourse to such assets.

Its assumptions result in a ranked recovery rating in the 'RR4'
band for the proposed and existing eurobonds, assumed at USD800
million in conjunction, which indicates a 'B+' rating, in line with
the IDR. Depending on the extent of the completed tender offer, the
calculated recovery metrics may lead to higher recoveries
equivalent to 'RR3' for senior secured debt. However, Fitch would
cap this at 'RR4' due to Moldovan jurisdictional constraints under
its Country Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

- Weakening operations, with consolidated EBITDA declining below
USD150 million.

-RMI-adjusted EBITDA net leverage above 3.0x and RMI-adjusted
EBITDA interest coverage below 1.5x (FY25: 3.5x).

- More aggressive risk management or financial policy, reflected in
increased profit volatility and higher-than-expected working
capital, capex, M&A or dividend payments.

- Weakening liquidity position or risk of insufficient
trade-finance availability to fund trading and processing
operations, with Fitch's internal liquidity score falling below
1.0x (FY25: 1.5).

- Deteriorating operating environment in Moldova

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

- Increased scale toward USD250 million and further diversification
leading to resilient EBITDA margins and positive FCF margins on a
sustained basis.

- Maintenance of a conservative capital structure, with
RMI-adjusted EBITDA net leverage at or below 2.5x and strengthening
risk-management practices.

- Maintenance of strong internal liquidity, with sufficient
trade-financing availability to secure trading and processing
volumes and cope with price volatility.

- A stable geopolitical environment in Trans-Oil's core countries
of operation.

Liquidity and Debt Structure

Trans-Oil had Fitch-adjusted available cash of USD164 million at
1HFY26, Fitch-estimated RMI of USD367 million and accounts
receivable of USD365 million. These were sufficient to cover
current liabilities of USD532 million. Fitch expects Trans-Oil to
maintain adequate internal liquidity over the next two years.

Trans-Oil added a USD100 million tap in 2025 to the USD550 million
bond maturing in 2029, demonstrating good capital-market access.
However, refinancing risk remains high, given the region's
geopolitical instability and weakened capital access for local
companies. Despite this, Trans-Oil's conservative financial
profile, expanding scale and diversification have enabled it to
partially refinance its USD650 million bond ahead of its 2029
maturity. Fitch assumes the remaining portion will be refinanced
through a standard market process at least 12 months prior to
maturity.

Issuer Profile

Trans-Oil is a vertically integrated agro-industrial business based
in Moldova. Its core activities are the origination and wholesale
trade of grain and sunflower seeds, storage and trans-shipment
operations and the production of vegetable oils, bottled and in
bulk.

Date of Relevant Committee

10 February 2026

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Trans-Oil.

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   
   -----------           ------                   --------   
Aragvi Finance
International DAC

   senior secured     LT B+(EXP) Expected Rating   RR4



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

ABERTIS INFRAESTRUCTURE: Fitch Rates Hybrid Notes Final 'BB+'
-------------------------------------------------------------
Fitch Ratings has assigned Abertis Infraestructuras Finance B.V.'s
(Abertis Finance) EUR500 million hybrid securities a final rating
of 'BB+' with a Stable Outlook. The securities qualify for 50%
equity credit.

The new hybrid notes are guaranteed by Abertis Infraestructuras SA
(Abertis), and their proceeds will be used for the partial
repayment of its outstanding hybrid notes.

The notes are deeply subordinated, while coupon payments can be
deferred at the option of the issuer. These features are reflected
in the 'BB+' rating, which is two notches below Abertis' senior
unsecured rating. The 50% equity credit reflects their cumulative
interest coupon, a more debt-like feature. The new notes rank
equally with Abertis's outstanding EUR2.0 billion hybrids, also
rated 'BB+'.

The final ratings are the same as the expected ratings because the
transaction's terms are in line with the draft documentation.

KEY RATING DRIVERS

Ratings Reflect Deep Subordination

The notes are rated two notches below Abertis's senior unsecured
rating of 'BBB', given their deep subordination relative to senior
obligations. The notes only rank senior to the claims of equity
shareholders. Fitch believes Abertis intends to maintain a
consistent amount of hybrids in the capital structure of EUR2
billion and therefore apply 50% equity credit to the full amount of
hybrid securities.

For further information on Abertis's rating, see "Fitch Affirms
Abertis's IDR at 'BBB'; Stable Outlook", dated 29 September 2025.

Equity Treatment

The securities qualify for 50% equity credit as they are deeply
subordinated, have a remaining effective maturity of at least five
years, and full discretion to defer coupons for at least five years
and limited events of default. These are key equity-like
characteristics, affording Abertis greater financial flexibility.
The interest coupon deferrals are cumulative, a more debt-like
feature, resulting in 50% equity treatment and 50% debt treatment
of the hybrid notes by Fitch. Fitch treats coupon payments as 100%
interest, despite the 50% equity treatment.

Mandatory Interest Payment Possible

Abertis will be obliged to make a mandatory settlement of deferred
interest payments under certain circumstances, including the
declaration of a cash dividend. Under the existing shareholders'
agreement, the dividend policy is flexible and may be adjusted to
maintain an investment-grade rating threshold. However, perceived
deterioration in the shareholders' agreement, leading to decreasing
flexibility in the dividend policy, could negatively affect the
equity credit of the hybrid note.

Effective Maturity Date

The hybrid is perpetual, but Fitch considers its effective
remaining maturity as the date from which the issuer will no longer
be subject to replacement language (second step-up date), which
discloses the company's intent to redeem the instrument at its
reset date with the proceeds of a similar instrument or with
equity. This is applicable even if the coupon step-up is within
Fitch's aggregate threshold of 100bp.

