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

                          E U R O P E

          Thursday, June 11, 2026, Vol. 27, No. 116

                           Headlines



G E R M A N Y

TRENCH GROUP: Fitch Alters Outlook on BB- LongTerm IDR to Negative


I R E L A N D

HENLEY CLO X: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
PROVIDUS CLO XV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes


K A Z A K H S T A N

JSC FORTELEASING: Fitch Puts 'BB' LongTerm IDR on Watch Negative


N E T H E R L A N D S

IPD 3: Fitch Affirms 'B' LongTerm IDR, Outlook Stable


S P A I N

AERNNOVA AEROSPACE: Fitch Affirms B LongTerm IDR, Outlook Negative
ARESBANK SA: Fitch Assigns 'B+' LongTerm IDR, Outlook Positive
AUDAX RENOVABLES: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable


S W E D E N

AINAVDA PARENTCO: Fitch Alters Outlook on 'B' IDR to Negative


U N I T E D   K I N G D O M

ARUSTON LTD: Kroll Advisory Appointed as Joint Administrators
LADDIE BIDCO: FTI Consulting Appointed as Joint Administrators
MAREX GROUP: Fitch Assigns BB(EXP) Rating on Jr. Subordinated Notes
PRESTBURY ESTATES: KR8 Advisory Appointed as Joint Administrators
ROSLING KING: BTG Begbies Appointed as Administrators


                           - - - - -


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G E R M A N Y
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TRENCH GROUP: Fitch Alters Outlook on BB- LongTerm IDR to Negative
------------------------------------------------------------------
Fitch Ratings has revised Trench Group Holdings GmbH's Outlook to
Negative from Stable, while affirming its Long-Term Issuer Default
Rating (IDR) at 'BB-'. Fitch has also assigned Trench's proposed
senior secured term loan B (TLB) an expected 'BB+(EXP)' with a
Recovery Rating 'RR2'.

The Outlook revision reflects Trench's new proposed capital
structure, with higher leverage, following the prospective debt
issue to fund a shareholder distribution. Fitch expects the
increased leverage metrics to remain outside of the looser negative
rating sensitivity for the next 12-24 months, partly mitigated by
stronger-than-expected profitability.

The rating is constrained by the company's limited scale and
moderate customer and product diversification. Rating strengths are
Trench's strong position in grid component manufacturing, high
product quality and sustained positive free cash flow (FCF).

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

Key Rating Drivers

Leverage to Peak Before Easing: Fitch expects EBITDA leverage to
rise materially to 5.5x at FYE26 (year-end September) from 2.2x at
FYE25 following the planned EUR1.25 billion TLB issue. The proceeds
will refinance EUR400 million existing debt and the remaining
proceeds will fund shareholder distribution. Fitch forecasts
leverage to decline thereafter, driven by robust EBITDA growth. The
leverage rating sensitivities have been updated to reflect Trench's
changing debt capacity on more robust order backlog, profitability
and an updated peer comparison.

Fitch believes Trench's deleveraging trajectory is achievable,
supported by improved financial performance, but it is likely to be
slow as Fitch conservatively forecasts that the company will
continue to use its strong cash generation to support growth rather
than for debt repayment. Fitch also recognises scope for future
debt-funded dividend distributions under the current financial
policy.

Profitability Momentum: Trench's ability to deliver strong
profitability growth is positive for the credit profile. Fitch
expects EBITDA margin to continue to grow to above 30% by 2028.
This is supported by improvements in its cost structure after its
carve-out and contract execution.

Profitability is also supported by productivity initiatives to
maximise capacity utilisation, which reached 100% in European
factories and included the introduction of 24/7 manufacturing,
while keeping costs low, demonstrating operational flexibility. A
more profitable mix also supports margins, with more profitable
products such as for North American HVDC accounting for a larger
share of orders.

Industry Trends Boost Revenue: Trench's order backlog was a record
EUR3.7 billion as of April 2026, driven by demand from electrical
infrastructure development and maintenance and data centre-related
investment. The backlog supports revenue growth in FY26 and
provides some visibility into FY27. Fitch expects growth to be
supported by rising electricity consumption, power grid upgrades
and sustained customer demand across its product segments. Fitch
assumes these trends may begin to stabilise from 2028 as
data-centre demand for bushings moderates.

Sustainably Positive FCF: Fitch expects healthy FCF margins over
the next four years and views Trench's strong cash generation and
liquidity as credit strengths. This is underpinned by rising
underlying profitability and a solid capacity to absorb higher
interest payments after the new TLB issue, normalising working
capital outflows through the cycle and higher capex to support
organic growth. Fitch assumes moderate M&A activity and no dividend
distributions to support solid cash generation.

Strong but Niche Business Profile: Trench's robust business profile
is supported by its strong position in bushings, moderate
dedication to ongoing innovation, customer appeal due to its
technological content, and product reliability. The company is
firmly positioned to benefit from the global electrification trend
and data centre development, as it manufactures critical components
in the power system value chain. However, the business profile is
partly constrained by moderate product diversification, small
scale, and limited visibility over contracted revenue beyond 2027.

Peer Analysis

Trench's business profile and rating are constrained by its limited
scale relative to peers, in a similar manner to BE Semiconductor
Industries N.V. (BESI; BB+/Stable). The company is positioned less
favourably because of its niche focus within the manufacturing
supply chain, leading to heightened exposure to demand volatility
than at larger peers, such as Hillman Solutions Corp. (Hillman;
BB/Stable) and Innio Holding GmbH (B+/Stable). However, this is
mitigated by its critical role in its industry, a commitment to
innovation, and moderate geographic diversification, with 76% of
its revenue originating outside Germany, similar to peers like
BESI.

Trench's rating benefits from its strong position in high-voltage
grid components, supporting its solid through-the-cycle EBITDA and
EBIT margins, which are among the strongest in its peer group and
similar to Innio's but much lower than BESI's, which is underlined
in their two-notch rating difference.

Trench's positive forecast for FCF margins until 2029 are a credit
strength and comparable to Hillman's and Innio's. Its new capital
structure results in a higher EBITDA leverage profile that is
comparably weaker than BESI's and Hillman's. Its leverage metrics
and deleveraging trajectory are stronger than Innio's and Ahlstrom
Oyl's (B/Stable) supporting the two-notch difference.

Fitch’s Key Rating-Case Assumptions

- Revenue to increase on average 16.6% in FY26-FY28, reflecting
higher sold volumes

- EBITDA margin to remain sustainably solid on efficiency gains and
repricing

- Cash interest paid of EUR83 million after TLB issue, also
reflecting Fitch's latest Global Economic Outlook on interest
rates

- Negative working-capital flows at an average 1.9% of revenue
until FY29

- Capex on average at 6.5% of revenue until FY29 to support high
sales volumes

- No shareholder returns after the proposed dividend
recapitalisation, thereby allowing FCF to remain positive to FY29

- Bolt-on M&A activity of about EUR15 million annually until 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): management ('bb', Lower), sector characteristics
('bb+', Moderate), market and competitive positioning ('b+',
Higher), diversification and asset quality ('bb-', Moderate),
company operational characteristics ('bb-', Moderate),
profitability ('a+', Moderate), financial structure ('b+', Higher),
and financial flexibility ('bb', Moderate).

