260609.mbx

260609.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, June 9, 2026, Vol. 27, No. 114 Headlines D E N M A R K LIQTECH INTERNATIONAL: Bleichroeder Entities Hold 33.7% Stake LIQTECH INTL: Secures $1.1M Financing via Note Purchase Deal F R A N C E CIRCET EUROPE: Moody's Affirms B1 CFR, Rates Amended Term Loan B1 COLISEE GROUP: Moody's Ups CFR to Caa2, Outlook Remains Stable PARTS HOLDING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable G E R M A N Y NODE ACQUICO: Fitch Rates New EUR100MM Loan Add-On 'B' PROCREDIT HOLDING: Fitch Rates EUR150MM Add'l Tier 1 Notes 'B-' I R E L A N D ANCHORAGE CAPITAL 12: Fitch Assigns 'B-sf' Rating on Class F Notes BAIN CAPITAL 2024-2: Fitch Affirms 'B-sf' Rating on Class F-2 Notes CVC CORDATUS XIX: Fitch Assigns B-sf Final Rating on Cl. F-R Notes DRYDEN 27 R EURO 2017: Moody's Cuts Rating on F-R Notes to Caa2 DRYDEN 46 EURO 2016: Moody's Affirms B3 Rating on Cl. F-R Notes HARVEST CLO XL: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes HENLEY CLO X: S&P Assigns B-(sf) Rating on Class F-R Notes SOUND POINT V: Moody's Affirms B3 Rating on EUR10.75MM Cl. F Notes ST. PAUL'S IV: Fitch Lowers Rating on Class E-RRR Notes to 'B-sf' ST. PAUL'S XI: Fitch Affirms 'B-sf' Rating on Class F Notes I T A L Y IMA INDUSTRIA: Moody's Affirms B1 CFR & Alters Outlook to Positive [] Moody's Takes Action on 13 Notes of Nine Italian NPL Deals L U X E M B O U R G BERING III: S&P Affirms 'B-' ICR & Alters Outlook to Negative INCEPTION HOLDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable VITA LUXCO: Fitch Rates EUR1.1 Billion Term Loan 'BB-' N E T H E R L A N D S ODIDO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive P O R T U G A L CONSUMER TOTTA 3: Fitch Affirms BB+sf Rating on Class F Debt S P A I N MONBAKE GRUPO: S&P Assigns 'B' LongTerm ICR, Outlook Stable SABADELL CONSUMO 4: Fitch Assigns B+sf Final Rating on Cl. E Notes S W I T Z E R L A N D DUFRY ONE: Moody's Rates New EUR400MM Senior Unsecured Notes 'Ba2' SPORTRADAR GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable U N I T E D K I N G D O M COMPOSITE TECH: FRP Advisory Appointed as Administrators GH BIO-POWER: S&W Partners Appointed as Administrators LAKES BATHROOMS: Grant Thornton Appointed as Administrators NEDBANK PRIVATE: Moody's Affirms 'Ba1' Long Term Deposit Ratings NOVA PERSONNEL: Leonard Curtis Appointed as Joint Administrators OBAN CARDS 2026-1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E Notes SKCG ELECTRICAL: Quantuma Advisory Appointed as Administrators TONG DINNER: Opus Restructuring Appointed as Administrators TOTAL CARBIDE: Leonard Curtis Appointed as Joint Administrators WHEEL BIDCO: Fitch Affirms 'CCC+' LongTerm Issuer Default Rating ZEUS BIDCO: Moody's Withdraws 'Caa1' Corporate Family Rating - - - - - ============= D E N M A R K ============= LIQTECH INTERNATIONAL: Bleichroeder Entities Hold 33.7% Stake ------------------------------------------------------------- Bleichroeder LP, Bleichroeder Holdings LLC, and Andrew Gundlach disclosed in a Schedule 13D (Amendment No. 3) filed with the U.S. Securities and Exchange Commission that as of May 22, 2026, they each beneficially own 3,182,239 shares of LiqTech International, Inc.'s Common Stock, $0.001 par value, each representing 33.7% of the 9,947,841 shares reported to be outstanding as of May 12, 2026, by the Company in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 13, 2026. The Reporting Persons also beneficially own warrants representing the right to acquire up to an aggregate of 6,832,379 Shares, however, the exercise of such warrants are subject to a beneficial ownership limitation of 9.99% of the number of Shares outstanding immediately after giving effect to the issuance of the Shares issuable upon exercise of such warrants. If there was no 9.99% limit on the exercise of the warrants, the Reporting Persons would be deemed to be the beneficial owners of 10,014,618 Shares (including 6,832,379 Shares that would be issuable upon exercise of the warrants held by the Reporting Persons), representing 61.5% of the outstanding Shares. Bleichroeder LP may be reached through: Andrew Gundlach, Chairman and CEO Bleichroeder LP 1345 Avenue of the Americas 47th Floor New York, NY 10105 Tel: (212) 698-3101 A full-text copy of Bleichroeder LP's SEC report is available at: https://tinyurl.com/mr3ar2xw About LiqTech International Ballerup, Denmark-based LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 27, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that Company's recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $24.95 million in total assets, $17.40 million in total liabilities, and $7.55 million in total equity. LIQTECH INTL: Secures $1.1M Financing via Note Purchase Deal ------------------------------------------------------------ LiqTech International, Inc. disclosed in a regulatory filing that it issued and sold 9.09% original discount promissory notes in an aggregate principal amount of $1.1 million to affiliates of Bleichroeder L.P. and Laurence W. Lytton, pursuant to a note purchase agreement entered into with the Investors. The Notes were issued for a purchase price of $1,000,000 and reflect an original issue discount of $100,000. The Note Purchase Agreement contains customary representations, warranties, and covenants of the Company and Investors as detailed therein. The Notes have a term of two months and do not bear interest during this period. However, if the Notes are not repaid by the maturity date, the Notes will thereafter bear interest of 10% per annum, which will increase by 1% each month the Notes remain unpaid, up to a maximum of 16% per annum, payable monthly. Proceeds from the Notes shall be used for working capital and general corporate purposes. The full text copies of the Note Purchase Agreement and form of Note are available at https://tinyurl.com/4bvc2mbu and https://tinyurl.com/yte59abv, respectively. About LiqTech International Ballerup, Denmark-based LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 27, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that Company's recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $24.95 million in total assets, $17.40 million in total liabilities, and $7.55 million in total equity. =========== F R A N C E =========== CIRCET EUROPE: Moody's Affirms B1 CFR, Rates Amended Term Loan B1 ----------------------------------------------------------------- Moody's Ratings has affirmed Circet Europe SAS' (Circet or the company) B1 long-term corporate family rating and its B1-PD probability of default rating. Circet is the largest telecom and energy network infrastructure services provider operating in Europe and the US. Concurrently, Moody's have affirmed the B1 rating on the EUR345 million senior secured revolving credit facility (RCF) due in 2028 and assigned a B1 rating to the proposed amended and extended EUR2,000 million senior secured term loan B (TLB) due in 2031, both issued by Circet Europe SAS. Moody's have also affirmed the B1 rating on the $84 million senior secured TLB due in 2028 issued by Circet USA LLC. The outlook on both entities remains negative. Moody's have taken no action on the B1 rating of the existing EUR2,000 million senior secured term loan B (TLB). The rating will be withdrawn upon closing of the refinancing. RATINGS RATIONALE The proposed transaction is credit positive as it will extend the maturity of the EUR2,000 million term loan B by three years, while remaining leverage neutral. Moody's forecasts remain broadly unchanged compared to December 2025, when Moody's revised the outlook to negative. Moody's continues to expect leverage to improve to around 5.3x in 2026 from approximately 5.9x in 2025, while interest coverage, as measured by EBITDA/interest expense, is projected to remain within the 3.5x–4.0x range over the same period. Moody's also expects free cash flow to strengthen, supported by earnings growth, lower working capital requirements, and a reduction in non-recurring costs. In the first quarter of 2026, Circet's revenue and EBITDA excluding adjustments grew 11% and 31%, respectively, broadly aligned with budget expectations and primarily driven by the acquisitions in the US. The company's cash flow generation also improved mainly driven by EBITDA growth and lower non-recurring charges. The B1 CFR continues to reflect the company's position as the leading European network infrastructure services provider for the telecommunications industry; its enhanced scale and geographical diversification, accelerated by acquisitions; the increasing share of recurring revenue related to "life of network" activities; its favourable growth prospects, thanks to significant spending in underpenetrated fibre-to-the-home (FTTH) markets and to the business diversification into high growth energy and transition activities; its high cash balance and positive free cash flow generation supported by low capital spending requirements; and management's equity ownership. The ratings also reflect the slowdown in organic revenue growth as fibre build ramps down in its main country of operations, France, as well as in some other mature markets; some customer concentration and contract renewal risks; execution risks related to its expansion into new geographies and new business segments; and the potential for significant M&A activity. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. LIQUIDITY Circet's liquidity is good, supported by a cash balance of EUR441 million as of March 2026. The company has access to a EUR345 million senior secured revolving credit facility (RCF), of which EUR171 million is currently undrawn. The RCF matures in April 2028, and Moody's expects the company to address its refinancing in a timely manner. Moody's also expects Circet to maintain ample capacity under the springing net leverage covenant of 9.0x included in the RCF and tested when drawings exceed 40%. STRUCTURAL CONSIDERATIONS The senior secured TLBs and the senior secured RCF are rated at the same level as the CFR reflecting their pari passu ranking and the absence of any liabilities ranking ahead or behind. The senior secured TLBs and senior secured RCF benefit from a security package that includes share pledges, bank accounts and intragroup receivables of material subsidiaries. Moody's typically view debt with this type of security package to be akin to unsecured debt. However, the senior secured term loans and the revolver benefit from upstream guarantees from operating companies accounting for at least 80% of consolidated EBITDA. The capital structure also includes a EUR800 million shareholder loan, with its maturity extended to 2032 on a pro forma basis for the transaction. Moody's treats this instrument as equity in accordance with Moody's Hybrid Equity Credit methodology. RATING OUTLOOK The negative outlook reflects the risk that, although Moody's expects the company's credit metrics to improve over the next two years to levels consistent with a B1 rating, potential deviations could result in metrics remaining weak for the rating category for a prolonged period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if (1) the company continues to generate organic earnings growth despite the slowdown in fibre deployment in mature markets; (2) the company's financial policy is supportive of it maintaining a Moody's-adjusted debt/EBITDA ratio below 4.0x on a sustained basis; and (3) the company maintains a solid liquidity profile including a Moody's-adjusted free cash flow/debt above 10%. Downward rating pressure could arise if (1) the company experiences a significant decline in revenue and earnings due to the slowdown in fibre deployment in mature markets or other operational challenges; (2) Moody's-adjusted debt/EBITDA remains above 5.0x on a sustained basis; or (3) free cash flow or liquidity materially weakens. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Construction published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Headquartered in France, Circet Europe SAS is the largest telecom and energy network infrastructure services provider in Europe, with a significant footprint in the US. In 2025, the company reported revenue of EUR4.9 billion, and company-adjusted EBITDA of EUR633 million pro forma for acquisitions. Circet is owned by private equity sponsor ICG (around 50%) and management (around 50%). COLISEE GROUP: Moody's Ups CFR to Caa2, Outlook Remains Stable -------------------------------------------------------------- Moody's Ratings has upgraded the corporate family rating to Caa2 from Ca and the probability of default rating to Caa2-PD from Ca-PD/LD of Colisee Group (Colisee or the company). Consequently, Moody's assigned Caa3 instrument ratings to the reinstated EUR749 million backed senior secured notes and the reinstated EUR80 million senior secured revolving credit facility (RCF), both due in 2031. Colisee is the borrower of both facilities. The outlook remains stable. At the same time, Moody's withdrew the Ca instrument ratings of the senior secured bank credit facilities due in 2027, borrowed by the company, following the closing of the Accelerated Safeguard Plan at the end of April 2026. RATINGS RATIONALE The rating upgrade is mainly driven by the company's exit of its Accelerated Safeguard Plan which has reduced financial debt and extended debt maturities, while improving its liquidity position. Nevertheless, Moody's still believe the company's capital structure remains unsustainable with very weak credit metrics over the next 12-18 months. Moreover, there are still relevant execution risks to the company's profitability improvement plan (Switch Plan), in the context of potentially higher cost inflation given the current geopolitical environment. Over the next 12-18 months, Moody's expects the company's Moody's-adjusted gross leverage to trend to around 8.5x-9.0x, with weak Moody's-adjusted EBITA to interest expense below 1x. Colisee's Moody's-adjusted free cash flow (FCF) generation will remain negative mainly because of non-recurring items, costs related to the restructuring process and capital investments planned by the company. Moody's only expects Moody's-adjusted FCF to be breakeven at the earliest by 2028. Over the next 12-18 months, Moody's expects Colisee's revenue growth to be in the low-single digits in percentage terms driven by modest pricing and occupancy rate improvements, with continued recovery in profitability thanks to the company's Switch Plan. The reduction of debt and extension of debt maturities, combined with senior secured lenders assuming the role of shareholders and the establishment of a new supervisory board, were key to the rating action, and correspond to elements of Moody's evaluations of governance factors in accordance with Moody's ESG framework. The company's rating also reflects its good market positioning in the French and Belgian elderly care sectors, with good diversification in Spain, Portugal and Italy. Demand for dependent care remains high and continues to grow due to demographic trends such as an ageing population. Additionally, the sector is characterised by substantial barriers to entry and regulatory restrictions on the establishment of new care facilities. However, the rating also considers Colisee's high operational leverage because of significant fixed costs, primarily related to staff expenses and rent. Additionally, increasing care demand is leading to heightened competition for skilled healthcare workers, which may push wages up and intensify cost pressures in this already labour-intensive sector. OUTLOOK The stable outlook reflects Moody's expectations that Colisee's operating performance will continue to gradually improve over the next 12-18 months, driving further profitability growth and a decrease in Moody's-adjusted leverage towards 8.5x. The outlook assumes that the company's available liquidity will be sufficient to cover basic cash obligations over the same period of time. LIQUIDITY Colisee's liquidity is adequate. The company had cash balances of EUR67 million as of the end of 2025 and access to its reinstated EUR80 million RCF and its EUR69 million super senior secured RCF, which are both fully undrawn at the end of its Accelerated Safeguard Plan. Moody's expects the company's Moody's-adjusted FCF to remain negative over the next 12-18 months and therefore to use a portion of its available RCF to keep cash balances stable. Moody's have assumed working capital requirements of about 2% of revenue and capital expenses (pre IFRS-16) at about 3.5% of revenue, over the same period. All debt facilities are subject to a minimum liquidity covenant requiring at least EUR75 million in cash, cash equivalents, and undrawn RCF facilities, to be tested quarterly beginning in September 2026. The new super senior secured RCF includes a springing net leverage ratio covenant, which is tested if utilisation of this facility exceeds 40%. The maximum net leverage ratio is set at 14.1x as of December 2026, decreasing to 13.7x during 2027, 13.0x during 2028, 11.9x during 2029, and 10.9x thereafter. Moody's expects sufficient capacity under these covenants. STRUCTURAL CONSIDERATIONS Colisee's capital structure now comprises a mix of super senior secured (post-money privilege) debt instruments (EUR215 million super senior secured notes and EUR69 million super senior secured RCF) and reinstated debt instruments (EUR749 million backed senior secured notes and EUR80 million senior secured RCF) that are ranked behind the super senior debt in the waterfall and are rated Caa3, one notch below the CFR. All these debt instruments benefit from upstream guarantees from material subsidiaries of the group. The Caa2-PD probability of default rating incorporates Moody's assumptions of a 50% recovery rate, typical for bank debt structures with a loose set of financial covenants. Guarantor coverage is at least 80% of EBITDA (determined in accordance with the agreement) generated within the defined security jurisdictions (France, Belgium, Spain, Italy). Security is granted over equity pledges, bank accounts and intercompany receivables. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade of the ratings would be contingent upon the company demonstrating a visible and sustained recovery path in operating performance, cash flow generation, and liquidity, leading to a more sustainable capital structure. The ratings could be downgraded if the company's operating performance weakens, if for instance, its profitability does not improve as expected or if its FCF remains negative sustainably, driving a deterioration of its liquidity and increasing the risk of another debt restructuring or distressed exchange. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Colisee's Caa2 rating is two notches below the scorecard-indicated outcome of B3, reflecting the company's still unsustainable capital structure and execution risks on its operational turnaround plan. COMPANY PROFILE Colisee, headquartered in Paris, France, is the fourth-largest private operator of nursing homes in Europe. The group operated 393 facilities and around 33,400 beds as of year-end 2025. The group is mainly present in France, Belgium and Spain, but it also has a smaller presence in Italy. Colisee generated net revenue of EUR1,694 million and company-adjusted EBITDA (pre-IFRS16) of EUR142 million in 2025. Following its debt restructuring, Colisee is now owned by a consortium of senior lenders. PARTS HOLDING: Fitch Assigns 'BB-' LongTerm IDR, Outlook Stable --------------------------------------------------------------- Fitch Ratings has assigned Parts Holding Europe S.A.S. (PHE) a Long-Term Issuer Default Ratings (IDR) of 'BB-' with a Stable Outlook. Fitch has also assigned PHE's subsidiary, Parts Europe S.A.S, a senior secured term-loan B a rating of 'BB+' with a Recovery Rating of 'RR2'. The IDR is supported by PHE's leading position in the automotive aftermarket distribution, underpinned by its close proximity to local customers and longstanding relationships that support reliable product availability. The rating is also supported by financial metrics that are aligned with the rating, including healthy profitability, sustained positive free cash flow (FCF) and moderate leverage. The rating is constrained by the company's small scale and moderate end-market diversification. The Stable Outlook reflects Fitch's expectation that PHE will maintain credit metrics within rating sensitivities while pursuing its growth strategy, supported by a conservative financial policy and the absence of extraordinary shareholder distributions. Key Rating Drivers Stable Profitability Trends: Fitch expects PHE to maintain EBITDA margins averaging about 11% through 2028, supported by strong revenue growth of about 10%. Growth is underpinned by PHE's acquisitive strategy, with the latest acquisition targets being a 51% stake in the Polaris and Regueira groups, and by underlying organic growth averaging 5.8% to 2028. This is in line with PHE's historical performance, which has outpaced market growth of about 2% annually. Ageing vehicle fleets and Fitch's automotive outlook of broadly flat global vehicle sales in 2026 should further support demand for replacement parts. PHE's flexible operating model supports profitability, as more than 90% of its costs are parts procurement, personnel and logistics. Fitch expects pricing to remain broadly stable as PHE maintains its competitive advantage over original equipment manufacturers (OEMs) on affordability. Cost efficiency measures and market share gains should also support profitability over the medium term. Solid Capital Structure: PHE's capital structure is commensurate with the rating, supported by solid liquidity and a long-dated debt maturity profile, despite funding concentration in its senior secured term loan B (TLB). Fitch expects EBITDA gross leverage of 4.2x at end-2026, reflecting a broadly credit-neutral EUR200 million TLB add-on completed in 2026. Fitch expects leverage to decline below 3.5x after 2028, supported by EBITDA growth and capital allocation aligned with PHE's financial policy. Its rating case assumes a further EUR200 million add-on in 2027 to partly fund bolt-on acquisitions. Fitch sees manageable execution risks in small acquisitions. Strong Liquidity Profile: PHE's healthy liquidity is a credit strength, which Fitch believes is sustainable over the medium term. This is supported by solid profitability, which will adequately absorb high interest costs, working capital outflows and capex needs. Liquidity is further supported by a fully undrawn EUR285 million revolving credit facility (RCF). Its FCF margin was about 2.2% for 2025 and Fitch expects it to remain positive until 2028 under Fitch's forecast. Strong Market Position; Defensive Model: PHE's position in its core markets is supported by a focused expansion strategy aimed at strengthening its purchasing power in a highly fragmented market and broadening customer reach through a denser distribution network. This reinforces its competitive position relative to other distributors by increasing product availability and supporting reliable, fast deliveries. Bolt-on acquisitions also support geographic coverage and scale expansion. PHE's resilient performance during periods of macroeconomic disruption reflects the defensive nature of the automotive aftermarket and the operational flexibility of its asset-light model. Sole End-Market Exposure: Fitch views PHE's limited scale and narrow end-market diversification as a key rating constraint. PHE remains concentrated in the French light-vehicle market, which has historically generated nearly half of group revenue and exposes it to market volatility. This is partly mitigated by the countercyclical nature of the automotive aftermarket, which accounts for about 80% of revenue, and supports more stable demand through the cycle. Fitch expects acquisitions to gradually improve diversification over time. Peer Analysis PHE's business profile is comparable to LKQ Corporation (BBB-/Positive). They both have positions in the resilient automotive aftermarket, which has shown stable demand and can prove defensive during periods of macroeconomic pressure. Leadership in core regional markets and continued market share gains provide further support for PHE's rating. These strengths are constrained by PHE's smaller scale and narrower geographic and end-market diversification than higher-rated peers, including LKQ, AutoZone Inc. (BBB/Stable), and Genuine Parts Company (BBB-/RWN), which underline the multi-notch rating difference. PHE's financial profile is supported by solid financial flexibility, with robust liquidity and positive FCF margins. These features broadly align with LKQ's, although PHE has lower profitability and higher leverage, which are reflected in the rating gap. Fitch’s Key Rating-Case Assumptions - Revenue growth at about 10% until 2029, supported by stable organic growth at about 6% and more acquisitions - EBITDA margin on average 11% to 2029, reflecting increased synergies and economies of scale - Negative working capital at an average 1.8% until 2029 - Capex at 2.5% of revenue to 2029 - Bolt-on M&A at about EUR93 million annually for 2028-2029 - Dividend distribution from 2027 onwards Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('bbb-', Lower), sector characteristics ('bb+', Moderate), market and competitive positioning ('bb-', Moderate), diversification and asset quality ('bb-', Higher), company operational characteristics ('bb-', Moderate), profitability ('b+', Moderate), financial structure ('bb-', Higher), and financial flexibility ('bb+', Moderate). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2025, 40% for the forecast year 2026 and 40% for the forecast year 2027. The governance assessment of 'good' has no impact. The operating environment assessment of 'a' has no impact. The SCP is 'bb-'. To derive the Long-Term IDR: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a standalone approach. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage sustainably above 4.0x - FCF margin below 1% - Evidence of major contract losses or like-for-like sales decline, with an EBIT margin below 8% on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustainably below 3.0x - FCF margin sustainably above 2% - EBIT margin sustainably above 10% Liquidity and Debt Structure PHE's liquidity comprised EUR119 million of cash at end-2025, after Fitch's adjustment for about 2% of total revenue as restricted for intra-year working-capital swings. Its short-term debt was about EUR241 million on Fitch's assumption of EUR167 million of factoring repayment, in line with its Corporates Criteria. PHE's liquidity is further supported by consistently positive FCF generation and an RCF of about EUR285 million, which remained fully undrawn as at May 2026. The 'BB+' senior secured debt rating reflects its notching approach for issuers with a 'BB-' IDR. Issuer Profile PHE is a French-based leading omni-channel, digitally enabled distributor of light vehicle and truck spare parts in the independent automotive aftermarket (IAM) in western Europe. Date of Relevant Committee 26 May 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 PHE. 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 ----------- ------ -------- Parts Holding Europe SAS LT IDR BB- New Rating Parts Europe S.A.S senior secured LT BB+ New Rating RR2 ============= G E R M A N Y ============= NODE ACQUICO: Fitch Rates New EUR100MM Loan Add-On 'B' ------------------------------------------------------ Fitch Ratings has assigned Node AcquiCo GmbH's proposed EUR100 million fungible add-on to the senior secured term loan B (TLB) a 'B' rating with a Recovery Rating of 'RR4'. The add on will repay drawings under the revolving credit facility (RCF) and transaction expenses. Node Holdco GmbH (IFCO) is also aiming to reprice the EUR2.4 billion TLB due December 2032. IFCO's Long-Term Issuer Default Rating (IDR; B/Positive) is unaffected. The ratings reflect high leverage, volatile FCF, and a narrow product offering. IFCO's leading position in reusable packaging container (RPC) pooling solutions, long customer contracts and stable, non-cyclical end-market demand mitigate these constraints. The Positive Outlook reflects Fitch's expectation that gross leverage will fall below the upgrade sensitivity of 6.0x by end-FY28 (year-end June), supported by rising EBITDA from continued revenue growth. Key Rating Drivers Temporary High Leverage: Fitch expects EBITDA gross leverage to rise to 6.7x at end-FY26, above the previously forecast 6.3x, reflecting higher debt from the proposed add-on. Fitch forecasts leverage will fall below the positive rating sensitivity of 6.0x by end-FY28, one year later than previously expected, supporting the Positive Outlook. EBITDA growth from higher revenue and operational improvements drives deleveraging. Failure to deleverage at the expected pace could lead to a revision of the Outlook to Stable. FCF Weaker Than Expected: Fitch expects FY26 FCF to be an outflow of about EUR110 million, versus previous expectations of around neutral, with a moderate working capital outflow replacing the minor inflow anticipated. This was driven by working capital outflow reported at end 3Q26 due to a range of factors, some which Fitch expects to reduce by year-end. Fitch expects working capital to normalise from FY27, supporting FCF turning positive from FY28, broadly in line with the prior forecast for FY27-FY29. Sustainably Strong Profitability: Fitch expects IFCO to continue to generate EBITDA margins of over 20%. RPC reuse, appropriate price revisions to cover cost inflation and cost indexation clauses in contracts support healthy profitability. Fitch expects gradual EBITDA margin improvements towards 22% in FY29, driven by continued cost savings on washing and transportation facilities from network optimisation and scale effects, efficiency initiatives and further automation. Expansion Drives Capex: IFCO's capex is subject to the volatility of resin (polypropylene) prices and the volume of RPCs to be replaced or added to the pool in operation. IFCO has the flexibility to substitute virgin polypropylene with regrind material sourced from its own legacy RPC pool, reducing its exposure to resin price increases. Capex reached about EUR310 million in FY25, due to prior acquisitions, the ramp-up of RPCs and the conversion of some RPCs to a new model. Ramping up the RPC pool for new major contracts and acquisitions typically takes three to four years. Good Revenue Visibility: IFCO's large network of customers under long-term contracts, with an average maturity of 7.3 years at FYE25, provides good revenue visibility and acts as a barrier to entry. Leading market positions in all regions of operation further support this. Over the last five years, IFCO has increased the share of contracts with indexation clauses, supporting the sustainability of operating margins. Narrow Service Offering: The group's service offering is limited to providing RPCs, primarily to fruit and vegetable producers for further transport to retailer warehouses or shops. This is mitigated by its strong market position and good, but concentrated, geographic diversification (Europe at 67% in FY25, the US and Canada at 24% and the rest of the world at 9%). IFCO's top five customers (under several separate contracts) represent 53% of trip volumes, but a lower share of revenue. Supportive Market: IFCO's robust business profile benefits from sustainable demand and long-term customer relationships, exposure to industries with low cyclicality, and a solid market position. The market is expanding due to population growth, partial replacement of cardboard packaging and healthier lifestyle choices. Pooled RPCs account for only 20% of global fresh produce shipping volumes, leaving significant scope for further growth as most produce is still shipped in one-way, carton-board containers. Global Niche Market Leader: IFCO has strong shares in the pooled RPC markets in Europe and the US. Its strong international coverage across more than 50 countries offers retailers a stronger network than its competitors. IFCO's size and coverage offer further scale benefits and price leadership, and it builds strong relationships with larger retail chains. Competition comes from single-use packaging, from which IFCO is taking market share, retailers' own pools and small regional RPC providers. Peer Analysis IFCO does not have a direct peer; Fitch compares it with packaging manufacturing and business services companies. IFCO is much smaller than packaging company CANPACK Group, Inc. (BB/Negative), which has a stronger business profile supported by greater product diversification. IFCO compares well with Fitch-rated medium-sized companies in niche markets including Polygon Group AB (B-/Negative), a property damage restoration service provider, and Amber HoldCo Limited (Applus; B+/Stable), a provider of testing, inspection and certification services. Applus has a stronger business profile through better geographical diversification and a broader mix of markets. Polygon's market diversification is also stronger than IFCO's. Geographical exposure is similarly concentrated in Europe for both. IFCO's EBITDA margins are weaker than Albion Holdco Limited's (BB-/Stable) but stronger than those of Polygon, Applus and CANPACK. IFCO's FCF margin, like CANPACK and Albion's, is under pressure from growth capex to ramp up for new accounts, while Applus has broadly positive FCF margins. IFCO's EBITDA leverage is comparable with that of Applus. Fitch’s Key Rating-Case Assumptions - Revenue to increase by an average of 5.4% in FY26-FY29, supported by price revisions and the ramp-up of RPCs in operations - EBITDA margin at about 21% in FY26 and rising towards 22% by FY29 driven by revenue growth and cost optimisation - Capex net of disposals of RPCs (around EUR35 million annually) to average around EUR260 million a year in FY26-FY29 - No further acquisitions or disposals in FY26-FY29 - No dividends in FY26-FY29 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) are Management (bb+, Lower), Sector Characteristics (bbb-, Moderate), Market and Competitive Positioning (bb, Higher), Diversification and Asset Quality (b+, Moderate), Company Operational Characteristics (bbb, Moderate), Profitability (bbb, Lower), Financial Structure (ccc+, Higher), and Financial Flexibility (b+, Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 20% weight for the forecast year 2026, 40% for the forecast year 2027 and 40% for the forecast year 2028. - '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 assumes that IFCO would be considered a going concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. This is supported by its leading position in a niche market, a long-term operating performance record, and long-term relationships with customers. - Fitch assumes a 10% administrative claim. - Fitch uses a GC EBITDA of EUR280 million, which would reflect the loss of a number of its largest retailers, increased substitution to one-way cardboard packaging among some clients, and increased competition. The assumption also reflects corrective measures taken in reorganisation to offset the adverse conditions that trigger the assumed default. - Fitch applies a multiple of 5.0x to GC EBITDA to calculate a post-reorganisation valuation, in line with multiples applied to some peers in the packaging industry. The choice of this multiple considers the concentration on one product/service and IFCO's market leadership, geographic diversification and a flexible cost base. - Fitch estimates the total amount of senior debt for creditor claims at EUR2.95 billion equivalent which includes the proposed EUR100 million add-on, which comprises a secured TLB of EUR2.5 billion and a EUR450 million secured RCF. - Its waterfall analysis generates a ranked recovery for IFCO's TLB equivalent to a Recovery Rating of 'RR4', leading to a 'B' rating, in line with the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Operating underperformance resulting from a loss of large customers, big pricing pressure, technology risk or margin-dilutive debt-funded acquisitions - EBITDA leverage consistently above 7.0x - EBITDA interest coverage below 2.0x - Negative FCF margins on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 6.0x - EBITDA interest coverage above 3.0x - FCF margins above 1% on a sustained basis Liquidity and Debt Structure The group reported cash and cash equivalents of EUR106 million at end-March 2026. The EUR450 million RCF had EUR135 million drawn at end-March 2026, reducing to EUR35 million drawn post add-on as proceeds are expected to repay RCF drawings. The RCF matures in June 2032. Available liquidity, comprising cash and the undrawn RCF, covers forecast FCF deficits in FY26 and FY27 before FCF turns positive in FY28. The post-transaction debt structure consists primarily of a EUR2.5 billion senior secured TLB maturing in December 2032, with no material scheduled debt repayments before maturity. Issuer Profile IFCO runs a global network of RPC operations, servicing about 550 retailers and more than 18,000 growers worldwide. Date of Relevant Committee 09 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 Node Holdco GmbH. ESG Considerations Node Holdco GmbH has an ESG Relevance Score of '4[+]' for Waste & Hazardous Materials Management; Ecological Impacts due to due to its product design that benefits life cycle management, which has a positive impact on the credit profile, and is relevant to the rating[s] 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 ----------- ------ -------- Node AcquiCo GmbH senior secured LT B New Rating RR4 PROCREDIT HOLDING: Fitch Rates EUR150MM Add'l Tier 1 Notes 'B-' --------------------------------------------------------------- Fitch Ratings has assigned ProCredit Holding AG's (PCH; BBB/Stable/bb) EUR150 million additional Tier 1 (AT1) notes (ISIN XS3396018015) a final 'B-' long-term rating. The assignment of the final rating follows the completion of the issue and receipt of documents conforming to the information previously received. The final rating is in line with the expected rating assigned on 26 May 2026 (see Fitch Rates ProCredit Holding AG's Upcoming AT1 Notes 'B-(EXP)'). All other issuer and debt ratings are unaffected. Key Rating Drivers PCH's AT1 notes are rated four notches below its 'bb' Viability Rating (VR), comprising two notches for loss severity, in the absence of shareholder support, due to deep subordination and two notches for incremental non-performance risk relative to the anchor VR, given their fully discretionary, non-cumulative coupons. The VR is used as the anchor rating for this instrument as it best indicates the risk of the issuer becoming non-viable and reflects its view that extraordinary support from PCH's largest international financial institution (KfW; AAA/Stable) shareholder is less likely to fully extend to non-senior obligations. The notching is in line with Fitch's baseline notching for AT1 instruments. Fitch has not applied additional notching for non-performance risk as the bank operates with adequate headroom above its mandatory coupon-omission trigger, which Fitch expects to continue. At end-2025, the group's common equity Tier 1 (CET1) ratio was 13.1%, above its regulatory minimum requirement of 10.3%, and the buffer above the maximum distributable amount restriction point was more than 100bp. The AT1 issue is intended to improve the group's buffer above its minimum total capital ratio requirement and support planned loan growth. The notes will be subject to partial or full write-down if the group's consolidated CET1 ratio falls below 5.125%. For more information about PCH's other ratings see 'Fitch Affirms ProCredit Holding AG and ProCredit Bank AG at 'BBB'; Outlook Stable' published on 14 April 2025. Rating Sensitivities Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The notes would likely be downgraded if PCH's VR was downgraded. The ratings of the AT1 notes could also be downgraded if Fitch perceives a heightened risk that the bank's capital cushion above the maximum distributable amount trigger point could fall below 100bp. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The notes would likely be upgraded if PCH's VR was upgraded. Date of Relevant Committee 15 May 2026 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 ----------- ------ ----- ProCredit Holding AG Subordinated LT B- New Rating B-(EXP) ============= I R E L A N D ============= ANCHORAGE CAPITAL 12: Fitch Assigns 'B-sf' Rating on Class F Notes ------------------------------------------------------------------ Fitch Ratings has assigned Anchorage Capital Europe CLO 12 DAC final ratings. Entity/Debt Rating ----------- ------ Anchorage Capital Europe CLO 12 DAC Class A Loan LT AAAsf New Rating Class A Notes XS3334209700 LT AAAsf New Rating Class B Notes XS3334209965 LT AAsf New Rating Class C Notes XS3334210385 LT Asf New Rating Class D Notes XS3334210542 LT BBB-sf New Rating Class E Notes XS3334210898 LT BB-sf New Rating Class F Notes XS3334211193 LT B-sf New Rating Subordinated Notes XS3334211359 LT NRsf New Rating Transaction Summary Anchorage Capital Europe CLO 12 DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of unsecured senior loans, unsecured senior bonds, second lien loans, mezzanine obligations and high- yield bonds. Net proceeds from the note's issue were used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Anchorage CLO ECM, L.L.C. The collateralised loan obligation (CLO) has a 4.6 reinvestment period and an 8.5 weighted average life (WAL) test. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B+'/'B'. The Fitch-calculated weighted average rating factor (WARF) of the identified portfolio is 22.7. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the identified portfolio is 60%. Diversified Asset Portfolio (Positive): The transaction includes two Fitch test matrices that are effective at closing. These correspond to a top 10 obligor concentration limit of 20%, two fixed-rate asset limits at 5% and 12.5% and an 8.5-year WAL. It also has four forward matrices, corresponding to the same limits with 7.5 year and seven-year WAL, which can be selected by the manager 12 months and 18 months after closing, respectively. The forward matrix sets are subject to the collateral principal amount (including defaulted obligations at Fitch collateral value) being at least at the reinvestment target par balance and/or a rating agency confirmation from Fitch. The transaction also has various concentration limits of the portfolio, including a maximum exposure to the three largest Fitch-defined industries at 40%. These covenants ensure that the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has a 4.6 reinvestment period, which is governed by reinvestment criteria that are 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 (Neutral): The WAL used for the transaction's Fitch-stressed portfolio analysis and matrices analysis is 12 months less than the WAL covenant at the issue date, 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, as well as 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 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 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 and E notes each have a rating cushion of two notches, the class C notes have a cushion of three notches, and the class F notes have a one-notch buffer, 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 up to two notches each for the class A and B notes, three notches each for the class C and D notes, and to below 'B-sf' for the class E and F notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two 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 may result from a 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 Anchorage Capital Europe CLO 12 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. BAIN CAPITAL 2024-2: Fitch Affirms 'B-sf' Rating on Class F-2 Notes ------------------------------------------------------------------- Fitch Ratings has assigned Bain Capital Euro CLO 2024-2 DAC's refinancing notes final ratings and affirmed its existing class X, F-1 and F-2 notes, as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Bain Capital Euro CLO 2024-2 DAC Class A XS2845716062 LT PIFsf Paid In Full AAAsf Class A-R XS3375290031 LT AAAsf New Rating Class B-1 XS2845716492 LT PIFsf Paid In Full AAsf Class B-2 XS2845716658 LT PIFsf Paid In Full AAsf Class B-R XS3375290114 LT AAsf New Rating Class C XS2845716815 LT PIFsf Paid In Full Asf Class C-R XS3375290387 LT Asf New Rating Class D XS2845717037 LT PIFsf Paid In Full BBB-sf Class D-R XS3375282954 LT BBB-sf New Rating Class E XS2845717110 LT PIFsf Paid In Full BB-sf Class E-R XS3375283093 LT BB-sf New Rating Class F-1 XS2845717466 LT B+sf Affirmed B+sf Class F-2 XS2845717623 LT B-sf Affirmed B-sf Class X XS2845715924 LT AAAsf Affirmed AAAsf Transaction Summary Bain Capital Euro CLO 2024-2 DAC 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. Net proceeds from the refinancing notes have been used to redeem the existing notes except the class X, F-1, F-2 and the subordinated notes. The collateralised loan obligation (CLO) has an approximately 2.7-year reinvestment period and a seven-year weighted average life (WAL) at closing of the refinancing. The transaction has updated Fitch test matrices in conjunction with the refinancing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors at 'B'. The Fitch-calculated weighted average rating factor (WARF) of the current portfolio is 24.5. High Recovery Expectations (Positive): At least 90% of the portfolio comprises senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the current portfolio is 61.1%. Diversified Portfolio (Positive): The transaction includes various concentration limits in the portfolio, including a fixed-rate obligation limit at 12.5%, a top 10 obligor concentration limit of 20% and a maximum exposure to the three-largest Fitch-defined industries of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction has an updated matrix set after the refinancing. The matrix set contains two matrices based on maximum fixed-rate asset limits of 7.5% and 12.5%, with each corresponding to a WAL covenant of seven years and a top 10 obligors limit at 20%. The transaction has a 2.7-year reinvestment period remaining 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 for the transaction's Fitch-stressed portfolio and matrices analysis is 12 months shorter than the WAL covenant to account for strict reinvestment criteria after the end of the reinvestment period. This includes passing the coverage tests, and the Fitch 'CCC' bucket limitation test as well as a WAL covenant that progressively steps down. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. In addition, its analysis has considered that the transaction is about 0.5% below the target par of EUR400 million. Affirmation of Existing Notes (Neutral): The deal is slightly below par with two reported defaults, but the loss is smaller than its rating case assumption and the affirmed notes continue to have comfortable default rate cushions at their ratings. 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 and A-R notes, and would lead to downgrades of one notch each for the class B-R to E-R notes, two notches for the class F-1 notes, and below 'B-sf' for the class F-2 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 default and portfolio deterioration. The class F-1 notes have a cushion of three notches, and the class B-R to F-2 notes each have a cushion of two notches, due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. There is no cushion on the class X and A-R notes, as they are at the highest achievable rating. Should the cushion between the current portfolio and the Fitch-stressed portfolio be eroded due to manager trading or negative portfolio credit migration, a 25% increase of the mean RDR and a 25% decrease of the RRR across all ratings of the Fitch-stressed portfolio would lead to downgrades of up to three notches each for the class A-R to D-R notes, below 'B-sf' for the class E-R, F-1 and F-2 notes, and would have no impact on the class X 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 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 transaction's remaining life. 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 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 Bain Capital Euro CLO 2024-2 DAC. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. CVC CORDATUS XIX: Fitch Assigns B-sf Final Rating on Cl. F-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned CVC Cordatus Loan Fund XIX DAC reset notes final ratings. Entity/Debt Rating ----------- ------ CVC Cordatus Loan Fund XIX DAC A-R XS3342080440 LT AAAsf New Rating B-R XS3342080796 LT AAsf New Rating C-R XS3342081174 LT Asf New Rating D-R XS3342081331 LT BBB-sf New Rating E-R XS3342081505 LT BB-sf New Rating F-R XS3342081760 LT B-sf New Rating M-1 XS2264707949 LT NRsf New Rating M-2 XS2264708160 LT NRsf New Rating Transaction Summary CVC Cordatus Loan Fund XIX DAC is a securitisation of mainly (at least 90%) senior secured obligations with a component of senior unsecured, mezzanine, second lien loans and high-yield bonds. 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 CVC Credit Partners Investment Management Limited. The CLO has a 4.5-year reinvestment period and a seven-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'. The Fitch-weighted average rating factor of the identified portfolio is 24.5. 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 56.9%. Diversified Portfolio (Positive): The reset transaction includes one matrix set at closing. The matrix set comprises two matrices with fixed-rate asset limits of 5% and 11%. The transaction includes various portfolio concentration limits, including a top 10 obligor concentration limit of 18.5% and a maximum exposure to the three largest Fitch-defined industries of 35.5%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. WAL Step-Up (Neutral): The transaction can extend its WAL by 12 months on or after the step-up date, which is 12 months after closing. The WAL extension is subject to conditions including the satisfaction of the collateral quality tests, portfolio profile tests, coverage tests and the aggregate collateral balance being at least equal to the reinvestment target par amount. Portfolio Management (Neutral): 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 for the transaction's Fitch-stressed portfolio analysis is 12 months shorter than the WAL covenant. This is to account for the strict reinvestment conditions envisaged by the transaction after its reinvestment period, which include passing the coverage tests and the Fitch 'CCC' bucket limitation test after reinvestment as well as a WAL covenant that gradually steps down, before and after the end of the reinvestment period. Fitch believes these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade A 25% increase of the mean default rate (RDR) across all ratings and a 25% decrease of the recovery rate (RRR) across all ratings of the identified portfolio would have no impact on the class A notes and would lead to downgrades of two notches for the class B-R and C-R notes, one notch for the class D-notes, three notches for the class E-R notes and to below 'B-sf' for the class F-R notes. Based on the current portfolio, downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B-R notes have a rating cushion of three notches and the class C-R notes of one notch. The class D-R and E-R notes have cushions of two notches due to the better metrics and shorter life of the current portfolio than the Fitch-stressed portfolio. The class A-R 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 of the Fitch-stressed portfolio across all ratings would lead to downgrades of up to three notches for the class A-R, B-R notes, C-R and D-R notes and to below 'B-sf' for the class E-R and F-R notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A 25% reduction of the mean RDR across all ratings and a 25% increase in the RRR across all ratings of the Fitch-stressed portfolio would lead to upgrades of up to two notches for the notes, except the class A-R notes, which are at the highest level on Fitch's scale and cannot be upgraded. During the reinvestment period, based on the Fitch-stressed portfolio, upgrades may occur on better-than-expected portfolio credit quality and a shorter remaining WAL test, allowing the notes to withstand larger-than-expected losses for the remaining life of the transaction. After the end of the reinvestment period, upgrades may result from stable portfolio credit quality and deleveraging, leading to higher credit enhancement and excess spread available to cover losses in the remaining portfolio. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY 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 CVC Cordatus Loan Fund XIX 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. DRYDEN 27 R EURO 2017: Moody's Cuts Rating on F-R Notes to Caa2 --------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Dryden 27 R Euro CLO 2017 Designated Activity Company: EUR30,250,000 Class C-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Upgraded to Aa1 (sf); previously on Oct 9, 2025 Upgraded to Aa3 (sf) EUR13,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Downgraded to Caa2 (sf); previously on Oct 9, 2025 Affirmed Caa1 (sf) Moody's have also affirmed the ratings on the following notes: EUR278,500,000 (Current outstanding amount EUR85,971,365) Class A-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 9, 2025 Affirmed Aaa (sf) EUR33,250,000 Class B-1-R Senior Secured Floating Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 9, 2025 Upgraded to Aaa (sf) EUR21,500,000 Class B-2-R Senior Secured Fixed Rate Notes due 2033, Affirmed Aaa (sf); previously on Oct 9, 2025 Upgraded to Aaa (sf) EUR32,500,000 Class D-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Affirmed Baa2 (sf); previously on Oct 9, 2025 Upgraded to Baa2 (sf) EUR24,000,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2033, Affirmed Ba3 (sf); previously on Oct 9, 2025 Affirmed Ba3 (sf) Dryden 27 R Euro CLO 2017 Designated Activity Company, issued in May 2017 and later reset in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Loan Originator Manager Limited ("PGIM"). The transaction's reinvestment period ended in April 2023. RATINGS RATIONALE The upgrade on the ratings on the Class C-R notes is primarily a result of the deleveraging of the Class A-R notes following amortisation of the underlying portfolio since the last rating action in October 2025. The Class A-R notes have paid down by approximately EUR113.5 million (40.8%) since the last rating action in October 2025 and EUR192.5 million (69.1%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased. According to the trustee report dated April 2026[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 177.67%, 146.24%, 122.88% and 109.91% compared to August 2025[2] levels of 147.14%, 131.50%, 118.01% and 109.71%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The downgrade to the ratings on the Class F-R notes is due to the deterioration in over-collateralisation ratios since the last rating action in October 2025. The over-collateralisation ratios of the rated notes have deteriorated since the rating action in October 2025. According to the trustee report dated April 2026[1] the Class F OC ratios are reported at 103.97% compared to August 2025[2] levels of 105.68%. The affirmations on the ratings on the Class A-R, B-1-R, B-2-R, D-R and E-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR249.8m Defaulted Securities: EUR3.6m Diversity Score: 37 Weighted Average Rating Factor (WARF): 3239 Weighted Average Life (WAL): 2.98 years Weighted Average Spread (WAS): 3.70% Weighted Average Coupon (WAC): 3.79% Weighted Average Recovery Rate (WARR): 41.55% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. DRYDEN 46 EURO 2016: Moody's Affirms B3 Rating on Cl. F-R Notes --------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Dryden 46 Euro CLO 2016 Designated Activity Company: EUR22,250,000 Class B-1-R-R Senior Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on Sep 11, 2025 Upgraded to Aa1 (sf) EUR25,000,000 Class B-2-R Senior Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on Sep 11, 2025 Upgraded to Aa1 (sf) EUR27,670,000 Class C-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Upgraded to Aa3 (sf); previously on Sep 11, 2025 Upgraded to A1 (sf) Moody's have also affirmed the ratings on the following debt: EUR100,000,000 (Current outstanding amount EUR85,587,349) Class A Senior Secured Floating Rate Loan due 2034 Notes, Affirmed Aaa (sf); previously on Sep 11, 2025 Affirmed Aaa (sf) EUR170,000,000 (Current outstanding amount EUR145,498,493) Class A-R-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Sep 11, 2025 Affirmed Aaa (sf) EUR31,950,000 Class D-R-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa3 (sf); previously on Sep 11, 2025 Affirmed Baa3 (sf) EUR24,500,000 Class E-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba3 (sf); previously on Sep 11, 2025 Affirmed Ba3 (sf) EUR16,000,000 Class F-R Mezzanine Secured Deferrable Floating Rate Notes due 2034, Affirmed B3 (sf); previously on Sep 11, 2025 Affirmed B3 (sf) Dryden 46 Euro CLO 2016 Designated Activity Company, originally issued in October 2016 and most recently reset in April 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by PGIM Loan Originator Manager Limited. The transaction's reinvestment period ended in July 2025. RATINGS RATIONALE The rating upgrades on the Class B-1-R-R, B-2-R and C-R-R notes are primarily a result of the deleveraging of the Class A debt following amortisation of the underlying portfolio since the last rating action in September 2025. The Class A debt has paid down by approximately EUR38.9 million (14.4%) since closing. As a result of the deleveraging, the Class A/B and Class C over-collateralisation (OC) ratios have improved since the last rating action. According to the trustee report dated April 2026[1] the Class A/B and Class C ratios are reported at 143.09% and 130.15% compared to August 2025[2] levels of 140.52% and 129.25% respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The affirmations on the ratings on the Class A Loan and the Class A-R-R, D-R-R, E-R and F-R notes are primarily a result of the expected losses remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR397.6m Defaulted Securities: EUR4.0m Diversity Score: 50 Weighted Average Rating Factor (WARF): 3024 Weighted Average Life (WAL): 3.86 years Weighted Average Spread (WAS): 3.74% Weighted Average Coupon (WAC): 3.42% Weighted Average Recovery Rate (WARR): 42.17% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, such as the account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the debt's performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. HARVEST CLO XL: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes ----------------------------------------------------------------- Fitch Ratings has assigned Harvest CLO XL DAC notes expected ratings. The assignment of final ratings is contingent on the receipt of final documentation conforming to information already reviewed. Entity/Debt Rating ----------- ------ Harvest CLO XL DAC A XS3353902888 LT AAA(EXP)sf Expected Rating B XS3353903423 LT AA(EXP)sf Expected Rating C XS3353902961 LT A(EXP)sf Expected Rating D XS3353902615 LT BBB-(EXP)sf Expected Rating E XS3353903779 LT BB-(EXP)sf Expected Rating F XS3353903852 LT B-(EXP)sf Expected Rating Subordinated Notes XS3353903266 LT NR(EXP)sf Expected Rating Transaction Summary Harvest CLO XL DAC is a securitisation of mainly senior secured obligations (at least 90%) with a component of senior unsecured, mezzanine, second-lien loans and high-yield bonds. Note proceeds will be used to fund a portfolio with a target par of EUR400 million. The portfolio is actively managed by Investcorp Credit Management EU Limited. The collateralised loan obligation (CLO) will have a 4.75-year reinvestment period, and a 7.75-year weighted average life (WAL) test at closing. KEY RATING DRIVERS Average Portfolio Credit Quality (Neutral): Fitch assesses the average credit quality of obligors in the identified portfolio to be in the 'B' category. The Fitch-calculated weighted average rating factor (WARF) of the identified portfolio is 23.3. High Recovery Expectations (Positive): At least 90% of the portfolio will comprise senior secured obligations. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate (WARR) of the identified portfolio is 59.9%. Diversified Portfolio (Positive): The transaction will have a concentration limit for the 10 largest obligors of 20% and a maximum exposure to the three largest Fitch-defined industries in the portfolio of 40%. These covenants ensure the asset portfolio will not be exposed to excessive concentration. Portfolio Management (Neutral): The transaction will have a reinvestment period of about 4.75 years and include reinvestment criteria similar to those of other European deals. Its analysis is based on a stressed-case portfolio with the aim of testing the robustness of the transaction structure against its covenants and portfolio guidelines. WAL Step-Up Feature (Neutral): The transaction can extend the WAL test by one year on or after the WAL test step-up determination date, which will be one year after closing, if the adjusted collateral principal amount (with defaulted obligations carried at their Fitch collateral value) is at least equal to the reinvestment target par amount and if the transaction passes all its portfolio profile, collateral quality and coverage tests. Cash Flow Modelling (Positive): The WAL used for the transaction's Fitch-stressed portfolio analysis is 12 months less than the WAL test covenant at the issue date. This is to account for strict reinvestment conditions envisaged by the transaction after its reinvestment period. These include passing the coverage tests and the Fitch 'CCC' bucket limitation test, and a WAL test 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 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 notes and would lead to downgrades of one notch each for the class B to E notes and to below 'B-sf' for the class F notes. Downgrades, which are based on the identified portfolio, may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of defaults and portfolio deterioration. The class B, D, E and F notes each have a rating cushion of two notches and the class C notes have a cushion of one notch, 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 three notches each for the class A, C and D notes, four notches for the class B notes and 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 two 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 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 Harvest CLO XL 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. HENLEY CLO X: S&P Assigns B-(sf) Rating on Class F-R Notes ---------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Henley CLO X DAC's class A-R, B-R, C-R, D-R, E-R, and F-R notes. At closing, the issuer has unrated subordinated notes outstanding from the existing transaction. This transaction is a reset of the already existing transaction that S&P rates. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The reinvestment period will be approximately 5.0 years, while the noncall period will be 1.8 years after closing. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,860.09 Default rate dispersion 355.14 Weighted-average life (years) 4.84 Obligor diversity measure 173.58 Industry diversity measure 20.69 Regional diversity measure 1.27 Weighted-average life (years) extended to cover the length of the reinvestment period 5.00 Transaction key metrics Total par amount (mil. EUR) 450 Defaulted assets (mil. EUR) 0 Number of performing obligors 203 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.44 Target 'AAA' weighted-average recovery (%) 35.84 Actual weighted-average spread net of floors (%) 3.70 Actual weighted-average coupon (%) 6.17 Rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR450.00 million target par amount, the actual weighted-average spread of 3.70%, the actual weighted-average coupon of 6.17%, and the actual weighted-average recovery rate. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes." The class A-R notes can withstand stresses commensurate with the assigned ratings. The class F-R notes' current break-even default rate cushion is negative at the assigned rating. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, S&P believes this class is able to sustain a steady-state scenario, in accordance with its criteria. S&P's analysis further reflects several factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- Our model-generated portfolio default risk, which is at the 'B-' rating level at 27.36% (for a portfolio with a weighted-average life of 5.0 years) versus 16.00% if we were to consider a long-term sustainable default rate of 3.2% for 5.0 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If we envision this tranche to default in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-R to E-R notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R Notes." Environmental, social, and governance S&P regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with its benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in its rating analysis to account for any ESG-related risks or opportunities. Henley CLO X DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Napier Park Global Capital Ltd. manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate A-R AAA (sf) 279.000 38.00 Three/six-month EURIBOR plus 1.27% B-R AA (sf) 49.500 27.00 Three/six-month EURIBOR plus 1.75% C-R A (sf) 27.000 21.00 Three/six-month EURIBOR plus 1.95% D-R BBB- (sf) 32.625 13.75 Three/six-month EURIBOR plus 3.00% E-R BB- (sf) 19.125 9.50 Three/six-month EURIBOR plus 5.00% F-R B- (sf) 14.625 6.25 Three/six-month EURIBOR plus 8.30% Sub notes NR 36.200 N/A N/A *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the other rated notes. The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. SOUND POINT V: Moody's Affirms B3 Rating on EUR10.75MM Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Sound Point Euro CLO V Funding Designated Activity Company: EUR17,300,000 Class B-1 Senior Secured Floating Rate Notes due 2035, Upgraded to Aa1 (sf); previously on May 5, 2021 Definitive Rating Assigned Aa2 (sf) EUR21,500,000 Class B-2 Senior Secured Fixed/Floating Rate Notes due 2035, Upgraded to Aa1 (sf); previously on May 5, 2021 Definitive Rating Assigned Aa2 (sf) EUR10,600,000 Class C-1 Senior Secured Deferrable Floating Rate Notes due 2035, Upgraded to A1 (sf); previously on May 5, 2021 Definitive Rating Assigned A2 (sf) EUR15,000,000 Class C-2 Senior Secured Deferrable Floating Rate Notes due 2035, Upgraded to A1 (sf); previously on May 5, 2021 Definitive Rating Assigned A2 (sf) Moody's have also affirmed the ratings on the following debt: EUR198,000,000 Class A Senior Secured Floating Rate Notes due 2035, Affirmed Aaa (sf); previously on May 5, 2021 Definitive Rating Assigned Aaa (sf) EUR50,000,000 Class A Senior Secured Floating Rate Loan due 2035, Affirmed Aaa (sf); previously on May 5, 2021 Definitive Rating Assigned Aaa (sf) EUR28,600,000 Class D Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Baa3 (sf); previously on May 5, 2021 Definitive Rating Assigned Baa3 (sf) EUR20,250,000 Class E Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed Ba3 (sf); previously on May 5, 2021 Definitive Rating Assigned Ba3 (sf) EUR10,750,000 Class F Senior Secured Deferrable Floating Rate Notes due 2035, Affirmed B3 (sf); previously on May 5, 2021 Definitive Rating Assigned B3 (sf) Sound Point Euro CLO V Funding Designated Activity Company, issued in May 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European and US loans. The portfolio is managed by Sound Point CLO C-MOA, LLC. The transaction's reinvestment period will end in July 2026. RATINGS RATIONALE The rating upgrades on the Class B-1, B-2, C-1 and C-2 notes are primarily a result of the benefit of the shorter period of time remaining before the end of the reinvestment period in July 2026. The affirmations of the ratings on the Class A notes, A loan, D, E and F notes are primarily a result of the expected losses on the debt remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. In light of reinvestment restrictions during the amortisation period, and therefore the limited ability to effect significant changes to the current collateral pool, Moody's analysed the deal assuming a higher likelihood that the collateral pool characteristics would maintain an adequate buffer relative to certain covenant requirements. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: EUR395.4m Defaulted Securities: EUR6.5m Diversity Score: 57 Weighted Average Rating Factor (WARF): 2976 Weighted Average Life (WAL): 4.29 years Weighted Average Spread (WAS): 3.51% Weighted Average Coupon (WAC): 3.57% Weighted Average Recovery Rate (WARR): 44.41% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Moody's notes that the May 2026 trustee report was published at the time Moody's were completing Moody's analysis of the April 2026 data. Key portfolio metrics such as WARF, diversity score, weighted average spread and life, and OC ratios exhibit little or no change between these dates. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in April 2026. Counterparty Exposure: The rating action took into consideration the debt exposure to relevant counterparties, such as account bank, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the debt are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the debt's performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: Once reaching the end of the reinvestment period in July 2026, the main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the debt's ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the debt beginning with the debt having the highest prepayment priority. -- Weighted average life: The debt's ratings are sensitive to the weighted average life assumption of the portfolio, which could lengthen as a result of the manager's decision to reinvest in new issue loans or other loans with longer maturities, or participate in amend-to-extend offerings. The effect on the ratings of extending the portfolio's weighted average life can be positive or negative depending on the debt's seniority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the debt's ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. ST. PAUL'S IV: Fitch Lowers Rating on Class E-RRR Notes to 'B-sf' ----------------------------------------------------------------- Fitch Ratings has downgraded St. Paul's CLO IV DAC's class D-RRR and E-RRR notes to 'BB-sf' and 'B-sf', from 'BB+sf' and 'B+sf', respectively, and affirmed the rest. The Outlook on the class E-RRR notes is Negative, while the rest are on Stable Outlook. Entity/Debt Rating Prior ----------- ------ ----- St. Paul's CLO IV DAC A-1-RRRR XS2400756362 LT AAAsf Affirmed AAAsf A-2A-RRR XS1852564217 LT AA+sf Affirmed AA+sf A2-B-RRRR XS2400757253 LT AA+sf Affirmed AA+sf B-RRR XS1852565537 LT A+sf Affirmed A+sf C-RRR XS1852566188 LT BBB+sf Affirmed BBB+sf D-RRR XS1852567079 LT BB-sf Downgrade BB+sf E-RRR XS1852566857 LT B-sf Downgrade B+sf Transaction Summary St. Paul's CLO IV DAC is a cash flow CLO comprising mostly senior secured obligations. The transaction is managed by ICG Manager Limited and exited its reinvestment period in October 2021. KEY RATING DRIVERS Performance Deterioration Affects Junior Notes: The transaction has recorded further performance deterioration with net negative rating migration since the last review in January 2026. The transaction is currently 1.5% below par (calculated as the current par difference below the original target par). Exposure to assets with a Fitch-derived rating of 'CCC+' or lower remains high at 12%, according to the latest trustee report dated 15 April 2026. Exposure to obligors with a Negative Outlook on their driving ratings is 22.8%, as calculated by Fitch. The portfolio has about EUR11.4 million defaulted assets with low recovery prospects. The deterioration, together with expectations of further par-losses taking into account the weak portfolio quality, has led to the downgrades of the class D-RRR and E-RRR notes. The Negative Outlook on the class E-RRR notes further reflects negative credit enhancement due to the market-value losses of underlying assets. Fitch acknowledges that market values may be volatile, but the notes still have a limited margin of safety. Long-Dated Assets: Exposure to long-dated assets at 10.3% presents tail risk. The current average market value of those assets, which Fitch assumes will have to be sold at the estimated recovery value by the notes' final legal maturity, is currently about 90%. However, unlike in many other CLOs, non-defaulted long-dated assets (excluding those that constitute 'CCC' assets in excess of the 7.5% limit are counted at par in the transaction's over-collateralisation (OC) tests, rather than being subject to a haircut, which would make the OC tests less likely to be breached. Sufficient Cushion for Senior Notes: The senior notes have retained sufficient buffer to support their current ratings and should be capable of absorbing further defaults and par erosion in the portfolio. This is reflected in the Stable Outlooks on the class A-1-R to class D notes. Portfolio Management: The transaction exited its reinvestment period in October 2021. However, the manager can reinvest unscheduled principal proceeds and sale proceeds from credit-risk obligations and credit-improved obligations, subject to compliance with the reinvestment criteria. A failure of the Fitch 'CCC' limits or of any collateral quality test does not prevent the collateral manager from reinvesting, provided the limits and tests are maintained or improved after reinvestment. However, the recent failure of the class E par value test restricts the ability to reinvest until cured, as any par value test must be satisfied before and after reinvestment. 'B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. Fitch calculated the weighted average rating factor at 30.5 for the current portfolio under its latest criteria. High Recovery Expectations: Senior secured obligations comprise 97.5% of the portfolio. Fitch views the recovery prospects for these assets as more favourable than for second-lien, unsecured and mezzanine assets. The Fitch-calculated weighted average recovery rate of the current portfolio is 59.7% under its current criteria. Diversified Portfolio: The portfolio is diversified across obligors, countries and industries, although the top 10 obligors and the largest obligor concentrations are 22.1% and 2.6%, respectively. Exposure to the three largest Fitch-defined industries is 35% as calculated by Fitch. Fixed-rate assets as reported by the trustee are 8.9%, currently complying with the limit of 10%. Deviation from MIRs: The class D-RRR and E-RRR notes are rated two notches and one notch below their model-implied ratings (MIR), respectively, reflecting limited break-even default-rate cushion at their MIRs, which can be quickly eroded. This is due to the weak portfolio credit quality with a large Fitch 'CCC'-rated bucket and high volatility in the market value of those low-rated assets. The MIRs of the current portfolio have considered the amortisation impact and cash in the principal account. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades may occur if the loss expectation is larger than assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may 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 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 St. Paul's CLO IV 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. ST. PAUL'S XI: Fitch Affirms 'B-sf' Rating on Class F Notes ----------------------------------------------------------- Fitch Ratings has upgraded St. Paul's CLO XI DAC's class B-1-R and B-2-R notes and affirmed the remaining classes. Entity/Debt Rating Prior ----------- ------ ----- St. Paul's CLO XI DAC A-R XS2388195120 LT AAAsf Affirmed AAAsf B-1-R XS2388195633 LT AAAsf Upgrade AA+sf B-2-R XS2388195807 LT AAAsf Upgrade AA+sf C-1-R XS2388196102 LT A+sf Affirmed A+sf C-2-R XS2388196441 LT A+sf Affirmed A+sf D-R XS2388196870 LT BBBsf Affirmed BBBsf E XS2007341576 LT BBsf Affirmed BBsf F XS2007341816 LT B-sf Affirmed B-sf Transaction Summary St. Paul's CLO XI is a cash flow CLO comprising mostly senior secured obligations. The transaction is out of the reinvestment period, which ended in January 2024 and actively managed by ICG Manager Limited. KEY RATING DRIVERS Amortisation Benefits Senior Notes: The transaction has amortised by about EUR50.1 million since its last review in December 2025, according to the trustee report dated 7 May 2026. The deleveraging has resulted in an increase in credit enhancement (CE) for the class A-R through E notes, driving the upgrades of the class B-1-R and B-2-R notes and the affirmation of all other classes. CE for the class F notes has remained broadly stable since the last review, due to an increase in par losses. Sufficient Cushions Support Stable Outlooks: All notes have sufficient default-rate cushions to support their current ratings and withstand potential deterioration in the credit quality of the portfolio at their ratings. Performance Within Rating Case: The transaction is currently 2.1% below par (calculated as the current par difference below the original target par). This compares with 1% below par at the last review. Defaulted assets have increased to EUR10.3 million from EUR9.1 million at the last review. This has contributed to further par erosion since the last review. The transaction continues to fail its Fitch 'CCC' test. Prepayments and sales have resulted in a higher share of assets rated 'CCC+' and below, which now account for 12.8% of the portfolio against a limit of 7.5%, up from 9.9% at the last review. Assets on Negative Outlook account for 23.3% of the current portfolio, broadly in line with the previous review. Short Tail Period: The portfolio comprises 11.7% of non-defaulted assets maturing within one year of the notes' maturity date, and 16.7% maturing within 18 months. These assets could become long dated if amended and extended. They could also have an insufficient work-out period if they default at maturity. Unlike more recent CLO transactions, no haircut is applied to long-dated assets under the deal documentation to calculate the par value tests. This would mainly affect the more junior classes. Mildly Diversified Portfolio: As the transaction is amortising, concentration is increasing, with the top 10 obligors at 21.3%. The largest obligor represents 2.8% of the portfolio and exposure to the three largest Fitch-defined industries is 31.7%, by Fitch's calculations. B'/'B-' Portfolio: Fitch assesses the average credit quality of the underlying obligors at 'B'/'B-'. The weighted average rating factor of the current portfolio is 28.8 as calculated by Fitch under its latest criteria. High Recovery Expectations: Senior secured obligations comprise 97.6% 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 of the current portfolio is 61.0%. Transaction Out of Reinvestment Period: The manager is still allowed to reinvest unscheduled principal proceeds and sale proceeds from credit risk obligations after the end of the reinvestment period, subject to compliance with certain reinvestment criteria. The manager stopped reinvesting in November 2025, due to a breach of some tests that must be satisfied after each reinvestment, including the Fitch 'CCC' test, which are unlikely to be cured. Accordingly, Fitch's downgrade analysis is based on the current portfolio, while the upgrade analysis is based on a stressed portfolio in which Fitch has notched down assets on Negative Outlook by one notch and floored the weighted average life at four years. Deviations from MIRs: The class D-R and the class E notes are one notch below their model-implied ratings (MIR), while the class C-R and the class F notes are two notches below their MIR. The deviations reflect risk from increasing top obligor concentration, high exposure to assets rated 'CCC' or below, a short tail period, and the possibility that the manager may resume reinvestment after curing the failing tests. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Based on the current portfolio, downgrades may occur if the loss expectation is larger than initially assumed, due to unexpectedly high levels of default and portfolio deterioration. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades may occur on stable portfolio credit quality and deleveraging, leading to higher CE 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 St. Paul's CLO XI DAC 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 St. Paul's CLO XI 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 ========= IMA INDUSTRIA: Moody's Affirms B1 CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings affirmed the B1 long-term Corporate Family Rating and the B1-PD Probability of Default Rating of Italian automatic production and packaging machinery manufacturer IMA INDUSTRIA MACCHINE AUTOMATICHE S.P.A. (IMA or the group). Concurrently, Moody's have affirmed the B1 ratings of IMA's EUR900 million senior secured floating rate notes (FRNs) due 2029 and EUR830 million senior secured fixed rate notes due 2028. The outlook changed to positive from stable. The rating action reflects: -- The order intake in the last twelve months ending March 2026 grew by 3.2%, giving good forward visibility -- IMA continues to exceed Moody's expectations. Moody's-adjusted debt/EBITDA reached 4.3x at year-end 2025, better than Moody's expectations for the B1 rating -- Exposure to defensive end markets pharma and food coupled with a high share of recurring service revenues RATINGS RATIONALE IMA has consistently exceeded Moody's expectations with regards to deleveraging since assigning the rating. In 2024, IMA increased debt to repay its PIK notes with proceeds from senior secured notes without jeopardizing its financial strength. This reduced complexity of the capital structure and the related potential for an increase in leverage within the restricted group to refinance this debt. This has been supported by consistent and increasing EBITDA generation despite adverse market effects such as inflation, supply chain issues or tariffs. Moody's attribute the strong profitability to IMA's exposure to defensive end markets, the high share (around 35% of revenues) of recurring and high-margin after-market service revenues and economies of scale effects from the integration of acquisitions. IMA's B1 ratings reflect its strong position in the global automatic equipment sector, particularly for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee, with steady demand, as well as substantial and consistent high-margin after-sales services, which lends further stability. IMA's balanced global presence, and industry-leading profitability, with a Moody's-adjusted EBITA margin of around 17% as of March 31, 2026; long-standing customer relationships; and history of generating free cash flow, aided by moderate capital expenditure requirements, further support credit quality. However, IMA's leveraged capital structure, with a Moody's-adjusted gross debt/EBITDA ratio of 4.3x as of the end of March 2026, and fluctuating working capital needs that can at times constrain free cash flow generation, weigh on credit quality. Furthermore, potential for debt-financed acquisitions and the absence of a public commitment to maintaining or improving the capital structure somewhat constrains the rating. OUTLOOK The outlook is positive. The positive outlook reflects Moody's expectations of continued strong operating and financial performance. LIQUIDITY IMA's liquidity is very good. As of March 31, 2026 the company had around EUR211 million of cash and cash equivalents, in addition to around EUR580 million of unutilized borrowing facilities, including a EUR220 million revolving credit facility and a EUR250 million guarantee facility. Moody's expects free cash flow generation in 2026 to be tempered by a potential built-up in working capital due to input cost inflation. Historically, IMA passed on higher costs to its customers. In the absence of acquisitions, Moody's expects the company to use excess cash to further reduce leverage and potentially pay out dividends. On its most recent investor call in May 2026, management mentioned its intention to address the refinancing of its revolving credit facility due May 2027 and its senior secured notes due January 2028 at the same time during the first months of 2027. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade ratings if IMA maintains its track record of conservative financial policies and strong operational performance, while maintaining debt to EBITDA below 4.5x and with expectations for FCF to debt sustained in the high single digits as a percentage of debt. Conversely, Moody's could downgrade ratings if (i) EBITA margins falls to below 14%; (ii) debt/EBITDA moves to above 5.5x; (iii) evidence of more aggressive financial policy; or (iv) deteriorating liquidity. All metric reference is on a Moody's-adjusted basis. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE IMA INDUSTRIA MACCHINE AUTOMATICHE S.P.A. (IMA), headquartered in Bologna, Italy, is a world leader in the design and assembly of automated machines for the processing and packaging of pharmaceuticals, cosmetics, food, tea and coffee. In 2025 IMA generated revenue of around EUR2.5 billion and reported EBITDA of around EUR508 million. Members of the Vacchi family own approximately 51.0% of IMA's shares, with the remainder held by funds of private equity firms BDT & MSD Partners. [] Moody's Takes Action on 13 Notes of Nine Italian NPL Deals ------------------------------------------------------------- Moody's Ratings has downgraded the ratings of 12 notes and affirmed 1 note in nine Italian NPL transactions. Issuer: BCC NPLs 2019 S.r.l. EUR355M Class A Notes, Downgraded to Caa1 (sf); previously on Feb 26, 2025 Downgraded to B1 (sf) EUR53M Class B Notes, Affirmed Ca (sf); previously on Feb 26, 2025 Downgraded to Ca (sf) Issuer: Prisma SPV S.r.l. EUR1210M Class A Notes, Downgraded to Caa1 (sf); previously on Feb 20, 2026 Downgraded to B2 (sf) EUR80M Class B Notes, Downgraded to Ca (sf); previously on Feb 20, 2026 Downgraded to Caa3 (sf) Issuer: RED SEA SPV S.R.L. EUR1656.5M Class A Notes, Downgraded to Caa1 (sf); previously on Apr 1, 2025 Downgraded to B2 (sf) Issuer: Aqui SPV S.r.l EUR544.7M Class A Notes, Downgraded to Caa2 (sf); previously on Aug 4, 2025 Downgraded to Caa1 (sf) Issuer: BCC NPLs 2018 S.r.l. EUR282M Class A Notes, Downgraded to Caa3 (sf); previously on Jul 8, 2024 Downgraded to Caa1 (sf) EUR31.4M Class B Notes, Downgraded to C (sf); previously on Jul 8, 2024 Affirmed Ca (sf) Issuer: Maggese S.r.l. EUR170.8M Class A Notes, Downgraded to Caa3 (sf); previously on Feb 5, 2024 Downgraded to Caa1 (sf) Issuer: BCC NPLS 2020 S.R.L. EUR520M Class A Notes, Downgraded to Baa3 (sf); previously on Nov 30, 2020 Assigned Baa2 (sf) EUR41M Class B Notes, Downgraded to Caa3 (sf); previously on Nov 30, 2020 Assigned Caa2 (sf) Issuer: BUONCONSIGLIO 3 S.R.L. EUR154M Class A Notes, Downgraded to Baa3 (sf); previously on Dec 14, 2020 Assigned Baa2 (sf) Issuer: PALATINO SPV S.R.L. EUR135M Class A Notes, Downgraded to Baa3 (sf); previously on Jun 25, 2021 Assigned Baa2 (sf) Maximum achievable rating is Aa2 (sf) for structured finance transactions in Italy, driven by the corresponding local currency country ceiling of the country. The actions stem from the publication of "Nonperforming and Reperforming Loan Securitizations", the credit rating methodology used in rating these securities, and also incorporate performance considerations. Although the updated methodology results in a change in Moody's cash flow modelling and a reassessment of some assumptions, only some Notes Moody's rates are impacted. Structural elements of the transactions, deleveraging, as well as collateral performance, may limit or mitigate the potential rating pressure resulting from the methodology change. The rating actions also incorporate performance considerations, which may result in more significant rating actions than those stemming purely from the methodology change for some of the rated Notes. RATINGS RATIONALE The rating actions are prompted by the update to methodology for rating Italian NPL transactions, the associated update to the assumptions for these transactions, and changes in cash flow modelling. As part of methodology update, Moody's introduced a Portfolio Quality Adjustment ("PQA"), which adjusts the expected loan recoveries on defaulted loans to reflect certain qualitative portfolio-level characteristics that may not be fully captured in loan portfolio data and may influence the portfolio performance. For most of the impacted deals, the PQA assumption has translated into a negative adjustment. Moody's also applied a stochastic haircut to property values for nonperforming loans backed by properties which are sold in auctions by the courts. For transactions backed by a mix of secured and unsecured loans, Moody's now apply, for unsecured sub-portfolios, a CoV typically ranging from 15% to 25% around the mean recovery value. For secured assets Moody's now assume more than two auctions, with the total number of auctions depending on the property type. The combined impact of these changes resulted in decreased recoveries expectations for the affected notes. As part of the rating action, Moody's completed a full analysis considering the collateral portfolio, performance, as well as the full set of structural features of each transaction. For BUONCONSIGLIO 3 S.R.L., BCC NPLS 2020 S.R.L. and PALATINO SPV S.R.L. action is primarily driven by the methodology update. While for Aqui SPV S.r.l, BCC NPLs 2019 S.r.l., BCC NPLs 2018 S.r.l., Prisma SPV S.r.l., RED SEA SPV S.R.L. and Maggese S.r.l. lower-than-anticipated cash flows generated from the recovery process on