The equity credit of 50% would change to 0% five years before the
effective maturity date. The issuer will have the option to redeem
the notes in the three months immediately preceding and including
the first reset date, which is at least 5.5 years from the expected
issue date, and on any coupon payment date thereafter.

RATING SENSITIVITIES

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

- Fitch-adjusted leverage above 6.2x by 2025 under the Fitch rating
case

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

- Positive rating action is unlikely in the medium term given the
group's acquisitive strategy

TRANSACTION SUMMARY

Abertis is a large Spanish-based infrastructure group with network
under management predominantly in Spain, France, Brazil, Chile, the
US and Mexico.

Date of Relevant Committee

26-Sep-2025

ESG Considerations

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

   Entity/Debt                      Rating           Prior
   -----------                      ------           -----
Abertis
Infraestructuras
Finance B.V.

    Abertis
    Infraestructuras
    Finance B.V./Toll
    Revenues - Second
    Lien - Expected
    Ratings/2 LT                 LT

       EUR 500 mln
       Variable hybrid
       capital instruments
       XS3315415243              LT BB+ New Rating   BB+(EXP)



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

ANADOLU ANONIM: Fitch Affirms 'BB' IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Anadolu Anonim Turk Sigorta Sirketi's
(Anadolu Sigorta) Insurer Financial Strength (IFS) Rating at 'BB'
with a Stable Outlook. Fitch has also affirmed the insurer's
National IFS Rating at 'AA+(tur)' with a Stable Outlook.

Anadolu Sigorta's ratings reflect its very strong market position,
good capitalisation and profitability, offset by high exposure to
Turkish financial assets.

Key Rating Drivers

Leading Turkish Insurer: Anadolu Sigorta's ratings reflect its
leading market position relative to other Turkish insurers and
diversified business profile. The company has a strong market
position, very good diversification and a moderate business risk
profile. It remained the third-largest non-life insurer in Türkiye
in 2025, with a market share of about 9%. Its franchise benefits
from strong brand recognition and access to the distribution
network of Türkiye Is Bankasi A.S. (Isbank; Long-Term IDR:
BB-/Stable).

Anadolu Sigorta is predominantly focused on domestic non-life
insurance risks, and Fitch does not expect the Iran war to have a
material impact on business volumes or on claims inflation.

Good Capitalisation: Fitch assesses Anadolu Sigorta's
capitalisation, as measured by Prism, as 'Adequate' at end-2025 and
end-2024. The assessment is supported by strong internal capital
generation and a regulatory solvency ratio comfortably above the
100% regulatory minimum requirement. The company has no financial
debt.

High Investment Risk: Anadolu Sigorta's investment portfolio
remains exposed to Turkish sovereign and domestic banking sector
risks. At end-2025, cash and Turkish bank deposits comprised 35% of
invested assets, while government bonds accounted for another 28%.
The company's credit profile is therefore closely linked to that of
the Turkish sovereign and domestic banks. Fitch nevertheless views
its investment strategy as more sophisticated than that of most
domestic peers.

The risky-asset ratio increased to 175% at end-2025 (177% including
real estate investments), which is consistent with a 'bb-'
assessment under Fitch's investment and asset risk guidelines. The
ratio deteriorated from 158% at end-2024 due to higher allocations
to government bonds, but this remains an improvement compared with
213% at end-2023.

Record of Good Profitability: Return on equity was 34% in 2025 (47%
in 2024) and remained above inflation (31% in 2025; 44% in 2024).
Strong investment returns more than offset continued underwriting
losses, as reflected in a combined ratio of 108% in 2025 and 104%
in 2024. Underwriting results improved from 2023, when the combined
ratio was 118%.

Good Reinsurance Coverage: The company's catastrophe programme
includes excess-of-loss protection and parametric earthquake cover
for the Istanbul area. Earthquake risk remains its main catastrophe
exposure. Fitch also considers the quality of reinsurance
counterparties to be strong, with the majority of the reinsurance
panel rated in the 'A' category or above at end-2025.

RATING SENSITIVITIES

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

International IFS Rating

- A downgrade of Turkiye's Long-Term Local-Currency IDR or major
Turkish banks' ratings, leading to material deterioration in the
company's investment quality

National IFS Rating

- A decline in the regulatory solvency ratio to below 100% on a
sustained basis

- A substantial deterioration of the company's market position in
Turkiye

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

International IFS Rating

- An upgrade of Turkiye's Long-Term Local-Currency IDR or major
Turkish banks' ratings leading to material improvement in the
company's asset and investment risk

National IFS Rating

- A stronger assessment of financial performance and profitability,
supported by a sustained record of returns exceeding inflation and
positive underwriting results, while maintaining good
capitalisation and strong market position in Türkiye

ESG Considerations

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

   Entity/Debt               Rating               Prior
   -----------               ------               -----
Anadolu Anonim
Turk Sigorta
Sirketi           LT IFS      BB       Affirmed   BB
                  Natl LT IFS AA+(tur) Affirmed   AA+(tur)



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

ADVANCED WASTEWATER: Leonard Curtis Appointed as Administrators
---------------------------------------------------------------
Advanced Wastewater & Drainage Limited was placed into
administration in the High Court of Justice, Business and Property
Courts in Birmingham, Insolvency & Companies List (ChD), Court
Number CR-2026-002047.  Liz Welch and Conrad Beighton of Leonard
Curtis were appointed as joint administrators on March 13, 2026.

Advanced Wastewater & Drainage Limited offered sewerage services.

Its registered office is at c/o Wootton Taylor, 30 Foregate Street,
Worcester, WR1 1DS.

Its principal trading address is Unit E1, Cosford Business Park,
Shifnal, TF11 8PJ.