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

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: Fitch made no adjustments to the SCP,
resulting in an IDR of 'BB-'.

RATING SENSITIVITIES

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

- A less conservative financial policy or declining EBITDA leading
to EBITDA leverage over 4.0x on a sustained basis

- Deteriorating product and geographic diversification, resulting
in diminishing scale and increased customer concentration

- EBITDA margin consistently below 15%

- FCF margin consistently below 1%

- Cash flow from operations (CFO) less capex/debt below 5%.

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

- A more diversified portfolio of products and regional expansion
resulting in increased scale and reduced customer concentration

- Demonstrated commitment to a more conservative and well-defined
financial policy that results in EBITDA leverage being sustained
below 3.0x

- FCF margins consistently above 5%

- CFO less capex/debt sustainably over 10%

Liquidity and Debt Structure

Trench's healthy reported cash balance of about EUR89 million at
FYE25 (after Fitch's adjustment for intra-year working capital
change at 1% of sales) is supported by forecast positive FCF and a
EUR130 million RCF. The new TLB and EUR130 million (undrawn) RCF
mature in 2033, respectively, removing near-term refinancing risk.

The 'BB+' senior secured debt rating reflects its notching approach
for issuers with a 'BB-' IDR.

Issuer Profile

Trench is a strong global supplier of high-voltage grid components
for energy transmission and distribution.

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 Trench.

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
   -----------             ------                 --------   -----
Trench Group
Holdings GmbH      

                     LT IDR   BB-        Affirmed             BB-
   senior secured    LT       BB+(EXP)   Expected Rating RR2
   senior secured    LT       BB+        Affirmed        RR2  BB+




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I R E L A N D
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HENLEY CLO X: Fitch Assigns 'B-sf' Final Rating on Class F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Henley CLO X DAC reset notes final
ratings.

   Entity/Debt                Rating                Prior
   -----------                ------                -----
Henley CLO X DAC

   A-R XS3278773133        LT AAAsf  New Rating
   B-R XS3278773489        LT AAsf   New Rating
   C-R XS3278773646        LT Asf    New Rating
   Class A XS2804515331    LT PIFsf  Paid In Full   AAAsf
   Class B XS2804515505    LT PIFsf  Paid In Full   AAsf
   Class C XS2804516065    LT PIFsf  Paid In Full   Asf
   Class D XS2804516149    LT PIFsf  Paid In Full   BBB-sf
   Class E XS2804516495    LT PIFsf  Paid In Full   BB-sf
   Class F XS2804516651    LT PIFsf  Paid In Full   B-sf
   D-R XS3278774024        LT BBB-sf New Rating
   E-R XS3278774370        LT BB-sf  New Rating
   F-R XS3278774537        LT B-sf   New Rating

Transaction Summary

Henley CLO X DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans, first-lien, last-out loans and
high-yield bonds. Net proceeds from the notes have been used to
redeem the existing notes, except the subordinated notes, and to
fund a portfolio with a target par of EUR450 million. The portfolio
is actively managed by Napier Park Global Capital Ltd. The
transaction has a five-year reinvestment period and a nine-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 to be in the 'B' category. 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 65.1%.

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

Portfolio Management (Neutral): The transaction includes six
matrices, all corresponding to a top 10 obligor concentration limit
at 17.5%. Two matrices are effective at closing and correspond to
two fixed-rate asset limits of 5% and 12.5% and a nine-year WAL
test. The other four matrices can be selected by the manager any
time from 12 months and 24 months after closing and correspond to
the same two fixed-rate asset limits and eight-year and seven-year
WAL tests, respectively.

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

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the current portfolio
would have no impact on the notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class B-R
notes have a rating cushion of two notches and the class C-R to F-R
notes each have a cushion of five 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 current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of two notches
for the class C-R notes, three notches each for the class A-R, B-R
and D-R notes, and 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 RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to five notches each for the rated notes, except for the 'AAAsf'
rated notes.

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

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

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

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

DATA ADEQUACY

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

The majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
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 analysis according to its applicable rating methodologies
indicates that it is adequately reliable.

ESG Considerations

Fitch does not provide ESG relevance scores for Henley CLO X 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.


PROVIDUS CLO XV: Fitch Assigns 'B-(EXP)sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO XV DAC notes expected
ratings. The assignment of final ratings is contingent on the
receipt of final documents conforming to information already
reviewed.

   Entity/Debt          Rating           
   -----------          ------           
Providus
CLO XV DAC

   A                 LT  AAA(EXP)sf   Expected Rating
   A-L               LT  AAA(EXP)sf   Expected Rating
   B                 LT  AA(EXP)sf    Expected Rating
   C                 LT  A(EXP)sf     Expected Rating
   D                 LT  BBB-(EXP)sf  Expected Rating
   E                 LT  BB-(EXP)sf   Expected Rating
   F                 LT  B-(EXP)sf    Expected Rating
   Sub Notes         LT  NR(EXP)sf    Expected Rating

Transaction Summary

Providus CLO XV 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 that is actively managed by Permira Credit European CLO
Manager 2 LLP.

The collateralised loan obligation (CLO) will have a 4.5-year
reinvestment period and a 7.5-year weighted average life test (WAL)
at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 24.1.

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-linen, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 65.5.

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

WAL Test Step-Up Feature (Neutral): The transaction can extend the
WAL by one year on the step-up date, which is one year after
closing. The WAL extension is subject to conditions including the
satisfaction of all the collateral-quality tests, plus the adjusted
collateral principal amount being at least equal to the
reinvestment target par balance.

Portfolio Management (Neutral): The deal will have a 4.5-year
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 deal structure against its covenants
and portfolio guidelines.

Cash Flow Analysis (Neutral): The WAL used for the Fitch-stressed
portfolio 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 the coverage tests and the Fitch WARF and 'CCC'
bucket limitation test, 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.

Deviation from Model-Implied Ratings (Neutral): The class C notes
are one notch below their model-implied ratings due to a limited
cushion against their break-even default rates under the
Fitch-stressed portfolio analysis.

OTHER CONSIDERATIONS

Adequate Tail Period: The class B to F notes mature in July 2039,
12 months after the most senior debt, ensuring a four-year tail
period (from the WAL test end-date to maturity date). Fitch views
this as sufficient to work out long-dated assets and mitigate
forced sales near the legal final maturity.

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 negative impact on the class A to E notes,
and would lead to a downgrade 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
notes have a rating cushion of two notches, the class C, D and F
notes each have a cushion of three notches, and the class E notes
have a cushion of five notches, due to the better metrics and
shorter life of the identified portfolio than the Fitch-stressed
portfolio. The class A notes do not have any rating cushion as they
are already at the highest achievable rating.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Providus CLO XV
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.