the non-performing loans are also a relevant driver. NPL transactions' cash flows depend on the timing and amount of collections. As a result, Moody's expectations of cash flows from the remaining portfolio, considering portfolio characteristics and observed timings, coupled with the outstanding balance of Class A and B notes, was no longer consistent with the ratings prior to the downgrade. For the six deals mentioned above for which the lengthier recoveries process is also a driver of the action, as of the latest Collection Period, the Cumulative Collection Ratio ranges from 51% to 77%, based on collections net of legal and procedural costs, meaning that collections are coming slower than anticipated in the original Business Plan projections. According to the latest business plans received, the total amount of future collections net of costs and fees are lower than the outstanding amount of the rated notes. The six transactions are hedged against fluctuations of the six-month EURIBOR rate, to which the notes are indexed, through an interest rate cap. The notional of the interest rate cap was pre-defined at closing based on expected repayment of the notes. Repayment of the rated notes has been slower than anticipated given the weak performance of the transaction and therefore the notes are underhedged, which means that additional cash flows are needed to make interest payment on the notes further delaying the repayment of their principal. With the exception of Prisma SPV S.r.l., a portion of class A for the above-mentioned deals is underhedged. The portion of class A that is underhedged ranges from 25% to 70%. The affirmation of rating for BCC NPLs 2019 S.r.l. Class B Notes reflects that the expected loss for the affected notes remains commensurate with their current rating. The rating actions also took into consideration the Notes' exposure to relevant counterparties, such as servicer, liquidity provider, account bank and swap counterparty. For the tranches supported by the GACS guarantees, Moody's have taken into account its potential cost within the cash flow modelling, while any potential benefit from the guarantee for the senior Noteholders has not been considered in Moody's analysis. The principal methodology used in these ratings was "Nonperforming and Reperforming Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors or circumstances that could lead to an upgrade of the ratings include: (i) the recovery process of the non-performing loans producing significantly higher cash-flows in a shorter time frame than expected; (ii) improvements in the credit quality of the transaction counterparties; and (iii) a decrease in sovereign risk. Factors or circumstances that could lead to a downgrade of the ratings include: (i) significantly lower or slower cash-flows generated from the recovery process on the non-performing loans due to either a longer time for the courts to process the foreclosures and bankruptcies, a change in economic conditions from Moody's central scenario forecast or idiosyncratic performance factors. For instance, should economic conditions be worse than forecasted and the sale of the properties generate less cash-flows for the issuer or take a longer time to sell the properties, all these factors could result in a downgrade of the ratings; (ii) deterioration in the credit quality of the transaction counterparties; and (iii) increase in sovereign risk. =================== L U X E M B O U R G =================== BERING III: S&P Affirms 'B-' ICR & Alters Outlook to Negative ------------------------------------------------------------- S&P Global Ratings revised its outlook on frozen fish producer Bering III S.a.r.l. (Iberconsa) to negative from stable. At the same time, S&P affirmed its 'B-' long-term issuer credit rating and its 'B-' issue rating on the company's outstanding term loan B (TLB). The negative outlook reflects that S&P could lower its ratings on Iberconsa if it fails to refinance its upcoming maturities before October 2026, or refinances on terms where investors would receive less than initially agreed in the original debt documentation. The negative outlook reflects elevated refinancing risks ahead of Iberconsa's upcoming 2027 maturities. The group's EUR50.6 million RCF expires on May 28, 2027, when about EUR46.6 million (as of end-March 2026) drawings are due, and the company's EUR270 million TLB is due in November 2027. S&P said, "With unrestricted cash on hand of about EUR30.2 million as of end-March 2026, our projection of positive but limited free cash flow generation for 2026, and the drawn RCF balance becoming current, we think Iberconsa's liquidity cushion is eroding. Consequently, we revised downward our assessment of the company's liquidity to less than adequate from adequate. Failure to secure an extension or refinancing of its capital structure before the TLB becomes current in November 2026 would materially increase the likelihood of a liquidity shortfall or of a distressed debt exchange, potentially leading us to downgrade the company by multiple notches." S&P said, "We expect credit metrics to improve in fiscal 2026 due to top-line recovery and efficiency gains. We expect S&P Global Ratings-adjusted debt to EBITDA to continue to improve in 2026 toward 6.5x from about 7.1x in 2025 on solid revenue growth. For fiscal 2026, we expect rapid recovery in topline of about 15%-17% (after a reduction of 5.6% in 2025). This is thanks to a normalization in the shrimp fishing season, which was shorter than usual in 2025 as operations were stopped until August amid salary renegotiations in Argentina, contracting shrimp sales by about 25%. Moreover, we project ongoing robust sales of squid and hake sales, which continue to benefit from high global demand and past investments in fleet and processing capabilities. We expect Iberconsa's EBITDA to continue benefiting from the progressive alignment of Argentina's official exchange rate with the currency's market value and management's ongoing operational efficiency plan, focused on increasing productivity of its processing facilities, streamlining procurement and trade routes, and optimizing overhead costs. All this should support modest S&P Global Ratings-adjusted EBITDA growth in 2026 to about EUR80 million-85 million, from EUR75 million in 2025. However, profitability remains exposed to the volatile Argentinian peso, which represents about 20% of Iberconsa's total cost base." Iberconsa should remain self-funding over 2026. Higher adjusted EBITDA in 2026 suggests that FOCF generation should be slightly positive; it was negative by EUR22 million in 2025 (including EUR11.8 million additional drawings under the factoring line), mostly due to working capital outflows. FOCF generation is also likely to benefit from working capital stabilization after increased volatility due to the shorter shrimp-fishing season in Argentina in 2025. In addition, capital expenditure (capex) should remain contained at about EUR20 million-EUR30 million as the main factory and fleet upgrades have already been completed. That said, the company's ability to generate positive FOCF in 2026-2028 will continue to depend on the terms and conditions of the refinanced capital structure, as higher cash interest could absorb its thin cash-flow generation. Performance for 2025 was broadly aligned with our base case, with improved EBITDA and leverage, driven by the gradual liberalization of Argentina's foreign exchange market and other profitability improvements. In 2025, the company's reported revenue declined by 5.6% due to the shorter sea-frozen shrimp campaign, partly compensated by a strong squid season and a continuous hake repricing and mix improvement. However, S&P Global Ratings-adjusted EBITDA increased to about EUR75.4 million (from EUR69 million in 2024), in line with our forecast for the year. Iberconsa's profitability benefited from the devaluation of the Argentinian currency, which helped reduce the overrepresentation of peso-denominated costs (which represents about 20% of the total cost base), improving product mix, and streamlined operations following management's ongoing efficiency program, supporting further EBITDA margin expansion. This improvement helped shrink S&P Global Ratings-adjusted debt to EBITDA toward 7.1x, from 7.4x in 2024. S&P said, "The negative outlook reflects our view that Iberconsa faces rising refinancing risk related to its capital structure coming due in 2027. Failure to complete the refinancing by October 2026, or renegotiated terms whereby investors would receive less than initially agreed in the original debt documentation, would lead us to downgrade Iberconsa to the 'CCC' category. "We could lower our ratings on Iberconsa, potentially by multiple notches, if the company fails to make material progress in addressing its upcoming maturities by October 2026, increasing the likelihood of a liquidity shortfall or a distressed debt exchange. "We could also downgrade Iberconsa if it refinances its debt at a cash interest rate that would make its FOCF structurally negative, making its new capital structure unsustainable in the long term. "We could revise the outlook to stable if Iberconsa successfully refinances its capital structure in a manner that we do not view as distressed, while protecting its ability to generate positive FOCF." INCEPTION HOLDCO: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed Inception Holdco S.a.r.l.'s (trading as IVIRMA) Long-Term Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has also affirmed its term loan B (TLB) - issued by Inception Finco S.à.r.l and IVI America, LLC - at senior secured 'B+' with a Recovery Rating of 'RR3'. Inception's IDR continues to be constrained by high EBITDAR leverage, which Fitch estimates at 6.8x in 2025 or about 6.4x pro forma for its ART Fertility acquisition, versus 6.3x in 2024. It also faces moderate execution risk in consolidating all its acquired businesses. Inception's global leadership in the assisted reproduction techniques (ART) market is one of its key rating strengths. The Stable Outlook reflects its view that Inception will continue its stable operating performance with a slight margin expansion and increasingly positive free cash flow (FCF) generation until 2029. Key Rating Drivers Geographic Diversification Adds Resilience: The company's global diversification, with over 40% of revenue from the US market, adds to overall resilience and limits exposure to macroeconomic cycles. The recent acquisition in the Middle East (ART Fertility) has added exposure to a currently small, but fast-growing market. Fitch expects growing contributions from the recently acquired business, driven largely by volume expansion and a supportive, but still developing, regulatory environment. Financial Policy Drives Ratings: Inception's partially debt-funded acquisitions in 2025 raised reported leverage to 6.8x in 2025 (or 6.4x pro forma of the ART Fertility acquisition) from 6.3x in 2024. Fitch anticipates the metric to reduce to 6.3x by end-2026, driven by the full-year contributions of recent acquisitions and at least stable performance of the existing business. Fitch expects the company to follow a prudent M&A funding policy and, potentially, receive shareholder support for larger acquisitions for its 'buy-and-build' strategy. Execution Risk to Reduce: Fitch views Inception's execution risk as moderate, given the absence of further large acquisitions, following the integration of GeneraLife and the consolidation of Eugin US. The integration of ART Fertility should be manageable, due to its smaller size. Synergies in integrated supplies, procurement, centralised marketing and other functions from these acquisitions mitigate inflationary pressure on the combined global business. Some integration costs remain, but Fitch regards the process as more manageable through to 2029. Healthy Profitability: Inception's high vertical integration across its value chain provides a competitive advantage over peers that rely more on outsourcing, resulting in stronger gross and EBITDA margins. Fitch expects profitability to slightly increase towards 23% by 2029, driven by the improved operating leverage of the combined business, but is partly balanced by new acquisitions and ongoing integration costs. Strong Underlying FCF: Inception has strong cash flow generation that benefits from its healthy EBITDA margin, the sector's inherent negative working-capital pattern and manageable capex requirements. Fitch expects its FCF margin to strengthen towards the low-to-mid-single digits by 2029, from around neutral in 2025 and 2026, following lower non-recurring outflows related to its transformative acquisitions. However, part of its FCF is likely to be reinvested in greenfield projects or bolt-on M&A. Continuously weak or negative FCF would pressure the rating. Global ART Market Leader: Inception is the world's largest fertility platform, following its combination of IVIRMA, GeneraLife and the Eugin US, with an increased presence in the US. The US is now the single most important market for the company, representing about 40% of 2025 pro forma revenue. It benefits from a vast and established clinical network with high entry barriers. Its comprehensive fertility treatment services, which are provided in uniformly equipped clinics, its targeted high-end market and above-peer average success rates. Resilient Business Model: Inception has shown resilient performance during recessions, with temporary volatility during periods of travel disruption affecting international patients. Its vertically integrated business helps to secure diverse supply from its gamete bank, which is one of the world's largest. Above-industry average success rates are supported by Inception's in-house genetic-testing capabilities, driven by robust R&D expertise, which further strengthens its resilient business model. Favourable Industry Trends; Supportive Regulation: Fitch believes Inception can expand organically in line with or faster than the market. This is supported by rising ART demand, driven by socio-demographic and medical factors that increasingly reduce the incentive for natural conception. However, Fitch believes that demand growth varies by geography and its underlying regulatory framework. Fitch views the regulatory environment as supportive in most of Inception's operating markets, but Fitch continues to treat potentially more restrictive regulation in any of those markets as an event risk. Peer Analysis Fitch rates Inception at the same level as the European clinic operators Colosseum Dental Finance BV (B/Stable) and Romansur Investments SL (B/Stable), the French hospital operator, Almaviva Developpement (B/Stable) and Finnish social care and private healthcare provider, Mehilainen Yhtyma Oy (B/Stable), and one notch higher than Median B.V. (B-/Positive), a pan-European healthcare operator focused on rehabilitation and mental health. All peers benefit from stable patient demand and some ability to raise prices, subject to regulations. The companies aim for operating efficiencies, while investing in their clinic networks to remain competitive. The ratings of EMEA-based peers that are within the 'B' range tend to be constrained by weak credit metrics due to highly leveraged balance sheets that stem from persistent national and cross-border market consolidation. The peers' EBITDAR leverage averages 6.0x-7.0x and EBITDAR fixed-charge cover metrics are tight at 1.5x-2.0x. Inception's coverage metrics are slightly above 2.0x and stronger than other 'B' healthcare providers, supported by repricing in 2025, but partly balanced by higher debt due to ongoing acquisitions. Fitch also compares Inception with lab-testing companies in light of its genetic-testing capabilities. These companies include Ephios Subco 3 S.a.r.l. (B/Stable), Inovie Group (B/Negative) and Laboratoire Eimer Selas (B/Stable). Lab-testing companies tolerate higher leverage relative to their ratings, due to strong operating and cash flow margins, alongside non-cyclical revenue patterns, high revenue visibility due to sector regulation, large business scale and a wide geographic footprint. Fitch’s Key Rating-Case Assumptions - Revenue growth of 12.1% in 2026, driven by the integration of ART operations and high single-digit organic growth, from around 8% in 2025. Combined revenue growth to remain in the high single digits through 2029 - EBITDA margin at 22%-23% until 2029, on realised cost efficiencies, pricing initiatives, and the integration of margin-accretive ART operations, versus an estimated 22.4% in 2025. Lease expenses to grow in line with revenue - Slightly negative working-capital changes as a percentage of sales - Capex at increasing towards 5% of sales in 2026, due to higher expansion capex driven by Global Transformation and IT projects, from 4% in 2025. This is followed by 4.5% until 2029 - Cash outflow from non-operating activities mainly comprising one-off costs related to integration of EUR45 million in 2025 and of about EUR35 million in 2026, before slightly declining close to EUR10 million annually during 2027-2029 - Revolving credit facility (RCF) slightly drawn over the medium term to support working-capital requirements and M&A Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Moderate), sector characteristics ('bb', Higher), market and competitive positioning ('bb+', Higher), diversification and asset quality ('bb-', Moderate), company operational characteristics ('bbb', Lower), profitability ('bbb', Moderate), financial structure ('b-', Higher), and financial flexibility ('bb-', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 30% weight for the forecast year 2025, 30% for the forecast year 2026, 30% for the forecast year 2027 and 10% for the forecast year 2028. B+ to CC considerations apply in its analysis and result in an adjustment of -1 notch(es). The governance assessment of 'some deficiencies' has no impact. The operating environment assessment of 'a+' has no impact. The SCP is 'b'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B'. Recovery Analysis - The recovery analysis assumed Inception would remain a going concern (GC) in a restructuring and would be reorganised rather than liquidated. - Fitch assumed a 10% administrative claim. - Fitch assumed a GC EBITDA of EUR180 million from which Fitch calculates the distressed enterprise value. Fitch has increased the GC EBITDA from EUR175 million in its previous review due to the acquisitions completed at end-2025 and expected associated synergies. - Fitch assumed a distressed multiple of 6.0x, reflecting Inception's leadership in a niche market with attractive growth and demand fundamentals, geographic diversification, and the benefits of a vertically integrated business model. - Fitch assumed the EUR259 million RCF would be fully drawn before default, ranking equally with its EUR1.3 billion-equivalent TLB. Fitch also includes in the recovery analysis local facilities issued by certain operating companies, which Fitch views as structurally senior to Inception's secured senior debt. - Its waterfall analysis generated a ranked recovery for senior creditors in the 'RR3' band, indicating a 'B+' rating for the senior secured facilities, one notch up from the IDR. There is no headroom on any further increase of priority-ranking local facilities debt, unless it is sufficiently offset by accompanying business growth. A further increase in prior-ranking debt or revaluation of debt from adverse currency movements will result in a downgrade of the instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade: - Weakening credit profile due to reputational damage, adverse changes or the prospect of such changes to the regulatory framework, or higher execution risk from business integration or strategy implementation - EBITDAR leverage remaining above 7.0x due to weaker trading or aggressively debt-funded opportunistic M&As - Inability to improve FCF margin to the low single digits due to weaker operating performance or an aggressive capex policy on greenfield expansion - EBITDAR fixed-charge coverage below 2.0x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade: - Robust execution of the medium-term strategy, with acquisitions leading to an increased scale without EBITDA margin dilution - A continuing favourable regulatory environment and positive market demographics supporting the company's business model and competitive advantage - EBITDAR leverage below 5.5x on a sustained basis - FCF margin in the mid-to-high single digits on a sustained basis - EBITDAR fixed-charge coverage sustained above 3.0x Liquidity and Debt Structure Fitch estimates that Inception had cash on balance sheet at EUR134 million (of which Fitch restricts EUR10 million as not available for debt repayment) as of end-1Q26, and a fully undrawn, recently upsized RCF of EUR259 million. Fitch expects FCF margins to remain around break-even in 2026 due to one-off expenses and sizeable capex, before turning increasingly positive towards the mid-single digits through to 2029. Its forecast assumes an aggregate of aroundEUR300 million in acquisitions and earnout payments in 2027-2029, alongside the dividends to the clinics platform that have increased following the ART Fertility acquisition. Inception's main debt maturities are only in October 2030 for the RCF and in April 2031 for the TLB, resulting in moderate refinancing risks. Issuer Profile Spanish-based Inception is the world´s largest fertility platform, with more than 190 clinics across 15 countries in Europa and the Americas, and a recent entry into the Middle East following the ART Fertility acquisition. 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 Inception. 