The Joint Administrators can be contacted at:

  Liz Welch  
  Conrad Beighton  
  Leonard Curtis  
  Cavendish House  
  39–41 Waterloo Street  
  Birmingham  
  B2 5PP  

Further details contact:

  The Joint Administrators
  Tel: 0121 200 2111
  Email: recovery@leonardcurtis.co.uk
  Alternative contact: Ryan McGuinness  


ADVANZ PHARMA: Fitch Affirms 'B' LT IDR, Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised ADVANZ Pharma Holdco Limited's Outlook to
Negative from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'B'. Fitch has also affirmed Cidron Aida Finco
S.a.r.l.'s 'B+' rating on its senior secured instruments, with a
Recovery Rating of 'RR3'.

The Outlook revision reflects heightened execution risks around
deleveraging to below its negative sensitivity due to supply chain
disruptions in two products and biosimilar launches. Fitch expects
EBITDA leverage to remain well above 6.0x in 2026, and any delay or
setback to its organic growth plan could keep it above in 2027 and
beyond and may lead to a downgrade.

The 'B' rating balances the company's small scale and high leverage
with its growing diversification across drugs, treatment areas and
geographies, which translates into positive free cash flow (FCF)
generation.

Key Rating Drivers

Heightened Execution Risks: Its Outlook revision is driven by
heightened risks stemming from supply chain disruptions and
biosimilar commercialisation ramp-up that could lead to slower
EBITDA recovery, following the Ocaliva commercialisation revocation
and supply chain disruptions to Lanreotide and Paliperidone at
end-2025. Fitch expects EBITDA leverage to remain above 6.0x in
2026, although below 6.8x in 2025, with improvement in metrics
dependent on successful execution of its biosimilar expansion
strategy and a normalisation of supply chain across its products.

Fitch views the supply chain disruption to Lanreotide and
Paliperidone as temporary, though these continued unrelated
disruptions could result in volatility in sales and earnings
contributions from these products from 2027 onwards. Fitch
continues to view biosimilars as the main driver of ADVANZ's
deleveraging, in addition to contributing scale and
diversification, but delays to the commercialisation of Aflibercept
due to an IP dispute with originators reflect the inherent risks of
the highly competitive European biosimilars market, and delays in
ramp-up or pricing pressures could slow deleveraging.

Temporarily Weak FCF: In 2025, ADVANZ partly offset a softer
earnings base with tighter working capital control, which although
helped contain cash outflow, still resulted in weaker FCF
generation than expected. Fitch expects FCF to be close to neutral
in 2026-2027, following the receipt of biosimilar approvals and
based on production ramp-up. This is despite investments in product
launches, marketing and working capital, and litigation payments
related to the pending hydrocortisone case in 2027. Inability to
return to sustained positive FCF, alongside leverage remaining
above 6.0x, would signal deeper operational issues and lead to a
downgrade.

Structurally Lower EBITDA Margins: ADVANZ experienced a step-change
in its EBITDA margins during 2025, with a decline of almost 10pp to
33.4%. Fitch does not expect margins to return to prior levels, as
the biosimilar portfolio, which has structurally lower operating
margins due to revenue sharing agreements with Alvotech, ramps up
offsetting lower profitability with increased volume. Fitch assumes
sales from high-margin Ocaliva to continue to decline, and sales
from Lanreotide and Paliperidone to only partially recover in 2027
and onwards.

Acquisitions to Reduce: Fitch estimates the latest three
acquisitions from 4Q25 to offset the EBITDA decline arising from
lower Lanreotide and Paliperidone sales, reflecting its view that
ADVANZ will continue to actively seek M&A opportunities in small
niche specialist products in the short-to-medium term, with proven
commercial success that immediately contribute to EBITDA. Fitch
expects spending on these add-on targets will diminish versus
previous years as the company focuses on the commercialization
ramp-up of its in-licensed biosimilar products. Fitch projects it
will spend a total of about GBP240 million from 2026-2028, which
will support revenue generation in the short term.

Peer Analysis

Fitch compares ADVANZ's 'B' rating against other asset-light
scalable specialist pharmaceutical companies focused on off-patent
branded and generic drugs, such as CHEPLAPHARM Arzneimittel GmbH
(B/Stable), and European generic drug manufacturer Nidda BondCo
GmbH (Stada, B/Stable).

Unlike CHEPLAPHARM, ADVANZ's business model focuses not only on
life-cycle and intellectual property management of off-patent
branded and generic drugs, but is also involved in bringing new
niche, specialist drugs to market through co-development,
in-licencing, and distribution agreements. This is more similar to
Stada's strategy in the specialty pharmaceuticals segment. ADVANZ
is also increasing its strategic options by bringing biosimilars to
market through in-licencing, which will broaden its product
diversification.

Unlike CHEPLAPHARM, ADVANZ's growth will largely be driven by
organic growth opportunities related to the company's biosimilar
pipeline in addition to acquisition of niche off-patent branded and
generic drugs. Nevertheless, ADVANZ will have a structurally lower
margin than these peers, albeit still strong for the rating
category. This is partly driven by its decision to develop a sales
channel in certain therapeutic areas targeting European hospitals,
which calls for higher in-house marketing and distribution
expenses. In addition, in-licencing of biosimilar products will
structurally lower margins for the company, but this should be
offset by higher volumes.

ADVANZ has a weaker business risk profile due to its much smaller
size and scale than Stada, compensated by a less aggressive
financial policy.