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

JSC FORTELEASING: Fitch Puts 'BB' LongTerm IDR on Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed JSC ForteLeasing's (FL) 'BB' Long-Term
Issuer Default Rating (IDR) on Rating Watch Negative (RWN). Fitch
has also placed both FL's Shareholder Support Rating (SSR) at 'bb'
and National Long-Term Rating at 'A(kaz)' on RWN.

The RWN follows the recent announcement of ForteBank JSC's (FB)
board-approved decision to sell FL. FL's ratings are currently
driven by potential support from its parent and are equalised with
FB's 'BB' Long-Term IDR. In Fitch's view, FL's standalone credit
profile is materially weaker than its current support-driven
ratings, so any weakening in Fitch's assessment of FB's propensity
to support FL would likely result in a rating downgrade.

Key Rating Drivers

Potential Sale Rating Negative: FL's ratings are based on FB's and
assume a very high propensity of support. A sale by the bank will
likely result in reduced strategic importance of FL to the bank,
weaken its integration with FB, and lower the reputational risk to
FB associated with an FL default. This in its turn would result in
a downgrade of FL's ratings.

The RWN may remain in place for a longer period than the typical
six months if the proposed transaction does not close within that
timeframe. Fitch currently expects the transaction to close within
the next 12 months.

Weaker Standalone Credit Profile: Fitch views FL's standalone
credit profile as materially weaker than its support-driven IDRs.
This is due to FL's monoline business model and narrow independent
franchise, the performance of which is highly correlated with FB's,
its modest absolute size and high reliance on funding from the
parent.

Small Franchise; Focused Business Model: FL has a small but growing
franchise in the Kazakh leasing market, which is dominated by
state-owned companies. The business model is focused on leasing
trucks, specialised vehicles and passenger cars, although the
company has recently started growing other segments and product
types. FL's portfolio, largely unseasoned due to its strong growth,
remains concentrated by asset type and single name, although
associated risks have moderated in recent years as the portfolio
has expanded.

Bank Funding and Capital Injections: In 2025, FB provided KZT3
billion (USD6 million equivalent) capital injection to FL to
support its portfolio growth. FL receives most of its funding from
FB (85% at end-1Q26), with other sources including the Industrial
Development Fund (4%) and the state-owned fund DAMU (11%). Parent
bank funding supported its recent expansion and will facilitate the
achievement of its growth targets.

RATING SENSITIVITIES

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

FL's ratings will likely be downgraded by more than one notch if
reassessed on a standalone basis. This could happen if upon
completion of the sale Fitch sees no sufficient basis for a
support-driven rating approach.

FL's ratings could be downgraded by one notch if the sale results
in retaining FB's support, but with a lower propensity.

FL's ratings could be notched down from FB's, before or
irrespective of the transaction completion, if Fitch believes FB's
propensity to provide support has weakened materially. This could
result from weaker operational or management integration, or a
diminished strategic role for FL within the group.

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

The RWN could be resolved without a downgrade if the proposed sale
is cancelled, or does not result in a weakening FB's propensity to
support FL. This would require FL to remain strategically important
to FB and closely integrated with the bank, such that Fitch
continues to view support from FB as strong enough to equalise FL's
ratings with the parent's.

Public Ratings with Credit Linkage to other ratings

FL's ratings are linked to FB's IDRs.

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
   -----------                   ------                   -----
JSC ForteLeasing   LT IDR          BB     Rating Watch On   BB
                   ST IDR          B      Affirmed          B
                   LC LT IDR       BB     Rating Watch On   BB
                   LC ST IDR       B      Affirmed          B
                   Natl LT         A(kaz) Rating Watch On   A(kaz)

                   Shareholder
                    Support        bb     Rating Watch On   bb





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

IPD 3: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has affirmed IPD 3 B.V.'s (Infopro Digital) Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook and EUR1.4
billion senior secured notes at 'B+' with a Recovery Rating of
'RR3'.

IPD's rating reflects its high leverage, driven by the acquisitive
nature of the business. It also reflects the company's leading
position in its product niches, with a high share of subscription
revenue supported by strong renewal rates, established brands and
moderate barriers to entry. Fitch expects these factors to support
continued revenue and EBITDA growth, leading to gradual
deleveraging.

The Stable Outlook reflects Fitch's expectations that IPD will
maintain a prudent approach to further acquisitions, preserve
resilient margins through good cost control and economies of scale,
and deliver organic revenue growth despite macroeconomic
volatility.

Key Rating Drivers

Gradual Deleveraging Expected: Fitch-defined gross leverage was
6.4x at end-2025, below its previous expectation of 6.8x, mainly
due to a higher-than-expected EBITDA margin. Fitch expects bolt-on
acquisitions and organic growth across business segments to support
further deleveraging, with leverage falling to 6.0x at end-2026 and
towards 5.3x by end-2029. Deleveraging could be slower if IPD
adopts a more aggressive acquisition strategy, funded through the
revolving credit facility (RCF) or additional debt.

High Share of Subscription Revenue: Contracted sales form the core
of IPD's business model. The data and information segment, mainly
subscription-based, accounts for about 60% of revenue. Customer
contracts, typically lasting one to three years, provide good
visibility over earnings and cash flow generation. Fitch also notes
strong revenue retention of around 90%, including for
non-subscription services, supporting the company's resilience and
business stability.

Sustainable Organic Growth: Fitch expects healthy organic revenue
growth averaging around 3% over 2026-2029, excluding any
contribution from bolt-on acquisitions. In 2025, IPD reported
organic revenue growth of 3.8%, supported by the expansion of
subscription-based technology solutions, particularly in automotive
and environmental, health and safety services, as well by price
increases.

Resilient Margin: IPD's margins are supported by its ability to
pass through cost inflation, especially wages, which represent
55%-60% of operating costs. The company also benefits from tight
cost control and a focus on higher-margin businesses. Fitch expects
weak economic growth in Europe to limit further margin expansion
and therefore assumes margins remain flat after rising to 33.4% in
2025. The increase was driven by cost discipline, economies of
scale and lease renegotiations. Further upside could come from
operating leverage, AI-driven efficiencies and acquired
businesses.

AI Risk Evolving: Fitch views AI-related disruption risk for IPD as
manageable in the near term, although the longer-term impact
remains uncertain given the rapid evolution of AI technologies.
Some activities, particularly marketing services and certain
traffic-dependent products, appear more exposed, but most of the
business benefits from proprietary data, high data curation
requirements, embedded workflows, switching costs and affordable
pricing. IPD's SME-heavy customer base is likely to adopt AI-led
alternatives more slowly, limiting near-term substitution risk.

Management is implementing AI in a disciplined way, with limited
capex and an initial focus on efficiency and selected product
enhancements. Fitch does not assume material AI-driven revenue
upside in its base case.