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 ----------- ------ -------- ----- Inception Holdco S.a.r.l. LT IDR B Affirmed B IVI America, LLC senior secured LT B+ Affirmed RR3 B+ Inception Finco S.a.r.l. senior secured LT B+ Affirmed RR3 B+ VITA LUXCO: Fitch Rates EUR1.1 Billion Term Loan 'BB-' ------------------------------------------------------ Fitch Ratings has assigned Vita LuxCo SARL's (Hanab) EUR1.125 billion term loan B (TLB), issued by its subsidiary Hanab Holding BV, a final rating of 'BB-' with a Recovery Rating of 'RR3'. The final rating is the same as the expected '(BB-(EXP)' rating, as the terms are largely aligned with Fitch's expectations. Fitch also affirmed Hanab's Long-Term Issuer Default Rating (IDR) at 'B+' with Stable Outlook. Hanab's IDR is constrained by high leverage and its limited scale and diversification, which is balanced by its strong position as a technical service provider in the Netherlands. Its business profile is solid, reflecting its strong brand and reputation and multi-year framework agreements. Good contract management supports profitability, driving its strong organic deleveraging capacity. The Stable Outlook reflects its expectation that Hanab 's revenue and profitability will continue to grow, supported by favourable energy and utility sector trends in the Netherlands. The final instrument rating follows the completion of the refinancing transaction. Key Rating Drivers Deleveraging Capacity: Fitch expects Fitch-defined EBITDA gross leverage to decline below 5.0x by 2027 and below 4.0x by 2030, from a high 5.7x after Hanab's dividend recapitalisation. This expectation is based on a drawn overall EUR1.125 billion TLB. Fitch sees potentially faster deleveraging from cash-funded, EBITDA-accretive bolt-on acquisitions over the forecast period. Strong Market Position: Hanab is the number one multi-utility service provider in the Netherlands, following its carve-out from VolkerWessels. It offers end-to-end integrated solutions to the energy and utility infrastructure and connectivity markets. Its critical and entrenched service offerings to its largely blue-chip customer base and best-in-class technical capabilities provide a strong competitive advantage with high barriers to entry. Attractive Underlying Market: Fitch believes the energy market in the Netherlands has attractive long-term structural drivers, supported by current grid congestion issues and increased demand for grid capacity. Additional grid capacity remains critical to supporting the energy transition and protect the competitiveness of the Dutch economy. Hanab is well-positioned to capture a significant market share, benefiting from its long-term partnerships with TenneT Netherlands, distribution system operators (Liander, Stedin, and Enexis) and GasUnie. These partnerships will more than offset an expected decline in telco infrastructure projects from the advanced rollout of national fibre networks. The decline is mitigated by future growth from moving into maintenance framework agreements with its main customer, Royal KPN N.V. (BBB/Stable), and further fibre rollouts contracted in Germany. The contracts are likely to boost growth in the telco and connectivity segment over the next four years. Recurring Revenue: Long-term, multi-year framework agreements with longstanding partners, combined with low renewal risk and high retention rates, have historically secured revenue from projects, which account for two-thirds of group revenue. Fitch expects Hanab to convert current energy and utility network expansion projects into multi-year maintenance contracts. Recurring project activity should accelerate, based on the strong visibility from Hanab's committed order book. Strong Profitability: Fitch expects Fitch-defined EBITDA margins to improve to 12.5% by 2028 from 10.8% in 2025, benefiting from revenue growth and a favourable product mix, with stronger growth expected in the higher-margin energy and utility segment. This is underpinned by strong inflation protection through pass-through provisions embedded in contracts, a flexible cost structure, and fair share of sub-contracted cost that provides some cushion through the cycle. Healthy Cash Flow Generation: Fitch expects free cash flow (FCF) margins to be in the high single digits from 2027, due to profitability improvement and lower-than-expected cash interest payments. Hanab benefits from an asset-light model with limited capex and working capital needs. Fitch expects future capital allocation to be limited, but excess cash flow could be deployed for acquisitive expansion or further shareholder distributions. Scale, Diversification Constraints: Hanab's limited global reach, with operations mostly focused in the Netherlands, and material customer concentration constrain the rating at 'B+'. However, customer concentration is mitigated by blue-chip client relationships that span several years. Future Capital Allocation: The proposed shareholder distribution suggests a more aggressive financial policy relative to the company sponsor's (Triton) conservative approach to leverage at the original carve-out. The documentation allows for customary baskets of permitted debt, permitted investments and shareholder distributions. However, capital allocation priorities remain unchanged in investing for organic growth and selective bolt-on M&A, followed by dividends only if there are no alternative uses of excess cash. Debt capacity remains high, considering its solid FCF profile, but any further opportunistic re-leveraging could be detrimental to the rating. Peer Analysis Hanab's business profile is supported by its strong market position and competitive advantage in the energy and utility, and telco and connectivity sectors in the Netherlands. This reflects the strong positive secular trends from the expansion of power grids and energy transition programmes. Hanab is smaller in size and diversification, has lower recurring revenue from long-term service agreements and higher leverage than pan-European specialised energy-related services provider SPIE SA (BBB-/Stable) and Albion HoldCoLimited (BB-/Stable). This is underlined in Hanab's 'B+' rating, despite its higher FCF margins, which Fitch expects to be consistently above 7% from 2027 due to its asset-light business model. Other Fitch-rated peers in the installation services sector such as Assemblin Caverion Group AB (B+/Positive), the leading building installation services provider in the Nordics, and Polygon Group AB (B-/Negative), focused on water and fire damage restoration mostly related to insurance claims, have larger scale than Hanab. However, their main exposure to installation services results in lower profitability and FCF margins. Fitch expects Hanab's leverage profile to decline below 5x by 2027 compared with more than 8x for Polygon, which justifies the multi-notch rating difference. Fitch expects Assemblin's leverage to trend below 4x by end-2027. Fitch’s Key Rating-Case Assumptions - Revenue CAGR in 2026-2030 at 6.3%, mainly supported by energy transition-related projects - EBITDA margin trending towards 13%, aided by margin-accretive projects and operating leverage - Net working capital outflows of 0.3% (average annual) for 2026-2030 - Capex of 0.4% of sales (average annual) for 2026-2030 - Average FCF margin slightly below 6% over 2026-2030, supported by improvement in profitability and limited net working capital changes and capex - No additional distributions or dividends after 2026 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 ('b+', Moderate), diversification and asset quality ('b+', Higher), company operational characteristics ('bb+', Moderate), profitability ('bbb', Lower), financial structure ('b+', Higher), and financial flexibility ('b+', Moderate). - The quantitative financial subfactors are based on custom CRT financial period parameters: 40% weight for the forecast year 2026, 40% for the forecast year 2027 and 20% for the forecast year 2028. - B+ to CC considerations apply in its analysis and have no impact. - The Governance assessment of 'Some Deficiencies' has no impact. - The Operating Environment assessment of 'aa-' has no impact. - The SCP is 'b+'. - To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'B+'. Recovery Analysis The recovery analysis assumes that Hanab would be reorganised as a going-concern (GC) in bankruptcy rather than liquidated. The GC EBITDA estimate of EUR140 million reflects Fitch's view of a sustainable, post-reorganisation EBITDA level on which it bases the enterprise value. Stress on EBITDA would most likely result from operational underperformance, reputational damages with contract losses or major M&A integration issues having a negative effect on profitability. Fitch applies a multiple of 5.5x EBITDA to the GC EBITDA to calculate a post-reorganisation enterprise value. The multiple reflects low customer churn, increasing demand for Hanab's services and highly recurring revenue. Its recovery calculations include Hanab's TLB of EUR1.125 billion. The capital structure also includes a committed EUR200 million revolving credit facility, which Fitch assumes would be fully drawn in a default. Its debt waterfall analysis, after deducting 10% for administrative claims, generates a ranked recovery in the 'RR3' band for the senior secured creditors, resulting in a 'BB-' rating for the first-lien secured debt. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage above 5.0x on a sustained basis - EBITDA margin decreasing below 10% due to lower productivity, margin-dilutive debt-funded acquisitions, loss of large customers or significant pricing pressure - EBITDA interest coverage below 3.0x on a sustained basis - FCF margin below the mid-single digits on a sustained basis Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater scale and diversification without dilution to EBITDA margins - EBITDA leverage below 4.0x on a sustained basis, aligned with a financial policy consistent with a 'BB' category rating - FCF margin rising towards the high single digits on a sustained basis Liquidity and Debt Structure Hanab's sound liquidity profile is based on EUR50 million cash on balance sheet pro forma for the dividend recapitalisation, and an undrawn revolving credit facility of EUR200 million. Fitch expects strong FCF generation to increase cash on balance sheet by an average of about EUR 130 million a year. Fitch expects excess cash flow to be invested in bolt-on M&A to support business growth or future shareholder distributions. The company has no substantial short-term debt maturities and its new EUR1.125 billion TLB is due in 2033. Issuer Profile Hanab is the leading installation and technical services provider in energy and utility, and telecom and connectivity sectors in the Netherlands. 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 Hanab. 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 ----------- ------ -------- ----- Vita LuxCo SARL LT IDR B+ Affirmed B+ Hanab Holding BV senior secured LT BB- New Rating RR3 BB-(EXP) ===================== N E T H E R L A N D S ===================== ODIDO GROUP: Moody's Affirms 'B2' CFR & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Ratings has changed to positive from stable the outlook of Odido Group Holding B.V.s (Odido or the company) and Odido Holding B.V. Concurrently, Moody's have affirmed Odido's B2 long-term Corporate Family Rating and its B2-PD Probability of Default Rating. Moody's have also affirmed the B1 ratings on the EUR2.4 billion backed senior secured term loan B due 2029 and the EUR560 million backed senior secured revolving credit facility due 2028, borrowed by Odido Holding B.V., and on the EUR800 million backed senior secured notes due 2029 issued by Odido Holding B.V. Finally, Moody's have affirmed the Caa1 rating on the EUR550 million backed senior unsecured notes due 2030 issued by Odido Group Holding B.V. "The change in outlook to positive reflects Odido's strong earnings growth and Moody's expectations that Moody's-adjusted leverage will trend below 5x through 2027 on the back of continued solid operating performance. says Pilar Anduiza, a Moody's Ratings Assistant Vice President-Analyst and lead analyst for Odido. "Moody's also forecasts Odido will continue to generate positive free cash flow over the next two years " adds Ms Anduiza RATINGS RATIONALE In 2025, Odido achieved a significant improvement in profitability with Moody's adjusted EBITDA up 6.5%, driven by revenue growth and cost efficiencies. For the same reasons, over 2026-27, Moody's expects Odido will continue to deliver solid operating performance, with revenue growth in the low- to mid-single digits and Moody's-adjusted EBITDA margins of around 40%, alongside continued modest deleveraging. Moody's expects free cash flow to remain positive, with FCF/debt improving towards the mid-single digits. As a result, Moody's estimates its Moody's-adjusted leverage will decline below 5.0x, a level commensurate with a B1 rating category. However, Moody's forecasts do not incorporate material shareholder distributions, although the company has a track record of periodic returns to shareholders. The company experienced a cyber attack in February 2026, which Moody's expects will have a modest negative impact on revenue due to a temporary increase in customer churn driven by reputational effects. The impact on EBITDA is expected to be somewhat more pronounced, reflecting incremental costs incurred to manage and remediate the incident. However, Moody's anticipates these effects to be temporary and do not expect a material impact on the company's business plan over the medium term. The B2 CFR of Odido is supported by its leading position in the Dutch business-to-consumer (B2C) mobile telecommunications market; high network quality and stronger-than-peer spectrum portfolio; track record of growth in both the mobile and fixed-line segments; and its good liquidity. The rating also factors in the company's single-country presence and position as the third largest telecom operator in the Netherlands (Aaa stable), after Koninklijke KPN N.V. and VodafoneZiggo Group B.V. (VodafoneZiggo, B1 negative); the competitive nature of the Dutch market and its reliance on third-party networks for the provision of fixed-line services. LIQUIDITY Odido's liquidity is good. This is supported by available unrestricted cash of EUR180 million as of December 2025; the company's access to a EUR560 million revolving credit facility due in 2028, with a springing leverage covenant set at 8.5x tested when more than 40% is drawn; and Moody's expectations of positive free cash flow generation. Liquidity also reflects Odido's long-term debt maturity profile, with all debts maturing 2028 and beyond. STRUCTURAL CONSIDERATIONS Odido's PDR of B2-PD is at the same level as the CFR, reflecting the use of the standard 50% family recovery rate as is customary for capital structures that include both term loans and bonds. The senior secured notes and the senior secured term loan B and RCF are rated B1, one notch above the CFR. This reflects the structural and contractual seniority of this class of debt. The senior secured debt benefits from guarantees from operating companies as well as a security on shares, intercompany receivables, and material bank accounts. The Caa1 rating on the senior unsecured notes reflects its contractual subordination to the senior lender liabilities, including the EUR2.4 billion senior secured term loan B, the EUR560 million senior secured RCF, and the EUR800 million senior secured notes. RATIONALE FOR POSITIVE OUTLOOK The positive outlook reflects Moody's expectations that Odido will continue to grow its revenue and improve its profitability leading to a leverage trending below 5.0x in 2027. The outlook also incorporates the expectation that the company will maintain a prudent financial policy and a good liquidity profile and its free cash flow will remain positive and grow over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward rating pressure could develop overtime if the company's operating performance remains strong allowing the company (1) to reduce its Moody's adjusted gross debt-to-EBITDA ratio below 5.25x, (2) improve its RCF/ debt ratio above 15%, and (3) it maintains positive and growing free cash flow generation. Conversely, downward pressure on the rating could materialise if the company fails to deliver on its business plan so that its leverage measured by Moody's adjusted gross debt/EBITDA increases above 6x, RCF/ debt falls below 10% or its free cash flow generation turns negative on a sustained basis. A weakening in the company's market positioning and liquidity profile could also have a negative effect on the ratings. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Telecommunications Service Providers published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Odido Group Holding B.V. (Odido), headquartered in The Hague, the Netherlands, is the country's third-largest telecommunications company providing mobile, fixed-line and broadband services to residential and business customers. Odido is owned by funds advised by Warburg Pincus and funds advised by Apax Partners via a joint venture. As of December 2025, the company reported EUR2.4 billion in revenue and EUR949 million in Moody's-adjusted EBITDA. =============== P O R T U G A L =============== CONSUMER TOTTA 3: Fitch Affirms BB+sf Rating on Class F Debt ------------------------------------------------------------ Fitch Ratings has revised Gamma, STC S.A./Consumer Totta 3 series Outlook to Negative from Stable for two tranches. All ratings have been affirmed as detailed below. Entity/Debt Rating Prior ----------- ------ ----- Gamma, STC S.A. / Consumer Totta 2 A PTGAMMOM0028 LT AA-sf Affirmed AA-sf B PTGAMNOM0027 LT Asf Affirmed Asf C PTGAMOOM0026 LT BBBsf Affirmed BBBsf D PTGAMPOM0017 LT BBsf Affirmed BBsf Gamma, STC S.A. / Consumer Totta 3 A PTGAMUOM0028 LT AA+sf Affirmed AA+sf B PTGAMVOM0019 LT Asf Affirmed Asf C PTGAMWOM0018 LT BBBsf Affirmed BBBsf D PTGAMXOM0017 LT BBB-sf Affirmed BBB-sf E PTGAMYOM0024 LT BBsf Affirmed BBsf F PTGAMZOM0023 LT BB+sf Affirmed BB+sf Gamma, STC S.A. / Consumer Totta 1 A PTGAMFOM0019 LT AA+sf Affirmed AA+sf B PTGAMGOM0018 LT AA+sf Affirmed AA+sf C PTGAMHOM0025 LT A+sf Affirmed A+sf D PTGAMIOM0024 LT BBBsf Affirmed BBBsf Transaction Summary The transactions are securitisations of unsecured consumer loans originated in Portugal by Banco Santander Totta S.A. (A+/Stable/F1), ultimately owned by Banco Santander, S.A. (A+/Stable/F1). Obligors are private individuals. The revolving periods ended in December 2023 for Totta 1 and February 2025 for Totta 2, while Totta 3 is a static transaction. All transactions amortise pro-rata with performance-based switch-to-sequential triggers. KEY RATING DRIVERS Broadly Stable Performance: All three Totta transactions have recorded broadly stable credit performance. This is despite Fitch changing its asset performance outlook for the European ABS sector to deteriorating from neutral, reflecting its expectation that the weakening in recent quarters will persist to end-2026 (see "Fitch Ratings Changes Asset Performance Outlook for EMEA Consumer ABS to Deteriorating" dated 20 April 2026). Gross cumulative defaults in relation to the initial pool balances plus revolving period purchases were 4.3%, 2.2% and 0.3%, for Totta 1 to Totta 3respectively, as of the latest reporting dates. Defaults are defined as loans more than 90 days in arrears or subjectively classified by the lender as such. Further, early-stage arrears are contained at below 1% of the current portfolio balances for all three deals. Nevertheless, Fitch has changed the base case recovery to 25%, from 30% for Totta 1 and 35% for Totta 2 and 3, and the base case annual prepayment rate to 10% for Totta 2 from 15% to reflect the transactions' performance to date and its expectations. All other assumptions remain unchanged. Adequate Credit Enhancement: The affirmations reflect Fitch's view that credit enhancement (CE) is able to absorb the credit and cash flow stresses commensurate with the current ratings. Fitch expects CE ratios to remain broadly stable in the short term, considering the ongoing pro-rata amortisation of the notes. However, Fitch expects Totta 1 CE ratios to increase faster once the portfolio reaches 10% (currently at 29%) of the initial balance, which would trigger a switch to sequential paydown. Restructured Loans Extended Maturity: The revision of the Outlooks on Totta 3's class D and E notes reflect the increased probability of downgrade in the medium term following maturity extensions beyond the transaction's legal maturity to loans linked to borrowers in distress. Those loans have not always been classified as default by the lender and are therefore not provisioned for with excess spread. Accumulation of further extensions at the pace seen in Totta 1 and Totta 2 would be detrimental for Totta 3 class D and E notes. As of the latest reporting date, the cash flows projected to fall outside of the securitisation legal horizon represent just 5bp relative to the current portfolio balance in Totta 3, equivalent to 17% of the reserve fund absolute floor amount that is the only source of credit protection for the class E notes at the tail of the transaction, while the class D notes are also protected by over-collateralisation. This risk is not affecting the Outlooks or the ratings of Totta 1 and Totta 2 class D tranches because of the ample CE protection available, which was 9% and 7.3% respectively, as of the latest reporting dates. Counterparty Arrangements Cap Ratings: The maximum achievable rating for all three transactions is 'AA+sf', in accordance with Fitch's criteria. This is due to the transaction account bank (TAB) and hedge provider's minimum ratings of 'A-' or 'F1', which are insufficient to support 'AAAsf' ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade For Totta 3 class D and E notes, additional loan restructurings not classified by lender as default and with a new maturity beyond the transaction legal maturity date consistent with the pace and volume observed to date across all three deals, could lead to downgrades. Long-term asset performance deterioration, such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape. Fitch found that a 10% increase in defaults and a 10% decrease in recoveries may lead to downgrades of up to four notches for Totta 2 notes, three notches for Totta 3 notes and one notch for Totta 1 notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Increasing CE ratios, as the transaction deleverages to fully compensate for the credit losses and cash flow stresses commensurate with higher ratings, may lead to upgrades. Fitch found that a 10% decrease in defaults and 10% increase in recoveries may lead to upgrades of no more than one notch for Totta 1 notes. - Totta 1 class A and B notes, and Totta 3 class A notes are at their maximum achievable rating of 'AA+sf', due to minimum eligibility ratings envisaged by the transaction documents for the transaction account bank and swap provider. 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 pools and the transactions. 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. Prior to the transactions' closing, 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. Prior to the transactions' closing, Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. 