Fitch’s Key Rating-Case Assumptions

- Revenue increase in the mid-single digits in 2026, with high
double-digit million sales contribution from the first biosimilars
in the market and 4Q25 acquisitions offset by sharp declines in
Paliperidone and Lanreotide sales due to supply chain challenges,
and the continuous Ocaliva sales decline. Revenue increase in the
mid-to-high single digits for 2026-2029 as the company ramps up its
biosimilar sales

- EBITDA margin at 32%-33% in 2026-2029

- Maintenance capex at 0.2%-0.25% of revenue through 2029, and
milestone payments related to the approval of biosimilar products
at over 6% of revenue in 2026, before steadily declining to below
4% by 2029. The milestone payments are viewed as capex

- Acquisitions totalling GBP240 million in 2026-2028. Fitch treats
annual acquisitions amounts alongside milestone payments of GBP70
million as capex, which represent 8%-10% of sales

- Working-capital outflow a 3% of sales in 2026, before rising in
2027-2029 to close to 3.5% as the company starts biosimilar
commercialisation

- No dividends to 2028

Corporate Rating Tool Inputs and Scores

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

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

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

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

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

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

- The SCP is 'b'.

Recovery Analysis

The recovery analysis is based on a going-concern approach. This
reflects the company's asset-light business model supporting higher
realisable values in financial distress than balance-sheet
liquidation.

Distress could arise primarily from material revenue and margin
contraction following volume losses and price pressure, given its
exposure to generic competition. For the going-concern enterprise
value calculation, Fitch continues to estimate a post-restructuring
EBITDA of about GBP200 million, which reflects organic earnings
after distress and implementation of possible corrective measures.

Fitch continues to apply a 5.5x distressed enterprise value/EBITDA
multiple, which would appropriately reflect the company's minimum
valuation multiple before considering value added through portfolio
and brand management.

Its principal waterfall analysis generated a ranked recovery in the
'RR3' band for all senior secured instruments, ranking equally
among themselves, after deducting 10% for administrative claims,
and assuming the company's committed revolving credit facility of
GBP167 million will be fully drawn prior to distress. This results
in a 'B+' senior secured debt rating, one notch above the IDR.

RATING SENSITIVITIES

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

Unsuccessful implementation of the organic growth strategy or
acquisitions, or continued supply chain disruptions that lead to:

- A sustained decline in EBITDA margins, translating into weakening
cash generation, with FCF margins declining towards the low single
digits or zero

- EBITDA leverage above 6.0x on a sustained basis

- EBITDA interest coverage below 2.0x on a consistent basis

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

Successful implementation of the organic growth strategy,
complemented by selective and carefully executed acquisitions
leading to:

- EBITDA margin sustained above 40%, and continued strong cash
generation with FCF margins comfortably in the double digits

- EBITDA leverage at or below 4.5x on a sustained basis

- EBITDA interest coverage above 3.0x on a consistent basis

Liquidity and Debt Structure

At end-2025, ADVANZ has about GBP72 million of cash that Fitch
deems as available for debt repayment (Fitch excludes GBP15 million
deemed as restricted). This is further supported by the full
availability of its GBP167 million revolving credit facility
maturing April 2031. ADVANZ's capital structure benefits from
long-dated maturities, with no debt repayment until April 2031
after the company's refinancing at end-2024 and in April 2025.

Issuer Profile

ADVANZ is a pharmaceutical company with a focus on specialty and
hospital medicines distributed in Europe and Canada.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

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

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
   -----------                   ------         --------   -----
Cidron Aida Finco
S.a.r.l.

   senior secured          LT     B+ Affirmed    RR3       B+

ADVANZ PHARMA HoldCo
Limited                    LT IDR B  Affirmed              B

BARKSTON GARDENS: FRP Advisory, BTG Named as Joint Administrators
-----------------------------------------------------------------
Barkston Gardens (EC) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-002110. 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.

Barkston Gardens (EC) 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 (to be changed to 2nd Floor, Churchill House, 26–30 Upper
Marlborough Road, St Albans, AL1 3UU).

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: Luke Bambrough
  Email: cp.stalbans@frpadvisory.com

CAVERSWALL ENGLISH: Dow Schofield Appointed as Joint Administrators
-------------------------------------------------------------------
Caverswall English China Company Limited was placed into
administration in the High Court of Justice, Business and Property
Courts in Manchester, Insolvency & Companies List (ChD) Court
Number CR-2026-MAN-000373. Christopher Benjamin Barrett and John
Allan Carpenter of Dow Schofield Watts Business Recovery LLP were
appointed as joint administrators on March 12, 2026.

Caverswall English China Company Limited operated as a bone china
manufacturer.

Its registered office is 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly 124 Finchley Road, London,
NW3 5JS).

Its principal trading address is Berry Hill Road, Berryhill Trading
Estate, Stoke-on-Trent, Staffordshire, ST4 2PQ.

The Joint Administrators can be contacted at:

  Christopher Benjamin Barrett  
  John Allan Carpenter  
  Dow Schofield Watts Business Recovery LLP  
  7400 Daresbury Park  
  Daresbury  
  Warrington  
  WA4 4BS  

Further information:

  The Joint Administrators
  Tel: 01928 378 014
  Alternative contact: Kerry Grice
  Email: kerry@dswrecovery.com

CRANLEY GARDENS: FRP Advisory, BTG Named as Joint Administrators
----------------------------------------------------------------
Cranley Gardens Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-001841. 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 11, 2026.

Cranley Gardens 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 (in the process of being changed to 3rd Floor, 2 Charlotte
Place, Southampton, SO14 0TB).

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  
  Canary Wharf  
  London  
  E14 5NR  

Further details contact:

  The Joint Administrators
  Tel: 02381 448 200

Alternative contact for enquiries on proceedings:

  Nate Taylor
  Email: cp.southampton@frpadvisory.com

DOWSON 2026-1: Fitch Assigns 'BB-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Dowson 2026-1 Plc final ratings, as
listed below.