Interest Coverage to Improve: Fitch expects EBITDA interest
coverage to improve to 3.0x in 2026, above its downgrade
sensitivity of 2.8x. This will be supported by the lower 5.5%
coupon on the new fixed-rate notes issued in 2025, compared with
8.0% before the refinancing, as well as gradually higher EBITDA and
lower Euribor rates than in recent years. Fitch's interest coverage
assumptions do not include any additional debt over the next four
years.

Acquisitive Strategy: M&A remains part of IPD's growth strategy
alongside organic expansion. The company spent EUR535 million on
acquisitions in 2022-2025, including EUR393 million in 2025. The
Eucon and EHS acquisitions were partly funded with EUR260 million
of additional debt, reducing headroom for further larger
debt-funded transactions. Fitch considers IPD's liquidity adequate
and assumes the EUR150 million RCF will remain undrawn. However, a
larger acquisition could increase integration risks and weigh on
deleveraging.

Exposure to Cyclical End-Markets: In 2025, around 70% of IPD's
revenue came from cyclical end-markets, including construction
(38%), auto aftermarket (28%) and diversified industrials (17%).
Its customer base is primarily SMEs, which may be more vulnerable
to downturns than larger companies. However, the customer base
remained resilient during the pandemic-related crisis, supported
partly by government and EU measures, and because IPD's services
are often essential while representing a small share of customers'
cost base, making them less likely to be cut.

Limited Middle East Exposure: IPD has no significant direct
exposure to the Middle East conflict and does not expect a direct
effect on its cost base from higher energy prices. Fitch expects
prolonged geopolitical tensions could weigh on parts of IPD's
customer base, depending on end-market exposure and broader
economic sentiment. However, this risk is partly mitigated by the
company's diversification across customers and segments, which
should help limit the impact on overall revenue and profitability.

Established Position in Niches: IPD offers a wide range of
platforms and services, but two-thirds of its revenue is generated
from 15 key brands, which are strongly positioned within their
respective niche markets. Broad data sets and experience in
tailoring information to customer needs, combined with reliable
services, also enhance the loyalty of its customers, as reflected
in 86% recurring sales, and create barriers to entry for
competitors.

Peer Analysis

IPD's high leverage and smaller scale are the key factors
differentiating the company from its larger peers, such as RELX PLC
(A-/Stable), Thomson Reuters Corporation (A-/Stable), and Informa
PLC (BBB/Stable).

IPD benefits from a strong share of subscription revenues and has a
well-established position in its core businesses but is more
exposed to more cyclical end-markets and is less geographically
diversified than its rated peers. Its modest scale also makes it
more vulnerable in a recession, while its face-to-face business is
exposed to event risks.

Fitch’s Key Rating-Case Assumptions

- Revenue growth of 7.5% in 2026, and 3%-4.5% a year in 2027-2029

- Fitch-defined EBITDA margin of 33.4% in 2026, marginally
increasing to 33.7% by 2029

- Capex at 7.4% of revenue between 2026 and 2029

- Bolt-on acquisitions of EUR25 million-35 million a year in
2026-2029

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 ('bb', Lower), sector characteristics
('bb+', Lower), market and competitive positioning ('bb+',
Moderate), diversification and asset quality ('bb+', Moderate),
company operational characteristics ('bb+', Moderate),
profitability ('a-', Lower), financial structure ('b-', Higher),
and financial flexibility ('b', Higher).

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

B+ to CC considerations apply in its analysis and has no impact.

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

- IPD would be considered a going concern in bankruptcy and
reorganised rather than liquidated.

- Fitch assumes a 10% administrative claim.

- Fitch estimates a post-restructuring going concern EBITDA of
EUR180 million, after corrective measures and a restructuring of
its capital structure.

- Fitch assumes an enterprise value multiple of 5.5x to estimate a
post-reorganisation value.

- After deducting 10% for administrative claims, Fitch calculates
recovery prospects for the senior secured instruments will remain
in the 'RR3' band, assuming IPD's super senior secured RCF of
EUR150 million is fully drawn in a default.

This implies a one-notch uplift to the ratings relative to the IDR,
leading to a senior secured debt rating of 'B+'/'RR3' for the
company's EUR1.4 billion senior secured notes.

RATING SENSITIVITIES

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

- Fitch-defined EBITDA leverage above 6.2x on a sustained basis

- Fitch-defined EBITDA interest coverage failing to improve to
2.8x

- EBITDA margin deterioration towards 20%

- Free cash flow margin below 3% on a sustained basis

- Large, fully debt-funded acquisitions

- Material loss of subscription contracts and decline in the trade
shows and information and insights businesses

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

- Fitch-defined EBITDA leverage below 4.7x on a sustained basis

- Fitch-defined EBITDA interest coverage above 3.3x on a sustained
basis

- Free cash flow margin above 8% on a sustained basis

- Improved visibility on EBITDA and cash flow generation, with
reduced exposure to the face-to-face business

Liquidity and Debt Structure

At end-2025, IPD had adequate liquidity comprising a fully undrawn
EUR150 million RCF due 2028 and a cash balance of EUR94 million. It
has modest working-capital swings and no material debt maturities
until 2031, when its EUR880million fixed-rate notes and EUR520
million floating-rate notes are due.

Issuer Profile

IPD is a leading European business information services provider
located in France.

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 IPD 3 B.V.

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
   -----------              ------         --------   -----
IPD 3 B.V.       

                      LT IDR B  Affirmed              B

   senior secured     LT     B+ Affirmed    RR3       B+




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

AERNNOVA AEROSPACE: Fitch Affirms B LongTerm IDR, Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed Aernnova Aerospace S.A.U.'s Long-Term
Issuer Default Rating (IDR) at 'B' with a Negative Outlook. Fitch
has downgraded Aernnova's senior unsecured notes to 'B' from 'B+',
reflecting higher debt. The Recovery Rating has been downgraded to
'RR4' from 'RR3'.

The affirmation reflects its expectation of increased profitability
and improving leverage, supported by better price conditions in
2027, as well as the normalisation of Airbus deliveries in the
medium term. The rating is supported by a large order backlog,
which provides above four years of revenue, strong relationships
with original equipment manufacturers and a leading position in the
niche aerostructure market.

The Negative Outlook reflects its expectation that leverage,
interest coverage and free cash flow (FCF) will remain weak for the
rating in 2026, but will improve thereafter. Performance below its
updated rating case would lead to a downgrade.

Key Rating Drivers

Slower Delivery Recovery: Slower Airbus deliveries continue to
constrain Aernnova's earnings recovery. Airbus delivered 114
commercial aircraft in 1Q26, down 16% year on year, due to
persistent engine delays affecting the A320 family. Supply issues
in airframes, vendor items and engines prevented planned 2025
deliveries from being met. Deliveries were below budget on key
Airbus programmes, including the A320 at 617 versus 680, the A350
at 65 versus 74 and the A220 at 104 versus 110. Despite slower
delivery recovery, Fitch expects Aernnova's profitability to
improve from 2027 on stronger pricing.