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. ========= S P A I N ========= MONBAKE GRUPO: S&P Assigns 'B' LongTerm ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings assigned its 'B' long-term issuer credit rating to Monbake Grupo Empresarial S.A.U. (Monbake) and withdrew its 'B' rating on Spain-based frozen bread and bakery manufacturer Peralta Inversiones Globales S.L. (Peralta). S&P continues to rate at 'B' the EUR550 million term loan B (TLB) due 2031 million, which has been transferred to Monbake from Peralta. The ratings on Monbake are in line with its previous credit assessments on Peralta Inversiones Globales, as S&P views the two companies' credit quality as identical. The stable outlook reflects S&P's view that Monbake will, over the next 12 months, maintain a stable operating performance with S&P Global Ratings-adjusted EBITDA in excess of EUR100 million, adjusted leverage of 5.5x-6.0x, and free operating cash flow (FOCF) becoming sustainably positive from 2027, after exceptional capital expenditure (capex) in 2026. Peralta and two other subsidiaries merged into Monbake Grupo Empresarial S.A.U. (Monbake). Following the merger of Peralta Inversiones Globales (Peralta) into Monbake Grupo Empresarial S.A.U. (Monbake), Monbake will be the ultimate parent of the rated group. Monbake is now the issuer of the EUR550 million TLB and will produce the group's consolidated accounts starting from this year. The transaction was part of a structural reorganization during the first half of 2026, resulting in the cessation of Peralta, the acquisition vehicle used by CVC to acquire the majority of the group in 2024. The reorganization of the corporate structure has no effect on our view of the group's credit quality. S&P said, "We forecast S&P Global Ratings-adjusted EBITDA will increase modestly to EUR100 million-EUR105 million in 2026 on the back of revenue expansion and improved operational efficiency. In 2026, we expect 3%-5% organic revenue growth, supported by additional repricing, better product mix, and volume expansion from increased production capacity, especially in pastry and bread. Moreover, we expect additional profitability gains from planned investments and efficiency measures aimed at improving the integration of the recently acquired companies, La Niña del Sur and IPASA. We expect adjusted EBITDA to modestly increase to EUR100 million-EUR105 million, translating into an S&P Global Ratings-adjusted ratio of debt to EBITDA of about 5.5x-6.0x in 2026, from about 6.1x in 2025." Monbake's operating performance should continue to benefit from tailwinds in the resilient frozen bread and bakery industry. S&P views Spain's bread and bakery industry as stable and resilient during economic downturns. This is thanks to the nondiscretionary nature of the products, stemming from a lack of substitutes and relatively low unit prices. The frozen baked goods segment could continue to grow at the expense of fresh bread and bakery products. Drivers will be an ongoing shift from artisanal bakery to industrial and frozen products, capitalizing on the advantages of frozen baked goods. The frozen bread and bakery industry also has limited free capacity. This will support selling prices and benefit players like Monbake, which has sufficient resources to meet growing market demand. S&P said, "Monbake's 2025 credit metrics were broadly in line with our base case, despite a slight underperformance of EBITDA driven by recent acquisitions. S&P Global Ratings-adjusted EBITDA landed at about EUR99 million (we forecast EUR100 million-EUR110 million) up from about EUR95 million in 2024, supported by solid performance in its traditional channel and in most of its product categories, especially pastries, offsetting the poor performance of recently integrated acquisitions. The slight underperformance compared with our previous base-case was mostly linked to the integration of La Niña del Sur, whose profitability was weaker than expected in the first year of integration. FOCF was negative EUR12 million (we expected negative EUR5 million to negative EUR15 million), including the one-off payment of EUR21 million of interest accrued in 2024 but paid out in January 2025 to accommodate the timing of the transaction. Monbake's S&P Global Ratings-adjusted debt leverage was 5.8x in 2025, slightly better than the 6.0x projected, due to lower earn-outs paid on recent acquisitions. "We expect Monbake to maintain a comfortable liquidity position over the next 12 months, despite additional capex that will keep FOCF negative in 2026.In 2026, we expect additional capex of about EUR65 million-EUR75 million to fund several projects, including new bread lines and investments aimed at optimizing and expanding the production capabilities of La Niña del Sur and IPASA. At the same time, interest expenses, including on leases, will remain at about EUR30 million-EUR35 million. This exceptional capex will result in FOCF staying negative, at EUR20 million-EUR25 million, before turning positive from 2027. Monbake benefits from a comfortable liquidity buffer to cover these negative cash flows, including an EUR84 million cash position and a EUR100 million fully undrawn revolving credit facility (RCF) as of end-2025. Also, the company does not face any major debt maturities until 2031, when the outstanding EUR550 million TLB is due. "The stable outlook reflects our view that Monbake will, over the next 12 months, maintain a stable operating performance, successfully integrating recent acquisitions and benefiting from its solid position in the profitable Spanish frozen bakery and pastry industry. This will translate into S&P Global Ratings-adjusted EBITDA in excess of EUR100 million, adjusted leverage of 5.5x-6.0x, and FOCF becoming sustainably positive from 2027, after the exceptional capex of 2026." S&P could lower the rating in the next 12 months if, because of operating underperformance or more aggressive financial policy than expected: -- Adjusted leverage rises close to 7x; or -- FOCF does not turn positive from 2027. S&P could raise the rating if the company's revenue, EBITDA, and FOCF expand significantly beyond our base case, such that: -- Adjusted debt to EBITDA decreases sustainably to 5x, supported by a more conservative financial policy from the sponsor; and -- FOCF structurally increases above EUR50 million per year. SABADELL CONSUMO 4: Fitch Assigns B+sf Final Rating on Cl. E Notes ------------------------------------------------------------------ Fitch Ratings has assigned Sabadell Consumo 4, FT final ratings. The final ratings on the class B, D and E notes are one notch higher than their expected ratings, due mainly to higher excess spread available than initially considered in the analysis. Entity/Debt Rating Prior ----------- ------ ----- Sabadell Consumo 4, FT Class A ES0306040009 LT AAsf New Rating AA(EXP)sf Class B ES0306040017 LT A+sf New Rating A(EXP)sf Class C ES0306040025 LT BBB+sf New Rating BBB+(EXP)sf Class D ES0306040033 LT BB+sf New Rating BB(EXP)sf Class E ES0306040041 LT B+sf New Rating B(EXP)sf Class F ES0306040058 LT NRsf New Rating NR(EXP)sf Class G ES0306040066 LT NRsf New Rating NR(EXP)sf Transaction Summary Sabadell Consumo, 4 FT is a revolving securitisation of a portfolio of fully amortising general purpose consumer loans originated by Banco de Sabadell, S.A. (Sabadell; A-/Stable/F2) for individuals residing in Spain. The portfolio includes pre-approved and on-demand loans, the former being underwritten for existing Sabadell customers based on the borrowers' credit profile and record with the lender. KEY RATING DRIVERS Asset Assumptions Reflect Pool Profile: Fitch set base-case lifetime default and recovery rates at 5.25% and 25%, respectively, for the portfolio, reflecting historical data provided by Sabadell, Spain's economic outlook, pool features, and the originator's underwriting and servicing strategies. The estimated lifetime loss rate is 15.2% for the 'AAsf' rating case. Short Revolving Period: The transaction has a seven-month revolving period during which new receivables can be purchased by the special purpose vechicle. Fitch considers any credit risk stemming from the revolving period to be captured by the default multiples. Fitch expects 12.5% of the pool balance to be replenished during the revolving period, assuming an annualised prepayment rate of 10%. Performance Triggers Mitigate Pro Rata: The class A to F notes is repaid pro rata, after the end of the revolving period, unless a sequential amortisation event occurs, primarily cumulative defaults exceeding certain thresholds or an uncleared principal deficiency ledger above 0.1% of the initial portfolio balance. Fitch views these triggers as robust enough to prevent the pro rata mechanism from continuing on early signs of a deterioration in performance. Fitch believes the tail risk posed by the pro rata paydown is mitigated by the mandatory switch to sequential amortisation when the outstanding collateral balance falls below 10% of the initial balance. Counterparty Arrangements Cap Ratings: The maximum achievable rating for the notes is 'AA+sf' under Fitch's counterparty criteria. The minimum eligibility rating thresholds defined for the transaction account bank (TAB) of 'A-' and swap counterparty of 'A-' or 'F1' are insufficient to support 'AAAsf' ratings. Immaterial Payment Interruption Risk: Payment interruption risk in the event of a servicer disruption is immaterial up to 'AA+sf', in line with Fitch's criteria as interest deferability is permitted under the transaction documentation for all the rated notes and does not constitute an event of default. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Long-term asset performance deterioration such as increased delinquencies or reduced portfolio yield, which could be driven by changes in portfolio characteristics, macroeconomic conditions, business practices or the legislative landscape. Expected impact on the notes' ratings of increased defaults (class A/B/C/D/E) Increase default rates by 10%: 'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'Bsf' Increase default rates by 25%: 'Asf'/'A-sf'/'BBB-sf'/'BBsf'/'CCCsf' Increase default rates by 50%: 'A-sf'/'BBBsf'/'BB+sf'/'Bsf'/'NRsf' Expected impact on the notes' ratings of reduced recoveries (class A/B/C/D/E) Reduce recovery rates by 10%: 'AA-sf'/'Asf'/'BBBsf'/'BB+sf'/'B+sf' Reduce recovery rates by 25%: 'AA-sf'/'Asf'/'BBBsf'/'BBsf'/'Bsf' Reduce recovery rates by 50%: 'AA-sf'/'Asf'/'BBB-sf'/'BBsf'/'B-sf' Expected impact on the notes' ratings of increased defaults and reduced recoveries (class A/B/C/D/E) Increase default rates by 10% and reduce recovery rates by 10%: 'A+sf'/'Asf'/'BBBsf'/'BBsf'/'Bsf' Increase default rates by 25% and reduce recovery rates by 25%: 'Asf'/'BBB+sf'/'BB+sf'/'B+sf'/'NRsf' Increase default rates by 50% and reduce recovery rates by 50%: 'BBB+sf'/'BBB-sf'/'BBsf'/'NRsf'/'NRsf' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade The rating on the senior notes is capped at 'AA+sf' by the documented counterparty replacement provisions under Fitch's Structured Finance and Covered Bonds Counterparty Rating Criteria. For the remaining class notes, increasing credit enhancement ratios as the transaction deleverages to fully compensate for the credit losses and cash flow stresses commensurate with higher ratings could lead to upgrades. 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. Fitch conducted a review of a small, targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the rating agency about the asset portfolio. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's 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. ===================== S W I T Z E R L A N D ===================== DUFRY ONE: Moody's Rates New EUR400MM Senior Unsecured Notes 'Ba2' ------------------------------------------------------------------ Moody's Ratings has assigned a Ba2 rating to Dufry One B.V.'s (Dufry) proposed seven-year EUR400 million backed senior unsecured notes. The Ba2 ratings on Dufry's existing backed senior unsecured obligations are unaffected and so are the Ba2 corporate family rating and Ba2-PD probability of default rating (PDR) of ultimate parent, global travel retail leader Avolta AG. The outlook on both entities is also unaffected at stable. The rating action reflects Dufry's planned issuance of senior unsecured debt, the proceeds of which will be used to tender up to EUR400 million of its EUR750 million backed senior unsecured notes maturing in February 2027. RATINGS RATIONALE The proposed notes are senior unsecured obligations of the issuer, are guaranteed by parent companies including ultimate parent Avolta AG (Avolta, Ba2 stable) and rank pari passu with the issuer's and the broader group's other debt obligations. As a result, the proposed notes' Ba2 rating is in line with Avolta's CFR and Dufry's existing Ba2 backed senior unsecured ratings. Avolta's Ba2 corporate family rating (CFR) reflects its global leadership in travel retail and food and beverage, with broad geographic and product diversification. Large exposure to less discretionary travel food and beverage offers a degree of revenue stability while long-term growth in air passenger traffic supports demand. Avolta has a solid track record of organic growth and profitability, including when performance in North America softened in 2025, underscoring the benefits of the group's business diversity. The company depends on air passenger traffic and is therefore exposed to factors that can reduce air travel such as macroeconomic downturns, geopolitical events and health concerns. Avolta's revenue from the Middle East represents a low single digit percentage of the total. However, wider macroeconomic ramifications of the current conflict in the Middle East could disrupt global air traffic and reduce the company's sales. The business model also entails structurally high lease liabilities, which represent the cost of accessing captive airport demand and materially influence credit metrics. Avolta also has exposure to the risk of nonrenewal on its concession contracts and to currency fluctuations. Moody's expects the company will continue to reduce Moody's-adjusted gross debt/EBITDA towards 3.5x in the next 12 months, through EBITDA expansion. This would result in the company moving more comfortably into its net leverage target of 1.5x-2.0x (1.9x in 2025). Moody's also expects that Avolta will continue to generate solidly positive Moody's-adjusted free cash flow (after dividend payments) above CHF300 million per annum and use most of its excess cash for share buybacks. OUTLOOK The stable outlook reflects Moody's expectations of ongoing organic revenue and EBITDA growth, underpinned by steadily increasing air passenger traffic globally. Further, the stable outlook assumes materially positive FCF generation (after lease repayments and all dividend distributions) and a balanced financial policy. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Avolta AG's ratings if: -- Successful renewal of concession contracts on an ongoing basis, organic revenue growth and at least stable Moody's-adjusted EBITDA margin, and -- Moody's-adjusted Debt/EBITDA declines comfortably and sustainably below 3.5x, and -- Positive free cash flow (FCF, after interest and dividends) and retained cash flow/net debt sustainably above 20%, and -- Good liquidity and debt maturities addressed in a timely manner. Conversely, downward pressure on Avolta AG's ratings could materialise if: -- Revenue and EBITDA reduce on an organic basis, or -- Moody's-adjusted leverage remains above 4x on a sustainable basis, or -- FCF becomes negative and retained cash flow/net debt reduces sustainably below 15%, liquidity weakens or refinancing risk increases, or -- More aggressive financial policy, including debt-funded acquisitions or higher shareholder distributions jeopardising positive cash generation. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Retail and Apparel published in September 2025. Headquartered in Basel, Switzerland, Avolta is the leading global travel retailer. The company is present in 70 countries and operates over 5,100 outlets, mostly in airports (350 locations, around 80% of sales). Avolta had revenue of CHF14 billion in the 12 months to March 31, 2026 and is listed on the Swiss Stock Exchange. SPORTRADAR GROUP: Moody's Ups CFR to Ba2, Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings has upgraded to Ba2 from Ba3 the Corporate Family Rating of Sportradar Group AG (Sportradar). Concurrently, Moody's have also upgraded to Ba2-PD from Ba3-PD the company's Probability of Default Rating. Finally, Moody's have withdrawn the Ba3 senior secured bank credit facility rating of the company's wholly-owned subsidiary Sportradar Capital S.a r.l and concurrently assigned a Ba2 rating to the new senior secured revolving credit facility due 2031 borrowed by the same entity. The outlook for both entities has changed to stable from positive. RATINGS RATIONALE The rating upgrade reflects the expected progressive strengthening of Sportradar's scale, profitability and Moody's-adjusted free cash flow (FCF) over the next 12-24 months, as the company capitalises on supportive sports data market fundamentals and the integration of IMG Arena. Governance considerations around Sportradar's expected continued retention of a strong balance sheet, in the absence of recourse to external financial debt, also drove the rating action. The rating action nevertheless excludes potential adverse consequences from alleged ties to illegal and unlicensed gambling operators, assertions the company has unequivocally challenged. Moreover, the absence of funded debt on Sportradar's balance sheet and strong liquidity provide significant headroom for the company to manage unexpected events. The Ba2 CFR also reflects Sportradar's strong market position and wide geographic reach; well-invested proprietary technologies and product suite that support competitiveness; established long-term customer relationships; and a strong net cash position. Concurrently, it factors in the company's high fixed costs, which are typical of the business model; intense competition during sports rights bidding processes; and governance risks stemming from a relatively concentrated ownership structure. ESG CONSIDERATIONS Sportradar's CIS-3 indicates that ESG considerations currently have a limited impact on the rating, but could become more relevant over time. This assessment is driven primarily by the company's exposure to social risks associated with the betting and gaming sector, as well as moderate customer relations risks, notably cybersecurity and data integrity. While Sportradar is partially insulated from direct regulatory pressures, it remains indirectly exposed through its customer base and, in certain jurisdictions such as the US, subject to direct licensing and regulatory oversight that could expand over time. Governance risks related to the concentration of voting control with the founder and CEO and associated key man risk temper the issuer's ESG profile, although these are partly mitigated by its public listing and a board structure with a majority of independent directors. LIQUIDITY Sportradar's liquidity is strong. The company held EUR322 million of cash on its balance sheet as at March 31, 2026 and maintains access to a EUR250 million revolving credit facility that is undrawn and committed until 2031. The facility has a springing senior secured net leverage covenant set at 6.5x and tested if or when drawings exceed 40%. If tested, Moody's expects the covenant to have a large buffer. Sportradar has no long-term financial debt maturities and is expected to continue generating positive Moody's-adjusted FCF in 2026-27. OUTLOOK The stable outlook reflects Moody's expectations that Sportradar will continue to capitalise on supportive sports data market fundamentals, supporting further scale expansion and improved profitability. The stable outlook also assumes no material adverse events leading to a material deterioration in either gross leverage or FCF generation (both Moody's-adjusted). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could result from meaningful revenue and EBITDA growth, for example through greater product diversification and cross-sales. While preserving intact its conservative traits, greater articulation and track record of financial policies over the longer term could support a higher rating. Negative rating pressure would arise from major license, customer or contract losses, compromising scale or business profile; Moody's-adjusted EBITDA margin structurally below 10%; Moody's-adjusted gross leverage approaches 2.0x, or more aggressive than expected stance on capital allocation. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Business and Consumer Services published in February 2026. Sportradar's Ba2 CFR is 4 notches below the historic scorecard-indicated outcome of Baa1 reflecting the company's modest scale; high risk profile of a rapidly expanding business in new geographies and new products; a high fixed cost base, and exposure to disintermediation and governance risks. COMPANY PROFILE Swiss-based Sportradar provides end-to-end sports data analytics solutions to both the betting and media industries, and to sports federations and authorities. The company collects, processes, markets and monitors sports-related live data, and provides sports-related services, including a proprietary fraud detection system. In the 12 months ended March 31, 2026, Sportradar generated revenue of EUR1,325 million and Moody's-adjusted EBITDA of EUR157 million (after amortisation of capitalised sport rights licenses). It is listed on the Nasdaq with a market capitalisation of $4.3 billion as at the date of this publication. =========================== U N I T E D K I N G D O M =========================== COMPOSITE TECH: FRP Advisory Appointed as Administrators -------------------------------------------------------- Composite Tech Holdings Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003780. Nedim Ailyan and Glyn Mummery, both of FRP Advisory Trading Limited, were appointed as Joint Administrators on May 15, 2026. The company specialized in manufacturing. Its principal trading address is 3 Bunhill Row, London, EC1Y 8YZ. Its registered office is 3 Bunhill Row, London, EC1Y 8YZ (to be changed to Centre Block, 4th Floor, Central Court, Knoll Rise, Orpington, Kent, BR6 0JA). The Joint Administrators can be contacted at: Nedim Ailyan Glyn Mummery FRP Advisory Trading Limited Centre Block, 4th Floor Central Court Knoll Rise Orpington Kent BR6 0JA Further information: Alternative Contact: Luke Francis Tel: 020 8302 4344 Email: cp.orpington@frpadvisory.com GH BIO-POWER: S&W Partners Appointed as Administrators ------------------------------------------------------ GH Bio-Power Limited was placed into administration in the High Court of Justice, Business and Property Courts in Birmingham, Insolvency and Companies List (ChD), Court Number CR-2026-BHM-000239. Simon Jagger and Mark Supperstone, both of S&W Partners LLP, were appointed as Joint Administrators on May 15, 2026. The company is a holding company. Its registered office and principal trading address is Townend House, Park Street, Walsall, WS1 1NS. The Joint Administrators can be contacted at: Simon Jagger Mark Supperstone S&W Partners LLP 45 Gresham Street London EC2V 7BG For further information: Alternative contact: Emily Kerin Tel: 020 4617 5500 LAKES BATHROOMS: Grant Thornton Appointed as Administrators ----------------------------------------------------------- Lakes Bathrooms Limited was placed into administration in the High Court of Justice, Business & Property Courts in Birmingham, Insolvency & Companies List (ChD), No. 000227 of 2026. Jon L Roden, Rob A Parker, and Daniel M Timms, all of Grant Thornton UK Advisory & Tax LLP, were appointed as Joint Administrators on May 18, 2026. The company engaged in the wholesale of household goods. Its registered office is c/o Grant Thornton UK Advisory & Tax LLP, 11th Floor, Landmark St Peter's Square, 1 Oxford Street, Manchester, M1 4PB. Its principal trading address is Alexandra Way, Ashchurch, Tewkesbury, Gloucestershire, GL20 8NB. The Joint Administrators can be contacted at: Jon L Roden Rob A Parke Daniel M Timms Grant Thornton UK Advisory & Tax LLP 17th Floor, 103 Colmore Row Birmingham B3 3AG For further information: Tel: 0161 953 6906 Contact: CMU Support Grant Thornton UK Advisory & Tax LLP NEDBANK PRIVATE: Moody's Affirms 'Ba1' Long Term Deposit Ratings ---------------------------------------------------------------- Moody's Ratings has affirmed all the ratings and assessments of Nedbank Private Wealth Limited (Nedbank Private Wealth): the Ba1/NP deposit ratings, the baa3 Baseline Credit Assessment (BCA) and Adjusted BCA, the Ba1/NP Counterparty Risk Ratings, and the Baa3(cr)/P-3(cr) Counterparty Risk Assessment. Moody's also changed the outlook on the long-term deposit ratings to positive from stable. RATINGS RATIONALE The affirmation of Nedbank Private Wealth's Ba1 long-term deposit ratings reflects the affirmation of the bank's baa3 BCA and Moody's unchanged assumption of very high loss given failure, which continues to result in the long-term deposit ratings being one notch below Nedbank Private Wealth's BCA. The affirmation of the BCA reflects Nedbank Private Wealth's high levels of capitalisation, elevated levels of liquidity and low asset risk despite single name concentration, and limited business diversification. The baa3 BCA is constrained at two notches above the BCA of its sister company Nedbank Limited (Baa3 positive/(P)Ba1, ba2). OUTLOOK The outlook on Nedbank Private Wealth's long-term deposit ratings is positive. The outlook follows the positive outlook on Nedbank Limited's long-term deposit ratings, which itself reflects the positive outlook of the Government of South Africa. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Nedbank Private Wealth's Ba1 long-term deposit ratings could be upgraded following an upgrade of the bank's baa3 standalone BCA, or the issuance of bail-in-able debt. The BCA could be upgraded following an upgrade of Nedbank Limited's ba2 BCA or a reduction in the interconnection between Nedbank Private Wealth and Nedbank Limited (in particular common customers). Nedbank Private Wealth's Ba1 long-term deposit ratings could be downgraded following a downgrade of the bank's baa3 standalone BCA. The BCA could also be downgraded in wake of a material integration with the group, or a significant deterioration in Nedbank Private Wealth's solvency or liquidity profile. The BCA could also be downgraded if Nedbank Limited's ba2 BCA is downgraded. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Nedbank Private Wealth Limited "Assigned BCA" score of baa3 is set five notches below the "Financial Profile" initial score of a1 to reflect single name concentration, confidence-sensitive nature of deposit base, and interconnection with lower rated Nedbank Limited. NOVA PERSONNEL: Leonard Curtis Appointed as Joint Administrators ---------------------------------------------------------------- Nova Personnel Ltd 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-000800. Mike Dillon and Andrew Knowles, both of Leonard Curtis, were appointed as Joint Administrators on May 21, 2026. Nova Personnel is a recruitment specialist. Its registered office is 1 Pavilion Square, Cricketers Way, Westhoughton, Bolton, BL5 3AJ. Its principal trading address is Two Four Nine North, Lynnfield House, Church Street, Altrincham, WA14 4DZ. The Joint Administrators can be contacted at: Mike Dillon Andrew Knowles Leonard Curtis Riverside House Irwell Street Manchester M3 5EN Further information: Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative Contact: Amelia Heeds OBAN CARDS 2026-1: Fitch Assigns 'BB+(EXP)sf' Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned Oban Cards 2026-1 plc expected ratings. The assignment of final ratings is contingent on the receipt of final documentation conforming to information already reviewed. Fitch expects to review Oban's existing series when it assigns series 2026-1 its final ratings. Entity/Debt Rating ----------- ------ Oban Cards 2026-1 plc 2026-1 Class A LT AAA(EXP)sf Expected Rating 2026-1 Class B LT AA+(EXP)sf Expected Rating 2026-1 Class C LT A+(EXP)sf Expected Rating 2026-1 Class D LT BBB(EXP)sf Expected Rating 2026-1 Class E LT BB+(EXP)sf Expected Rating 2026-1 Class Z LT NR(EXP)sf Expected Rating Transaction Summary The transaction is a securitisation of a revolving portfolio of non-prime UK credit card receivables originated by Vanquis Bank Limited (BB-/Positive), wholly owned by Vanquis Banking Group plc (BB-/Positive). Vanquis is one of the leading non-prime card lenders in the UK and is rated independently of its parent. KEY RATING DRIVERS Asset Assumptions Reflect Stable Data: Fitch determined asset assumptions using historical data over more than a decade. As is typical in the non-prime credit card sector, the portfolio has historically shown low payment rates and high yield. Fitch applied a steady-state monthly payment rate of 12% with a 45% stress at 'AAAsf', and a steady-state yield of 30% with a 40% stress at 'AAAsf'. The charge-off assumption of 18%, reflecting fairly stable historical charge offs, while the stressed charge-off multiple of 3.5x considers the fairly high absolute level of the steady-state and the limited volatility in the historical data. Fitch assumed a steady-state purchase rate of 100%, which is stressed by 90% at 'AAAsf' and cascades down to 40% at 'Bsf'. Vanquis is a rated bank and its stress assumptions reflect its confidence in their non-prime portfolio. Rated Originator and Servicer: Fitch assesses Vanquis's credit profile to be in line with Vanquis Banking Group's, based on its role as the group's main operating subsidiary. Vanquis acts in several capacities to this trust, most prominently as originator, servicer and cash manager to the securitisation. The reliance on Vanquis is mitigated by the transferability of operations and an amortising liquidity reserve. Fitch also considers that Vanquis, being a regulated bank, is subject to regulation that will provide for an orderly wind-down rather than a sudden disruption in operations upon insolvency. Originator and Servicer Linkage: As in all credit card transactions, the trust performance is closely linked to the originator and servicer due to the revolving nature of the underlying assets and will be influenced by its monitoring and risk-management procedures. Fitch considers Vanquis's policies and procedures to be in line with industry standards and adequate to support the transaction's performance. Unhedged Structure: The credit cards carry a fixed monthly interest rate whereas the notes pay SONIA plus a spread. This mismatch is not hedged but the risk is mitigated by the ability of Vanquis to revise the interest rates. The credit card portfolio was successfully repriced when European rates rose in 2022. The remaining risk is reflected in its pricing spread assumption. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Rating sensitivity to increased charge-off rate: Increase steady state by 25%/50%/75%: Class A Notes: 'AA+sf'/'AAsf'/'AA-sf' Class B Notes: 'AA-sf'/'A+sf'/'Asf' Class C Notes: 'Asf'/'BBB+sf'/'BBBsf' Class D Notes: 'BBB-sf'/'BBsf'/'BB-sf' Class E Notes: 'BB-sf'/'Bsf'/' Rating sensitivity to reduced MPR: Reduce steady state by 15% /25%/35%: Class A Notes: 'AA+sf'/'AAsf'/'AA-sf' Class B Notes: 'AA-sf'/'A+sf'/'Asf' Class C Notes: 'Asf'/'A-sf'/'BBB+sf' Class D Notes: 'BBBsf'/'BBB-sf'/'BB+sf' Class E Notes: 'BBsf'/'BB-sf'/'BB-sf' Rating sensitivity to reduced purchase rate: Reduce steady state by 50%/75%/100%: Class A Notes: 'AAAsf'/'AAAsf'/'AAAsf' Class B Notes: 'AAsf'/'AAsf'/'AAsf' Class C Notes: 'A+sf'/'Asf'/'Asf' Class D Notes: 'BBBsf'/'BBBsf'/'BBB-sf' Class E Notes: 'BBsf'/'BBsf'/'BB-sf' Rating sensitivity to reduced yield: Reduce steady state by 15%/25%/35% (with unchanged pricing spread assumptions): Class A Notes: 'AAAsf'/'AAAsf'/'AAAsf' Class B Notes: 'AAsf'/'AAsf'/'AAsf' Class C Notes: 'A+sf'/'A+sf'/'Asf' Class D Notes: 'BBBsf'/'BBB-sf'/'BB+sf' Class E Notes: 'BB-sf'/'B+sf'/'Bsf' Rating sensitivity to increased charge-off rate and reduced MPR: Increase steady-state charge-offs by 25% / 50% / 75% and reduce steady-state MPR by 15% / 25% / 35%: Class A Notes: 'AAsf'/'Asf'/'BBB+sf' Class B Notes: 'A+sf'/'BBB+sf'/'BBB-sf' Class C Notes: 'A-sf'/'BBB-sf'/'BBsf' Class D Notes: 'BB+sf'/'B+sf'/'Bsf' Class E Notes: 'B+sf'/' Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Rating sensitivity to decreased charge-off rate: Decrease steady state by 25%: Class A Notes: 'AAAsf' Class B Notes: 'AAAsf' Class C Notes: 'AAsf' Class D Notes: 'Asf' Class E Notes: 'BBBsf' 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 sought to receive a third-party assessment conducted on the asset portfolio information, but none was available for this transaction. 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. SKCG ELECTRICAL: Quantuma Advisory Appointed as Administrators -------------------------------------------------------------- SKCG Electrical Ltd was placed into administration in the High Court of Justice, Insolvency and Companies List, Court Number CR-2026-003672. Gary Thompson and David Meany, both of Quantuma Advisory Limited, were appointed as Joint Administrators on May 20, 2026. The company specialized in electrical installation. Its registered office is Spectrum House, 2b Suttons Lane, Hornchurch, RM12 6RJ (currently in the process of being changed to 18a Capricorn Centre, Cranes Farm Road, Basildon, Essex, SS14 3JJ). Its principal trading address is Unit 23, Dunsteads Farm, Trueloves Lane, Ingatestone, CM4 0NJ. The Joint Administrators can be contacted at: Gary Thompson David Meany Quantuma Advisory Limited 18a Capricorn Centre Cranes Farm Road Basildon Essex SS14 3JJ Further information: Contact: Ellie Foley Tel: 01708 300170 Email: ellie.foley@quantuma.com TONG DINNER: Opus Restructuring Appointed as Administrators ----------------------------------------------------------- Tong Dinner Ltd, trading as Gouqi, was placed into administration in the High Court of Justice, Court Number CR-2026-0003799. Ben Stanyon and Anthony Peter Davidson, both of Opus Restructuring LLP, were appointed as Joint Administrators on May 15, 2026. The company is a licensed restaurant. Its registered office is Kings House, 1A Kings Road, London, SW19 8PL. Its principal trading address is 25-34 Cockspur Street, London, SW1Y 5BN. The Joint Administrators can be contacted at: Ben Stanyon Opus Restructuring LLP First Floor, Milwood House 36B Albion Place Maidstone Kent ME14 5DZ -- and -- Anthony Peter Davidson Opus Restructuring LLP 322 High Holborn London WC1V 7PB Further information: Tel: 01622 427 433 Alternative Contact: Bethany Tuffs Opus Restructuring LLP TOTAL CARBIDE: Leonard Curtis Appointed as Joint Administrators --------------------------------------------------------------- Total Carbide Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-003705. Andrew Knowles and Andrew Poxon, both of Leonard Curtis, were appointed as Joint Administrators on May 13, 2026. The company specialized in the manufacture of sintered tungsten carbide wear parts. Its registered office and principal trading address is Hangar 3, Westcott Venture Park, Westcott, Aylesbury, HP18 0XB. The Joint Administrators can be contacted at: Andrew Knowles Andrew Poxon Leonard Curtis Riverside House Irwell Street Manchester M3 5EN Further information: Tel: 0161 831 9999 Email: recovery@leonardcurtis.co.uk Alternative Contact: Helen Hales WHEEL BIDCO: Fitch Affirms 'CCC+' LongTerm Issuer Default Rating ---------------------------------------------------------------- Fitch Ratings has affirmed Wheel Bidco Limited's (PizzaExpress) Long-Term Issuer Default Rating (IDR) at 'CCC+', its super senior debt rating at 'B+' with a Recovery Rating of 'RR1', and its senior secured debt rating at 'B-' with a Recovery Rating of 'RR3'. The 'CCC+' rating reflects high credit risks due to tight liquidity headroom and weak Free Cash Flows (FCF) amid continuing uncertainty around its EBITDA recovery and challenging conditions in the UK casual dining market, weak consumer sentiment and high labour cost inflation. Fitch expects the company to rely on the drawdown of its revolving credit facility (RCF) for interest payment in 2026. Slower-than-expected EBITDA recovery or worse-than-expected working capital management could further reduce liquidity and lead to negative rating action. Key Rating Drivers Tight Liquidity: Fitch expects PizzaExpress's liquidity to remain thin, as it faces working capital demands and higher cost of debt after its debt restructuring in 2025. This is despite the company having raised its RCF commitment back to GBP30 million in April 2026 to support liquidity. Fitch also estimates a continuing reliance on the RCF, including for debt service, underpinning the issuer's limited liquidity headroom. Any shortfall in operational turnaround and failure to sustainably reverse working capital could pressure liquidity, and would put the ratings under pressure. Fragile FCF: Fitch estimates FCF to stay broadly neutral over the projected period until 2029, in the absence of more operational headwinds or additional liquidity needs, therefore the projected neutral FCF remain at risk. In 2026, Fitch anticipates PizzaExpress will generate slightly negative FCF due to continued working capital outflow, while the extent of EBITDA recovery remains uncertain. Fitch assumes annual capex will be about GBP19 million, as the company finalises most of its refurbishment programme and maintains modest new restaurant expansion. EBITDA to Recover: The company reported a 4.2% year-on-year sales growth in 1Q26, due primarily to a rise in like-for-like sales for both dine-in and dine-out business. Its rating case assumes an increase in EBITDA for 2026, driven by growing dine-out business, higher average spending per head (ASPH) and sustained cost control, which benefits from its cost-optimisation projects and better terms with suppliers. Adequately Managed Costs: PizzaExpress has demonstrated adequate cost management, despite higher promotions since last year. Fitch sees limited risks from the geopolitical tension in Middle East as of now, as the company has limited exposure in the area while it has 100% hedging position for energy prices until September 2026 and 67% hedging until March 2027. The company has also made tangible progress in managing its staff costs. Food costs have remained fairly stable so far, additionally supported by locked supplier agreements on selected cost items, although the risk of a higher food inflation if shipping costs for suppliers rise for a longer period, remains. Weak Credit Metrics: The company's 'CCC+' credit profile is also heavily influenced by its weak coverage and leverage metrics. Fitch forecasts that its EBITDAR fixed-charge coverage ratio will remain at 1.3x-1.4x for 2026-2029 (2025: 1.3x), particularly following increased debt service cost on its extended senior secured notes, despite their reduced face value. Its expectations of only mild EBITDA expansion mean that EBITDAR leverage will remain above 5.0x, in line with a low 'B' rating category for the sector. Small Scale; Limited Diversification: PizzaExpress's business profile is aligned with a low 'B' category, due to its small scale in a fragmented UK restaurant sector, in which it holds an 8% share. The market provides limited long-term expansion opportunities, due to consumer caution, the cost-of-living crisis and intense competition. Fitch does not expect PizzaExpress to substantially expand its network or raise its EBITDAR over the medium term, from GBP88 million in 2025. It has recently expanded into a quick-service restaurant format with a broader menu offering, which could provide some growth impetus, although Fitch expects its contribution to remain limited in the medium term. Peer Analysis PizzaExpress's close peers include UK pub companies Stonegate Pub Company Limited (CCC+) and Punch Pubs Group Limited (B-/Positive). Pub groups generally have higher debt capacity than Pizza Express due to their larger size and better financial and operational flexibility, given their freehold property, more limited exposure to labour costs and greater resilience to operating conditions. PizzaExpress is rated at the same level as Stonegate, both of which are affected by reduced customer volumes and significant cost inflation, driving uncertainty over the pace of EBITDA recovery. Fitch expects Stonegate to maintain much higher leverage to 2029 while PizzaExpress's thin liquidity constrains the rating. Punch Pubs is rated one notch above PizzaExpress as it has a better business profile and greater financial flexibility. The rating is mainly constrained by high leverage. Fitch’s Key Rating-Case Assumptions - Low-single-digit revenue increase from 2026 onwards - EBITDA to increase mildly above GBP50 million over 2026-2029 (2025: GBP48 million) - Slight reversal of working capital outflow in 2026, neutral thereafter - Capex at about GBP19 million a year to 2029 - No dividends or M&A to 2029 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Moderate), sector characteristics ('bb-', Moderate), market and competitive positioning ('b', Moderate), diversification and asset quality ('b+', Moderate), company operational characteristics ('bb-', Lower), profitability ('b', Moderate), financial structure ('ccc+', Higher), and financial flexibility ('ccc+', Higher). The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the 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 have no impact. The governance assessment of 'good' has no impact. The operating environment assessment of 'aa-' has no impact. The SCP is 'ccc+'. To derive the Long-Term IDR: Fitch made no adjustments to the SCP, resulting in an IDR of 'CCC+'. Recovery Analysis The recovery analysis assumes that PizzaExpress would be reorganised as a going concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch has maintained its estimate of GC EBITDA after reorganisation at GBP40 million, on which Fitch bases the enterprise value (EV). It is similar to Fitch-adjusted EBITDA of EUR41 million in 2023, which came under pressure from high cost inflation and a challenging market environment. Fitch has applied a 5.0x EV/EBITDA multiple to the GC EBITDA to calculate a post-reorganisation EV. This is within the 4.0x-6.0x range Fitch has used across publicly and privately rated peers. It takes into consideration the scale, limited international diversification and single core brand of PizzaExpress. The company's senior secured notes rank behind its GBP30 million super senior RCF, which Fitch assumed to be fully drawn on default. Its waterfall analysis generates a ranked recovery for the GBP280 million senior secured notes in the 'RR3' band, indicating a 'B-' instrument rating. The ranked recovery for the GBP30 million super senior RCF is in the 'RR1' band, indicating a 'B+' instrument rating, three notches above the IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further tightening in liquidity headroom, leading to heightened refinancing risks - Weaker-than-expected operating performance, due to a difficult macro-economic environment, competitive pressures or working capital outflows, leading to a lack of EBITDA recovery or consistently negative FCF - EBITDAR leverage above 6.0x on a sustained basis - EBITDAR fixed-charge coverage ratio below 1.3x on a sustained basis - Cash flow from operations less capex/debt below 0% Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Greater-than-expected EBITDA recovery, leading to neutral-to-positive FCF and sufficient liquidity headroom - EBITDAR fixed-charge coverage improving towards 1.5x - EBITDAR leverage improving towards 5.0x on a sustained basis - Cash flow from operations less capex/debt strengthening above 2% Liquidity and Debt Structure PizzaExpress's liquidity was tight for the rating at end-1Q26, with cash and cash equivalents of GBP13.5 million and GBP22.5 million available under its GBP30 million RCF. The RCF will be available until its maturity in March 2029. Additional flexibility comes from PizzaExpress's option to curtail capex to preserve liquidity. Issuer Profile PizzaExpress is a casual dining operator with more than 450 restaurants, of which over 360 units are in the UK and Ireland. 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 PizzaExpress. 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 ----------- ------ -------- ----- Wheel Bidco Limited LT IDR CCC+ Affirmed CCC+ super senior LT B+ Affirmed RR1 B+ senior secured LT B- Affirmed RR3 B- ZEUS BIDCO: Moody's Withdraws 'Caa1' Corporate Family Rating ------------------------------------------------------------ Moody's Ratings has withdrawn Zeus Bidco Limited's Caa1 Corporate Family Rating and Zenith Finco Plc's Caa2 senior secured rating. At the time of withdrawal, the outlooks on Zeus Bidco Limited and Zenith Finco Plc were stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. 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