   Entity/Debt            Rating               Prior
   -----------            ------               -----
Dowson 2026-1 Plc

   A XS3334185090      LT AAAsf  New Rating    AAA(EXP)sf
   B XS3334185173      LT AA+sf  New Rating    AA+(EXP)sf
   C XS3334185256      LT A+sf   New Rating    A+(EXP)sf
   D XS3334185330      LT Asf    New Rating    A(EXP)sf
   E XS3334185413      LT BBB+sf New Rating    BBB+(EXP)sf
   F XS3334185504      LT BB-sf  New Rating    BB-(EXP)sf
   X1 XS3334185686     LT BB+sf  New Rating    BB+(EXP)sf
   X2 XS3334185769     LT NRsf   New Rating    NR(EXP)sf

Transaction Summary

The transaction is a static securitisation of auto loan receivables
originated by Oodle Financial Services Limited in the UK. The
portfolio consists of hire purchase loans, financing predominantly
used vehicles.

KEY RATING DRIVERS

Assumptions Reflect Non-Prime Pool: The transaction is backed by a
pool of predominantly non-prime auto loans, as underlined by the
pool's high weighted average annual percentage rates and
loan-to-value (LTV) ratios. About 52% of the pool has an original
LTV of over 100%, highlighting increased credit risk relative to
prime UK auto ABS transactions.

Fitch has applied a higher base-case lifetime default rate of 16.3%
to the blended portfolio, reflecting the historical performance
data provided by Oodle and the non-prime composition of the pool.
Fitch has applied a blended multiple of 3.07x to the 'AAAsf'
default base case, taking into account the high base-case default
rate and other relevant factors. Fitch's recovery base case
assumption is 55%, subject to a haircut of 50% for the 'AAAsf'
rating.

Used-Car Price Exposure: Loans regulated by the Consumer Credit Act
provide obligors with voluntary termination (VT) rights, allowing
them to return the vehicle before maturity. The issuer is exposed
to the risk of declines in used-car prices as proceeds from the
sale of returned vehicles may be lower than the outstanding loan
balance. Fitch assumed a total VT loss of 5% at 'AAAsf'. The
assumed VT losses are smaller than prime UK auto ABS transactions,
given its high default base case.

Hybrid Pro Rata Redemption: The class A to F notes amortise
sequentially from closing until the class A notes' support ratio
(defined as one minus the ratio of the class A outstanding
principal balance to the performing portfolio principal balance)
reaches 38%. Thereafter, all the notes will amortise pro rata if no
sequential amortisation event has occurred.

Sequential amortisation events are linked to performance triggers
such as principal deficiency ledger or cumulative defaults
exceeding certain thresholds. Fitch views these triggers as
sufficiently robust to prevent the pro rata mechanism from
continuing following early signs of performance deterioration.
Fitch believes the tail risk posed by the pro rata pay-down is
mitigated by the mandatory switch to sequential amortisation when
the note balance falls below 10% of the initial balance.

PIR Constrains Ratings: Payment interruption risk (PIR) is
mitigated for the class A and B notes through the presence of a
dedicated liquidity reserve. In contrast, the class C to F notes do
not benefit from full liquidity protection, as a reserve designated
to cover interest shortfalls for these tranches may be depleted by
losses arising from all class notes. The limited availability of
the reserve fund or any other source of liquidity for the class C
notes constrains their maximum achievable ratings below the
model-implied ratings.

RATING SENSITIVITIES

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

Sensitivity to increased defaults:

Increase defaults by 10%: 'AAAsf'/ 'AA+sf'/ 'A+sf'/ 'Asf'/
'BBB+sf'/ 'BB-sf'/ 'BBsf'

Increase defaults by 25%: 'AA+sf'/ 'AAsf'/ 'A+sf'/ 'Asf'/ 'BBB+sf'/
'Bsf'/ 'BB-sf'

Increase defaults by 50%: 'AAsf'/ 'A+sf'/ 'A-sf'/ 'BBB+sf'/
'BBB-sf'/ 'CCCsf'/ 'CCCsf'

Sensitivity to reduced recoveries:

Reduce recoveries by 10%: 'AAAsf'/ 'AA+sf'/ 'A+sf'/ 'Asf'/
'BBB+sf'/ 'BB-sf'/ 'BBsf'

Reduce recoveries by 25%: 'AAAsf'/ 'AA+sf'/ 'A+sf'/ 'Asf'/
'BBB+sf'/ 'B-sf'/ 'BBsf'

Reduce recoveries by 50%: 'AAAsf'/ 'AAsf'/ 'A+sf'/ 'Asf'/ 'BBBsf'/
'NRsf'/ 'BB-sf'

Sensitivity to increased defaults and reduced recoveries:

Increase defaults by 10% and reduce recoveries by 10%: 'AAAsf'/
'AA+sf'/ 'A+sf'/ 'Asf'/ 'BBB+sf'/ 'Bsf'/ 'BBsf'

Increase defaults by 25% and reduce recoveries by 25%: 'AA+sf'/
'AA-sf'/ 'Asf'/A-sf'/'BBB-sf'/ 'NRsf'/ 'B-sf'

Increase defaults by 50% and reduce recoveries by 50%: 'A+sf'/
'A-sf'/ 'BBBsf'/ 'BB+sf'/ 'CCCsf'/ 'NRsf'/'NRsf'

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

Sensitivity to reduced defaults and increased recoveries:

Reduce defaults by 10% and increase recoveries by 10%: 'AAAsf'/
'AAAsf'/ 'A+sf'/'A+sf'/ 'A-sf'/'BB+sf'/'BB+sf'

Reduce defaults by 25% and increase recoveries by 25%: 'AAAsf'/
'AAAsf'/ 'A+sf'/ 'A+sf'/ 'Asf'/ 'BBBsf'/ 'BB+sf'

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

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

DATA ADEQUACY

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

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

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.

HORSE GATE: FRP Advisory, BTG Begbies Named as Joint Administrators
-------------------------------------------------------------------
Horse Gate Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001840. 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 11, 2026.

Horse Gate Property Limited carried on a business of buying and
selling of own real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA (to be changed to St Ann’s Manor, 6–8 St Ann Street,
Salisbury, Wiltshire, SP1 2DN).