Sustained High Leverage: Aernnova's leverage remains high for the
rating following weaker earnings and limited FCF generation. Gross
debt was EUR814 million at end-2025, equivalent to gross leverage
of 8.4x, unchanged from end-2024. Fitch expects gross leverage to
only reach 8.0x by end-2026, on slower delivery recovery.

Weaker Performance: Aernnova's 2025 performance was weaker than
Fitch previously assumed. Revenue decreased by 4% year on year to
EUR937 million at end-2025 but was below Fitch's earlier estimate
of about EUR1 billion. Fitch-adjusted EBITDA was EUR97 million,
below its previous estimate of EUR105 million. The weaker results
reflect slower delivery recovery and continued supply-chain
disruption as well as the discontinued automotive segment.

Material Customer Concentration Risk: Customer concentration risk
remains material, as Aernnova's performance is still closely tied
to Airbus's output. Key risk mitigators include Aernnova's
longstanding partnership with Airbus, involvement in successful
Airbus programmes, like the A350 and A320, and the short-term
challenges in replacing Aernnova's role in such programmes.
Aernnova improved its customer diversification following the
acquisition of Embraer's aerostructures facilities in Portugal in
2022, which accounted for 25% of revenue in 2025 from 20% in 2022.
Its exposure to Airbus SE returned to historical levels of 50% of
revenue in 2025.

Robust Sector Demand: The recovery in air traffic continued in
2025, broadly exceeding pre-pandemic levels, leading to robust
demand for aircraft. The demand for narrow-bodied aircraft is
rebounding more strongly than that for widebodies, with both
contributing to Aernnova's operational results. Nevertheless,
supply chain disruptions are delaying deliveries.

Automotive Segment Closed: The filing for voluntary insolvency of
Serra Soldadura S.A. and Serra UNP is not material to Aernnova's
credit profile. The automotive business is non-core, has no
synergies with the group's aeronautical operations and represented
less than 5% of group EBITDA in 2025. The restructuring should not
affect the wider group and will simplify the business profile. It
also supports management's focus on the core aeronautics business,
where Aernnova has stronger market positions and better long-term
growth prospects.

Peer Analysis

Aernnova is a tier 1 and tier 2 supplier to the aerospace and
defence industry and benefits from a well-established long-term
relationship with its key customer, Airbus. The company is
materially smaller than higher-rated peers, such as MTU Aero
Engines AG (BBB/Stable) and Leonardo S.p.A. (BBB/Stable), and is
more comparable with Efesto Bidco S.p.A. (B/Negative) given its
customer concentration and high leverage.

Aernnova's operating profitability recovery is likely to lag that
of higher-rated peers due to its greater exposure to the wide-body
segment, where delivery targets remain under pressure.

The rating is constrained by Aernnova's weaker capital structure
and smaller scale relative to MTU Aero Engines and Leonardo. Its
EBITDA leverage, at around 8.0x, is also more consistent with
Efesto's credit profile.

Fitch’s Key Rating-Case Assumptions

- Revenue to grow by around 5% in 2026 and by about 6.5% a year on
average during 2027-2029

- Stable EBITDA margin in 2026 at around 10.5% and improving
towards 13% thereafter on pricing

- Working capital outflows between 1% and 2% of revenue during
2026-2029

- Average capex at 3% of the revenue over the rating horizon

- No dividend payments till 2029

- No 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 ('bb+', Lower), sector characteristics
('bb+', Moderate), market and competitive positioning ('bb',
Moderate), diversification and asset quality ('bb-', Moderate),
company operational characteristics ('bb+', Higher), profitability
('bb', Moderate), 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 historical year
2025, 30% for the forecast year 2026, 30% for the forecast year
2027 and 20% for the forecast year 2028.

The governance assessment of 'good' 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 assumes that Aernnova would be considered a
going concern in bankruptcy and be reorganised rather than
liquidated. This is driven by its long-term operating performance
record, sustainable business and long-term relationships with
customers.

- The going concern EBITDA of EUR95 million reflects its view of a
sustainable EBITDA with an improved delivery rate and
post-reorganisation on which Fitch has based the valuation of the
company.

- Fitch assumed a 10% administrative claim.

- Fitch used an enterprise value multiple of 5.5x EBITDA to
calculate a post-reorganisation valuation, which is comparable with
multiples applied to aerospace and defence peers. The multiple is
based on Aernnova's leading market position in a niche industry,
long-term and successful cooperation with its key customer Airbus,
high barriers to entry and historically solid pre-pandemic
profitability. However, the enterprise value multiple reflects the
company's smaller scale than some other Fitch-rated peers, and
concentration by geography and customer base.

- Fitch deducted about EUR130 million from the enterprise value,
related to Aernnova's various factoring facilities.

- Fitch estimated the amount of senior debt for creditor claims at
EUR753 million, which included the EUR544million term loan B, a
secured revolving credit facility (RCF) of EUR100 million and EUR84
million of bank borrowing and EUR25 million of institutional debt.
These assumptions result in the 'RR4' Recovery Rating with the
downgrade from 'RR3' primarily driven by higher debt.

RATING SENSITIVITIES

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

- Total debt/EBITDA above 6.0x on a sustained basis

- Neutral to negative FCF on sustained basis

- EBITDA/interest paid below 2.0x

- EBITDA margin below 8%

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

- Total debt/EBITDA sustainably below 5.0x

- FCF margin consistently above 3%

- EBITDA margin above 11%

- Increased customer and market diversification

Liquidity and Debt Structure

Aernnova's available cash as at end-2025 was EUR31 million, after
Fitch adjustment of EUR9 million to cover working capital swings.
Fitch expects the cash and available EUR69 million RCF (EUR31
million outstanding) and EUR37 million bilateral facilities to be
sufficient to cover short-term requirements as FCF will be modestly
positive. The company does not have material short-term maturities
as the EUR544 million term loan B matures in 2030.

Issuer Profile

Aernnova is a leading manufacturer of aerostructures and components
such as wings, empennages and fuselage sections as well as
secondary structures (doors and nacelles). It also provides
engineering solutions for aerospace original equipment
manufacturers with composite and metallic capabilities.

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 Aernnova Aerospace S.A.U..

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
   -----------             ------           --------   -----
Aernnova Aerospace S.A.U.

                     LT IDR B  Affirmed                B
   senior secured    LT     B  Downgrade     RR4       B+


ARESBANK SA: Fitch Assigns 'B+' LongTerm IDR, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has assigned Aresbank S.A. a Long-Term Issuer Default
Rating (IDR) of 'B+' and a Viability Rating (VR) of 'b+'. The
Outlook on the Long-Term IDR is Positive.

Key Rating Drivers

Niche Franchise, Moderate Capitalisation: The Long-Term IDR of
Aresbank is driven by its intrinsic strength, as reflected by its
VR. The ratings reflect its niche trade finance franchise, small
size, exposure to high-risk economies and a specialised business
model that generates modest and potentially volatile profitability.
The bank's ratings also factor in its vulnerability to pressures
from a fairly weak Libyan operating environment and its
above-average concentrations, which are partly mitigated by
moderate capitalisation.