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  
  Canary Wharf  
  London  
  E14 5NR  

Further details contact:

  The Joint Administrators
  Tel: 01722 333599
  Alternative contact: Terena Ellis
  Email: cp.southampton@frpadvisory.com

ORWELL STUDIOS: FRP Advisory, BTG Appointed as Joint Administrators
-------------------------------------------------------------------
Orwell Studios (MP) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001845. 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 11, 2026.

Orwell Studios (MP) Limited carried on a business of buying and
selling of own real estate.

Its registered office is at 134 Buckingham Palace Road, London,
SW1W 9SA to be changed to St Ann's Manor, 6-8 St Ann Street,
Salisbury, Wiltshire, SP1 2DN.

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  
  Canary Wharf  
  London  
  E14 5NR  

Further details contact:

  The Joint Administrators
  Tel: 01722 333599
  Alternative contact: Terena Ellis
  Email: cp.southampton@frpadvisory.com

PETER STREET: FRP Advisory, BTG Appointed as Joint Administrators
-----------------------------------------------------------------
Peter Street Property Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-001846. 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 11, 2026.

Peter Street 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 3rd Floor, 2 Charlotte Place,
Southampton, SO14 0TB).

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  
  Canary Wharf  
  London  
  E14 5NR  

Further details contact:

  The Joint Administrators
  Tel: +44 (0)2381 448 200
  Alternative contact: Nate Taylor
  Email: cp.southampton@frpadvisory.com

SATUS 2026-1: S&P Assigns BB+ (sf) Rating on Class E-Dfrd Notes
---------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Satus 2026-1
PLC's asset-backed floating-rate class A, B, C-Dfrd, D-Dfrd, and
E-Dfrd notes. At closing, the issuer also issued unrated class Z
notes.

The required liquidity reserve was initially funded through unrated
class Z notes.

Satus 2026-1 is the third public securitization of U.K. auto loans
originated by Startline Motor Finance Ltd. (Startline), the seller.
S&P also rated the preceding securitizations, Satus 2024-1 PLC,
which closed in April 2024, and rated Satus 2021-1 PLC, which
closed in November 2021.

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

The underlying collateral will comprise U.K. fixed-rate auto loan
receivables arising under hire purchase (HP) agreements and
personal contract purchase (PCP) agreements granted to private
borrowers resident in the U.K. for the purchase of used vehicles.
Given the presence of PCP contracts, the transaction will be
exposed to residual value risk.

S&P does not believe the transaction will be affected by the
Financial Conduct Authority's redress scheme on mis-sold car
finance loans. The pool does not include any agreements within the
scope of the scheme. Startline has indicated potential claims under
the scheme have been adequately provisioned.

Collections will be distributed monthly with separate waterfalls
for interest and principal collections, and the notes amortize
fully sequentially from day one.

At closing, only the class A and B notes have the support of the
liquidity reserve fund, which are sized at 1.40% of the aggregate
outstanding balance of the class A and B notes and amortizes as
those notes' principal balance is repaid, subject to a floor of
0.5% of the original collateral balance prior to the full repayment
of the class B notes and 0.3% of the original collateral balance
thereafter (the senior reserve fund available amount). The seller
funded a liquidity reserve fund through the issuance of the class Z
notes. Prior to the repayment of the class B notes, the class
C-Dfrd, D-Dfrd, and E-Dfrd notes will not benefit from the
liquidity reserve fund. Following the repayment of the class B
notes, the class C-Dfrd notes will benefit from the remaining
portion of the senior reserve fund, whereas the class D-Dfrd and
E-Dfrd notes will have the support of the liquidity reserve fund to
an amount set at 0.2% of the original collateral amount (the junior
reserve fund available amount).

A combination of note subordination, the cash reserves, and any
available excess spread will provide credit enhancement for the
rated notes.

Commingling risk is mitigated by sweeping collections to the issuer
account within two business days, a declaration of trust over funds
in the collection account, and a minimum rating requirement and
remedies on the collection account bank.

The seller is not a deposit-taking institution, there are
eligibility criteria preventing loans to Startline employees from
being in the securitization, and Startline has not underwritten any
insurance policies for the borrowers. Therefore, in our view,
setoff risk is mitigated.

Startline remains the initial servicer of the portfolio. A moderate
severity and portability risk, along with a low disruption risk, do
not limit the maximum potential ratings on the notes in the absence
of a back-up servicer. Following a servicer termination event,
including the servicer's insolvency, the back-up servicer, Lenvi
Servicing Ltd., will assume servicing responsibility for the
portfolio. Our operational risk criteria do not constrain our
ratings on the notes.

The assets pay a fixed monthly interest rate, while the rated notes
receive compounded daily Sterling Overnight Index Average (SONIA)
plus a margin, subject to a floor of zero. To mitigate fixed-float
interest rate risk, the notes will benefit from an interest rate
swap.

Interest due on all classes of notes, other than the most senior
class of notes outstanding, is deferrable under the transaction
documents, and nonpayment of interest on the junior notes does not
result in an event of default. Once a class becomes the most
senior, current interest is due on a timely basis, while any
outstanding deferred interest is due either at the maturity date or
when the relevant class of notes is repaid.

However, although interest can be deferred on the class B notes
while the class A notes are outstanding, S&P's ratings on the class
A and B notes address timely receipt of interest and ultimate
repayment of principal. These classes of notes have the support of
the liquidity reserve fund while they are outstanding, thereby
mitigating any liquidity stress that may arise from a temporary
disruption in collections.

In contrast, the class C-Dfrd to E-Dfrd notes do not have any
liquidity support until after the class B notes are repaid, and the
timely payment of interest on those classes of notes could be
affected by a temporary disruption in collections prior to the
class B notes being repaid. Therefore, S&P's ratings address the
ultimate payment of interest and principal on class C-Dfrd to
E-Dfrd notes.

The transaction also features a clean-up call option, whereby on
any interest payment date (IPD) when the outstanding principal
balance of the rated notes is less than 10% of the initial
principal balance, the seller may repurchase all receivables,
provided the issuer has sufficient funds to meet all the
outstanding obligations. Furthermore, the issuer may redeem all
classes of notes at their outstanding balance together with accrued
interest on any IPD on or after the optional redemption call date
in April 2029

S&P said "Our ratings on the transaction are not constrained by our
structured finance sovereign risk criteria. The remedy provisions
at closing adequately mitigate counterparty risk in line with our
counterparty criteria. We expect the legal opinions to adequately
address any legal risk in line with our criteria."

  Ratings

  Class      Rating*     Amount (mil. GBP)

  A          AAA (sf)    339.5
  B          AA (sf)      52.1
  C-Dfrd     A (sf)       43.0
  D-Dfrd     BBB+ (sf)    10.9
  E-Dfrd     BB+ (sf)      7.3  
  Z          NR          5.482

*S&P's ratings on the class A and B notes address the timely
payment of interest and ultimate payment of principal, while those
assigned to the class C-Dfrd, D-Dfrd, and E-Dfrd notes address the
ultimate payment of interest and principal.
NR--Not rated.

THG PLC: Fitch Affirms 'B+' Long-Term IDR, Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on THG PLC to Negative from
Stable and affirmed its Long-Term Issuer Default Rating (IDR) at
'B+'. Fitch has also downgraded THG Operations Holdings Limited's
EUR445 million term loan B's senior secured rating to 'BB-' from
'BB'. The Recovery Rating is 'RR3'.

The Negative Outlook reflects delayed deleveraging in 2025, and its
expectation that leverage will remain stretched in 2026, as Fitch
assumes only partial pass through of high cost inflation in THG's
nutrition segment. EBITDA recovery is still subject to execution
risks, which also threaten THG's ability to generate consistently
positive free cash flow (FCF) from 2026 - one of the key factors in
maintaining the rating.

The IDR reflects THG's niche scale, balanced by the established
market position in its core segments, and lower profitability
compared with consumer product manufacturers. The downgrade of the
senior secured rating reflects weaker recovery prospects following
drawings under a GBP64 million asset-backed facility.

Key Rating Drivers

Critical Nutrition Margin Recovery: Fitch projects only a gradual
EBITDA margin recovery in THG's nutrition segment to 6.4% in 2026
and 7.6% in 2027, well below the group's medium-term target of 12%.
Segment profitability fell to 4.7% in 2025 (2024: 6%) due to
pressure from whey costs and its intentionally limited pass-through
to consumers to preserve the market share. Fitch assumes some
normalisation of US whey prices and that THG will be able to
implement only moderate price increases in 2026 due to muted
consumer sentiment and intense competition. Fitch expects segment
profits to benefit from the group's new non-protein product
launches, and further sales growth through offline channel
expansion.

Slower Deleveraging Than Expected: Fitch estimates EBITDA leverage
will decline to 6.2x in 2026 (2025: 9x), mainly due to an only
moderate recovery in EBITDA, with further deleveraging towards 5.0x
in 2027. The absence of continuous quarter-on-quarter EBITDA growth
in 2026, which is needed to achieve deleveraging towards 6.0x by
year-end, will result in a downgrade in the next six to nine
months.

However, the credit profile remains supported by the group's
comfortable liquidity and manageable refinancing risks. Fitch
expects THG to focus on organic growth and profitability in
2026-2027, but do not rule out minor bolt-on M&A, which Fitch
expects to be funded from internal liquidity and without increasing
execution risks.

Improving Revenue Momentum: The affirmation takes into account a
return to revenue growth in both beauty and nutrition, which
started in 2H25 and continued in 1Q26 (+4.6%); Fitch expects
mid-single-digit revenue growth for 2026. In addition to moderate
price increases, Fitch assumes nutrition sales growth to be
supported by strong demand for protein products in THG's key
markets, including due to the rising use of GLP-1 medications, and
new product launches and growth in the licencing business. Fitch
expects annual organic sales growth in beauty of about 3%,
supported by THG's focus on more profitable products and the
expansion of its own prestige brands.

Moderate Execution Risks: Fitch assesses the company's execution
risks as moderate, based on revenue growth since 3Q25, following
the streamlining of operations focused on two core businesses.
However, risks to profitability persist given THG's inability to
maintain its already low profitability in nutrition (compared with
packaged food producers) in 2025, despite its well-known branded
products and decent market positions in protein products. This may
indicate higher execution risks and could lead to weaker
performance in 2026-2027 than its forecasts, which is reflected in
the Negative Outlook.

Positive FCF from 2026: Fitch estimates THG's FCF margin at 1%-3%
from 2026 (2025: -3.9%), driven by assumed EBITDA recovery, reduced
interest costs following the amend-and-extend deal in 2025 and
reduced capex after the Ingenuity business demerger. The
normalisation of working capital following a material outflow in
2025 (GBP29 million) is contingent on optimised inventory levels.
In 1Q26, THG commented that it had its strongest FCF over the past
three years and reiterated its guidance of GBP25 million-50 million
for the year. An inability to turn FCF positive from 2026 would
contribute to a continuing reduction in liquidity and would no
longer be commensurate with a 'B+' IDR.

Established Market Position: THG's established position in the
beauty (Lookfantastic.com) and wellbeing (Myprotein) consumer
markets shows a niche but robust business model, underpinned by
moderate geographic diversification and increasing penetration of
markets beyond the UK and Europe.