The bank's VR is one notch below the 'bb-' implied VR, as the
credit profile of Aresbank is highly influenced by the bank's
business profile, which Fitch assesses at 'b+'.

Positive Outlook: The Positive Outlook reflects rating upside from
Aresbank's progress in improving its risk profile by tightening
underwriting standards and improving diversification, which could
reduce risks from its above-average single-name concentrations and
increase the resilience of its business profile.

Small Bank, Concentrated Business: Aresbank's business profile
reflects its small franchise in trade finance. It has limited
pricing power and large exposure to weaker operating environments,
notably Libya, through its ownership by the Libyan Foreign Bank
(LFB, 99.86%), which heightens performance vulnerability.

Aresbank is based in Spain and operates in a narrow niche and
focuses on facilitating trade flows between Spain and the MENA
region, by leveraging on its institutional links. The bank's new
strategy should enhance its business profile through a more
diversified product offering and geographic footprint, while also
strengthening its funding position. However, persistent trade and
geopolitical tensions pose execution risks in the medium term.

Above-Average Risk Profile: Aresbank's risk appetite is above the
average of traditional commercial banks due to the nature of its
business and its large exposure to emerging markets. Country and
borrower concentrations are high and tend to amplify volatility in
asset-quality metrics. Operational risk is adequately managed and
exposure to market risks moderate.

Heightened Asset-Quality Risk: Aresbank's asset quality record is
better than peers', with limited defaults. However, it has recently
been affected by large single-name migrations to default. Fitch
expects asset quality to remain broadly stable in 2026-2027, with a
non-performing asset ratio (NPA, which includes on- and
off-balance-sheet exposures and are a better indicator of the
bank's asset quality) at about 2%.

However, some deterioration is possible if macroeconomic challenges
intensify and risks from the bank's high portfolio concentration
and potential problematic exposures materialise. Loan loss
provisions are adequate at above 1x NPA (excluding one large
guaranteed impaired exposure) and account for large country risk
provisions.

Modest Profitability, Volatility Risks Persist: Aresbank has been
modestly profitable over the recent economic cycle. Its
profitability can be subject to volatility due to single-name
concentrations, as seen over the last five years, and exposure to
high-risk markets. Operating efficiency is adequate, despite its
small size constraining scale efficiency. Fitch estimates operating
profit was 2.5% of risk weighted assets (RWAs) in 2025 (end-2024:
3.3%) and expect it to remain broadly stable in 2026-2027.
Strategic execution should support revenue growth, especially in
fee income, mitigating the impact of its investment plan and the
conservation of adequate asset provisioning.

Small Size, Concentration Constrains Capitalisation: Aresbank has
maintained its common equity Tier 1 (CET1) ratio (end-2025: 39.1%)
with large buffers over its regulatory requirement on a sustained
basis. Fitch expects the ratio to moderately decline in 2026-2027
due to business growth, but to remain comfortably above peers'
average at over 30%. However, Aresbank remains highly vulnerable to
country and single-name risks, in particular due to its small
capital base, which constrains its capacity to grow. Access to
capital may vary given the bank's shareholder structure and its
linkage to less stable jurisdictions.

Large Parental Funding: Aresbank's funding relies on interbank
deposits and parent support, which has proven fairly reliable but
leads to heightened funding concentration. The bank plans to reduce
dependence on its parent through the targeted expansion of its
deposit franchise into corporate borrowers. However, structural and
material improvements in the funding structure will take time to
materialise. Access to facilities of the Spanish policy bank
(Instituto de Credito Oficial; A/Stable) supports funding but is a
small contributor to total funding. Liquidity is adequate, and the
bank's increased investments in liquid securities enhance access to
collateralised funding.

Rating Sensitivities

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

A downgrade is unlikely, given the Positive Outlook on the
Long-Term IDR. The Outlook could be revised to Stable if the bank
fails to deliver material improvements in its risk profile and
asset quality, in particular by means of reduced concentration and
better resilience.

Aresbank's ratings would likely be downgraded if its NPA ratio
deteriorates above 5% on a sustained basis, especially if this
translates into the CET1 ratio falling well below the bank's
medium-term target of above 25% without prospects of recovery.
Rating pressure could also arise if the bank's operating
profit/RWAs falls towards 1% on a sustained basis, or if its
funding and liquidity deteriorate.

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

An upgrade of Aresbank's ratings would require evidence of
significantly reduced concentration risks on a sustained basis and
a larger, more established franchise, without putting pressure on
capital and leverage. This would be manifested in a NPA ratio
consistently below 2% and improved resilience of its business model
generating an operating profit/RWAs ratio structurally above 2%
while maintaining capital at least in line with the bank's
medium-term target of above 25%. A more diversified funding profile
reducing reliance on parent financing would also be positive for
ratings, but would not be sufficient on its own to lead to an
upgrade.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Deposit Ratings

Fitch has assigned a long-term deposit rating of 'B+', in line with
Aresbank's VR, which is the anchor, and short-term deposit rating
of 'B'. The deposit ratings reflect the lack of depositor
preference in Spain and the absence of resolution buffer
requirements.


No Support: Fitch assigned a Government Support Rating (GSR) of 'no
support' (ns) to Aresbank. It reflects Fitch's belief that senior
creditors cannot rely on receiving full extraordinary support from
the sovereign if Aresbank becomes non-viable. The EU's Bank
Recovery and Resolution Directive and the Single Resolution
Mechanism for eurozone banks provide a framework for resolving
banks that are likely to require senior creditors to participate in
losses instead of the bank receiving sovereign support.

In addition, extraordinary support from LFB, Aresbank's
shareholder, while possible, cannot be relied on, underscoring the
absence of a Shareholder Support Rating.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

Deposit Ratings

Aresbank's long-term deposit rating would be downgraded if its VR
is downgraded.

The long-term deposit rating would be upgraded if Aresbank's VR is
upgraded or if its resolution strategy changes and it becomes
subject to resolution debt requirements. It could also be upgraded
if full depositor preference is introduced in Spain.

GSR

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely.

VR ADJUSTMENTS

The VR of 'b+' is below the implied VR of 'bb-' due to the
following adjustment reason: business profile (negative).

The operating environment score of 'bb+' is below the 'aa' category
implied score due to the following adjustment reason: geographical
scope (negative).

The asset quality score of 'b+' is below the 'bb' category implied
score due to the following adjustment reason: concentrations
(negative).

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

The capitalisation and leverage score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reasons:
risk profile and business model (negative), and size of capital
base (negative).

The funding and liquidity score of 'bb-' is above the 'b & below'
category implied score due to the following adjustment reason:
liquidity access and ordinary support (positive).

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           
   -----------                              ------           
Aresbank, S.A.            LT IDR             B+ New Rating
                          ST IDR             B  New Rating
                          Viability          b+ New Rating
                          Government Support ns New Rating
   long-term deposits     LT                 B+ New Rating
   short-term deposits    ST                 B  New Rating


AUDAX RENOVABLES: Fitch Assigns 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has assigned Audax Renovables S.A a final Long-Term
Issuer Default Rating (IDR) of 'B+' and its EUR350 million
five-year senior unsecured notes final rating of 'BB-' with a
Recovery Rating of 'RR3'. The Outlook is Stable.

The rating reflects Audax's limited scale in the competitive,
volatile European utility supply sector, modest vertical
integration in power generation, top customer concentration and
expected high leverage over 2026-2028. The rating also factors in
Audax's growth record, stable margins underpinned by robust risk
governance and a cash flow-supportive market access agreement (MAA)
with Shell plc through 2028.

The Stable Outlook reflects its expectation that funds from
operations (FFO) net leverage will remain within its 'B+'
sensitivities through 2028 with a largely prefunded 2030 capex plan
following its EUR350 million notes issue and an expected revolving
credit facility (RCF) of EUR75 million.

The final ratings follow the completion of its bond issue with the
final financing document aligned with the preliminary draft
received.

Key Rating Drivers

Mid-Sized B2B Supplier; Limited Integration: Audax is a
well-established mid-sized European electricity (63% of 2025
volumes) and gas (37%) supplier serving B2B clients, with volumes
of about 16 terawatt-hours (TWh) in 2025. Supply is the core
business at about 90% of EBITDA. Vertical integration is limited,
with a small 0.3 gigawatts (GW) operating renewable portfolio at
end-2025, mainly in Spain and largely contracted through internal
power-purchase agreements, alongside a 0.7 GW development
pipeline.

Audax holds leading positions among independent B2B suppliers in
Spain, the Netherlands and Hungary, supported by M&A-led
international expansion during 2014-2020. Nevertheless, its overall
scale is modest relative to large integrated incumbents', with a
market share below 2% in Spain. Achieving its targeted organic
volume growth to 20 TWh by 2028 should enhance operating
efficiency, reduce customer acquisition and servicing costs and
support margin stability.

Fairly High Leverage: Fitch-adjusted FFO net leverage improved to
about 3.8x in 2025 from 7x-8x in 2021-2022, due to the successful
integration and expansion of international businesses acquired
(Main Energie and E.On Hungary). Fitch expects FFO net leverage to
be about 4.0x on average in 2026-2028, following EUR142 million
capex mostly in power generation, with minimal associated returns
before 2028. Fitch expects deleveraging from 2029 once capex
normalises, with EBITDA benefiting from the new generation
capacity. Growth capex and shareholder distributions are largely
discretionary and flexible.

Robust Risk Management Is Key: Gross margin visibility benefits
from a balanced commercial strategy and prudent hedging. This
mitigates the inherent volatility of the power and gas supply
industry, characterised by intense competition, fairly low barriers
to entry and high churn rates. Half of the volumes are sold under
indexed contracts, where pricing requires minimum mark-ups
(EUR5-30/MWh, depending on the customer segment) to secure targeted
profitability. The remaining fixed-price contracts are almost fully
hedged under a strict hedging policy.

Resilient Margins: The contract mix and disciplined hedging limit
exposure to sharp price movements, although margins may compress
with declining prices or unexpected events (eg the Spanish blackout
in April 2025). The company maintained stable Fitch-adjusted EBITDA
at about EUR50 million at the peak of the energy crisis in 2022,
followed by robust growth. Fitch-adjusted EBITDA was about EUR111
million in 2025, broadly flat year on year (yoy); Fitch expects it
to remain above EUR100 million up to 2028.

Cyclical Exposure Eased by Diversification: Exposure to SMEs (about
44% of end-2025 portfolio volumes) and industrial clients (49%)
introduces volume cyclicality, which is mitigated by the customer
base's geographic diversification across The Netherlands (39% of
EBITDA in 2025), Iberia (26%), Hungary (14%) and the rest of the
world (21%), as well as by end-business diversification. Audax
targets further expansion beyond 2028, in Italy, Germany, Poland
and Portugal, supported by the launch of an in-house designed IT
platform and service bundling (ie telco), although visibility on
these medium-term targets remains limited.

Single-Name Customer Concentration: The largest industrial client
represents about 6% of volumes and 5% of revenue, with counterparty
risk mitigated by its investment-grade status, a contract through
2027 and a long-term power-purchase agreement under negotiation.
Audax's single-name concentration is credit-negative, but it shows
its ability to serve large blue-chip clients. The remaining
counterparties of nearly 500,000 are highly granular, keeping
concentration risk manageable beyond the top single-name customer.

Cash Flow-Beneficial MAA: Shell plc's (AA-/Stable) MAA, covering
all energy procurement for its Spanish customers, is
credit-positive for Audax. It enhances liquidity, as Shell acts as
the market counterparty and provides the required collateral, and
improves working-capital efficiency through the reversal of the
cash conversion cycle under the contract terms, in exchange for a
fee. However, it creates single-counterparty dependence. Fitch's
base case assumes the agreement will be renewed through 2031, with
lower fees in Spain and extension to new geographies. Security
provisions over trade payables with Shell stock are captured in its
recovery analysis.

Supply Drives Growth: Management targets EBITDA of about EUR180
million by 2030 (from post-IFRS16 EUR115 million in 2025 adjusted
for the Spanish blackout). Growth is largely backloaded to
2029-2030, and should come mainly from the supply business,
supported by deeper penetration in core markets and selective
expansion into new ones. Renewable generation contributes modestly,
with additional returns beyond 2028 as new assets are commissioned.
Fitch focuses on 2025-2028, given limited longer-term visibility
for the merchant businesses.

Standalone Profile Drives Rating: Audax's IDR is based on its
Standalone Credit Profile (SCP) of 'b+'. Its ultimate parent is
Excelsior Times SLU, a financial holding company ultimately
controlled by Francisco José Elías Navarro, who founded the group
in 2009. According to management, Audax has structural
ring-fencing, with bondholders further protected by its listing
status, and Excelsior Time SLU is debt-free.

Peer Analysis

Audax's supply-heavy business model and limited integration with
generation mean it can only be loosely compared with larger
Southern European pure renewable generators such as Corporacion
Acciona Energias Renovables, S.A. (BBB-/Negative) and ERG S.p.A.
(BBB-/Stable), as well as with smaller regional multi-utilities
such as C.V.A. S.p.A. a s.u. (BBB+/Negative) and Alperia SpA
(BBB/Positive).

The four companies benefit from materially larger operating scale
as electricity generators, higher earnings visibility from
contracted or regulated generation and structurally stronger
business risk profiles, resulting in higher debt capacity. ERG and
Acciona Energia are rated below Alperia and C.V.A., reflecting
higher leverage rather than weaker business risk profiles.