Peer Analysis

THG's IDR is three notches below Natura Cosmeticos S.A.
(BB+/Stable), reflecting the much larger scale of Natura's
operations, synergies from its Avon acquisition and the
revitalisation of its product portfolio and digitalisation
strategy. Natura also has low leverage due to an equity issue and
higher operating profitability.

The Very Group Limited (B-/Stable), a pure online retailer in the
UK, is rated two notches below THG, due to its weaker business
profile, including geographical concentration in a single country,
a heavily leveraged balance sheet, high refinancing risk and tight
liquidity.

THG's IDR is also two notches higher than Ocado Group PLC's
(B-/Stable), reflecting the former's stronger financial metrics and
the latter's higher execution risk related to the slow ramp-up and
rollout of new customer fulfilment centres to drive earnings and
profitability. In addition, Ocado's business model is in an
expansion phase, requiring considerably higher capex and leading to
consistently negative FCF, although with reducing outflows. This is
offset by the company's importance as an international technology
and business services provider, with a large proportion of
long-term contracted earnings.

Fitch’s Key Rating-Case Assumptions

- Revenue to increase 4.5% in 2026, followed by annual growth of
about 3.8% over 2027-2028

- Fitch-adjusted EBITDA margin improving towards 4.0% in 2026 and
4.5% in 2027 from 2.8% for 2025

- Negative working-capital requirement as a percentage of revenue
over the rating horizon

- Annual capex of GBP25 million

- No M&A

- No dividend payments over the rating horizon

Corporate Rating Tool Inputs and Scores

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

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

- The quantitative financial subfactors are based on custom
Corporate Rating Tool financial period parameters: 20% weight for
the historical year 2025, 30% for the forecast year 2026, 30% for
the forecast year 2027 and 20% for the forecast year 2028.

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

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

- The Standalone Credit Profile is 'b+'.

Recovery Analysis

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that THG would be restructured as a
going concern (GC) rather than liquidated in a default.

THG's GC EBITDA reflects its view of a sustainable EBITDA of about
GBP80 million, which Fitch considers would be in line with the
underlying earnings based on its products and brands. The stress on
EBITDA would most likely result from operational issues, leading to
slower revenue growth and weaker margins.

Fitch applies a distressed enterprise value/EBITDA multiple of 5.5x
to calculate a GC enterprise value, reflecting THG's expanding
position in beauty and wellbeing D2C channels with attractive
proprietary brands.

The GBP150 million-equivalent multi-currency revolving credit
facility ranks pari passu with the senior secured EUR445 million
term loan B in the payment waterfall, both junior to a short-term
asset-backed facility of GBP64 million.

Fitch expects THG's existing off-balance-sheet factoring
facilities, with an average utilisation of EUR15 million, to remain
available during and after distress, given the strong credit
quality of the company's clients and suppliers.

After deducting 10% for administrative claims, its waterfall
analysis generated a ranked recovery for the senior secured loans
in the 'RR3' band. This corresponds to a 'BB-' instrument rating
— one notch above the IDR.

RATING SENSITIVITIES

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

- Material operating underperformance with lack of operating margin
recovery and no visibility of EBITDA leverage reducing towards 6x
in 2026 and below 5x by 2027

- Operating EBITDA interest coverage persistently below 3x

- FCF margin consistently negative, eroding liquidity position

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

Fitch does not envisage a rating upgrade in the short term.

However, in the medium term, positive rating action would be
conditional on dynamic sales progression, reflecting increased
scale and solid pricing power driving EBITDA margin improvement in
conjunction with:

- Adherence to a consistent financial policy with EBITDA leverage
remaining below 4x

- EBITDA interest coverage above 4x

- Maintenance of solid liquidity and FCF margin above 3%

Liquidity and Debt Structure

At end-2025, THG had a cash balance of GBP143 million, adjusted by
Fitch by GBP40 million due to intra-year working-capital
volatility. Its liquidity was further supported by a fully undrawn
GBP150 million revolving credit facility and no major debt
maturities before 2029, when the EUR445 million senior secured term
loan is due. Fitch expects THG's liquidity to be supported by
positive FCF from 2026.

There is a potential upside to THG's liquidity from a VAT recovery
claim of GBP60 million submitted to HMRC. Fitch does not assume any
proceeds from this claim in its rating case, given an uncertainty
on the amount and timing.

Issuer Profile

THG is a UK-based D2C online seller of wellness and beauty
products, offering a mix of third-party and own brands through its
various websites. The company's integrated supply chain includes
manufacturing its own brands and in-house logistics.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for THG PLC or THG Operations Holdings Limited.

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
   -----------                ------           --------   -----
THG Operations
Holdings Limited

    senior secured      LT     BB- Downgrade    RR3       BB

THG PLC                 LT IDR B+  Affirmed               B+

UAL BAR & RESTAURANTS: FRP Advisory Appointed as Administrators
---------------------------------------------------------------
UAL Bar & Restaurants Ltd, trading as Prince Arthur, was placed
into administration in the High Court of Justice, Court Number
CR-2026-001616. Andy John and Miles Needham of FRP Advisory Trading
Limited were appointed as joint administrators on March 12, 2026.

UAL Bar & Restaurants Ltd operated licensed restaurants.

Its registered office is at 11 Pimlico Road, London, SW1W 8NA (to
be changed to c/o FRP Advisory Trading Limited, 2nd Floor,
Churchill House, 26–30 Upper Marlborough Road, St Albans, AL1
3UU).

Its principal trading address is 11 Pimlico Road, London, SW1W
8NA.

The Joint Administrators can be contacted at:

  Andy John  
  Miles Needham  
  FRP Advisory Trading Limited  
  2nd Floor, Churchill House  
  26–30 Upper Marlborough Road  
  St Albans  
  AL1 3UU  

Contact details for Joint Administrators:

  Tel: 01727 811111
  Alternative contact: Travis Fisher
  Email: cp.stalbans@frpadvisory.com


                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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