Audax's business profile reflects its smaller scale and
structurally higher exposure to the supply business, with
working-capital volatility, albeit mitigated by disciplined risk
governance. Audax's leverage is similar to that of the
investment-grade pure renewable peers, at about 4.0x FFO net
leverage, but its weaker business profile results in lower debt
capacity and, ultimately, lower rating.

Fitch's Key Rating-Case Assumptions

- Supply volumes rising to 20 TWh in 2028 (8% CAGR) from about 16
TWh in 2025

- Average unit gross margin at about EUR11.9/MWh in 2026-2028

- Annual average EUR14 million EBITDA contribution from generation
in 2026-2028

- Total net capex of EUR118 million for generation and about EUR24
million for supply/IT in 2026-2028

- Annual dividend of EUR15 million in 2026-2028

- Favourable working-capital effects from the MAA

- Five-year EUR350 million notes at 7.5% coupon

Corporate Rating Tool Inputs and Scores

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

- Business and financial profile factors (assessment, relative
importance): management ('bb+', Lower), sector characteristics
('bb', Moderate), market and competitive positioning ('b', Higher),
diversification and asset quality ('bb-', Lower), company
operational characteristics ('b', Moderate), profitability ('b+',
Moderate), financial structure ('bb', Higher), and financial
flexibility ('bb-', Moderate).

- The quantitative financial subfactors are based on custom CRT
financial period parameters: 25% weight for the historical year
2025, 25% for the forecast year 2026, 25% for the forecast year
2027 and 25% for the forecast year 2028.

- 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 'a-' has no impact.

- The calibration adjustment applies and results in an adjustment
of -1 notch.

- 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 Audax would be considered a
going concern (GC) in bankruptcy and would be reorganised rather
than liquidated. Fitch assumes a 10% administrative claim. Its GC
recourse EBITDA estimate of EUR79 million reflects a sustainable,
post-reorganisation recourse EBITDA (ie excluding contribution from
assets under project finance), on which Fitch bases the company's
valuation.

The estimate is about 20% below the Fitch-defined recourse EBITDA
in 2025. Fitch uses a multiple of 4.5x to calculate a
post-reorganisation enterprise valuation, reflecting a
medium-to-low distressed multiple based on low barriers to entry,
earnings volatility, structurally low margins and high churn rates,
the company's moderate scale, and single-name customer
concentration. These are partly offset by earnings visibility
derived from effective hedging and disciplined commercial
policies.

Fitch estimates recourse debt claims at EUR584 million, comprising
the new EUR350 million notes, after the refinancing (including
early debt repayment totalling EUR408 million); EUR98 million
remaining promissory notes; limited other senior unsecured debt at
holding company of EUR17 million; full drawings on the EUR75
million RCF, which ranks pari-passu with the rest of unsecured
debt; and the pledge over EUR45 million estimated payables to Shell
by end-2026. The full amount excludes about EUR85 million of
project finance debt in its recourse-only approach. Fitch assumes
use of factoring was limited by end-2025 and that would remain
available in the event of financial distress.

Its recovery analysis for Audax's EUR350 million senior unsecured
bond results in an instrument rating of 'BB-' and a Recovery Rating
of 'RR3'. Its estimate of recoveries is close to the threshold for
'RR4', which could be breached in the event of delayed execution of
the debt repayment following the bond issue.

RATING SENSITIVITIES

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

- FFO net leverage consistently above 4.5x

- FFO interest coverage below 2.5x on a sustained basis

- Adverse changes in competitive conditions or non-renewal/adverse
renegotiation of the Shell MAA that materially weaken operating
trends and erode working-capital dynamics and cash flow stability

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

- FFO net leverage sustainably below 3.0x

- FFO interest coverage sustainably above 4.0x

- Positive free cash flow generation, alongside a conservative
financial policy supporting a higher rating

- Increasing integration with generation and stronger market
position in supply

Liquidity and Debt Structure

Audax reported cash and cash equivalents of EUR325 million at
end-2025, with Fitch-adjusted readily available cash and cash
equivalents and unpledged fixed-term deposits of EUR271 million.
Following the refinancing, the company will have a largely undrawn
RCF of EUR75 million maturing in 2031 and limited debt maturities
over the next two years.

The issue of the five-year EUR350 million senior unsecured notes
with customary high-yield provisions is leverage- neutral as it
will be followed by the repayment of a similar amount of
outstanding debt. This exercise strengthens liquidity and enhances
the company's ability to pursue organic growth, reducing near-term
refinancing pressure. Fitch expects the company to reduce
outstanding short-term debt after refinancing.

Fitch expects the business to generate negative free cash flow
after dividends in 2026-2028, averaging about EUR12 million, driven
by high capex. Fitch expects Audax to maintain cash of about EUR300
million through 2028, also reflecting reduced use of commercial
paper following the refinancing and a minimum annual distribution
of EUR15 million in 2026-2028.

Issuer Profile

Audax is a mid-size power and gas supplier and a small renewable
generator with a strong B2B focus, operating across nine countries
and is mainly concentrated in Spain, the Netherlands and Hungary.

Date of Relevant Committee

May 6, 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 Audax.

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
   -----------               ------           --------   -----
Audax Renovables, S.A.   

                       LT IDR   B+   New Rating          B+(EXP)
   senior unsecured    LT       BB-  New Rating   RR3    BB-(EXP)




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

AINAVDA PARENTCO: Fitch Alters Outlook on 'B' IDR to Negative
-------------------------------------------------------------
Fitch Ratings has revised Ainavda Parentco AB's (trading as
Advania) Outlook to Negative from Stable while affirming its
Long-Term Issuer Default Rating (IDR) at 'B'. Fitch has also
affirmed Ainavda Bidco AB's senior secured debt at 'B+' with a
Recovery Rating of 'RR3'.

The Negative Outlook reflects slow deleveraging, due to a moderate
growth outlook and only limited profitability improvement. Slow
EBITDA growth and delays to achieving sustainably positive free
cash flow (FCF) generation may lead to a downgrade.

Key Rating Drivers

Moderate Growth: Fitch expects low-to-mid single-digit organic
revenue growth for Advania in the short-to-medium term, whereas the
company targets organic growth above its estimated 4.3% in 2025
from 2026 onwards. Advania's revenue from both managed and
professional services declined in absolute terms in 2025 but Fitch
understands from management that organic performance in these
segments, particularly in managed services, was stronger, after
adjustment for FX and customer delay impact. The contribution of
its 2025 acquisitions is modest -they only added SEK108 million of
revenue on a pro-forma basis, or less than 1% of the total.

Stronger Order Backlog: Double-digit growth in the order backlog
for both hardware & software (VAR) and managed services segments
and strong VAR revenue growth as of 1Q26 suggest a brighter growth
outlook in the short-to-medium term, although this is subject to
some execution risk. VAR deliveries may lead to a stronger uptake
of professional and managed services on the installed hardware
base.

High Leverage, Slow Deleveraging: Fitch expects Advania's
Fitch-defined EBITDA gross leverage to remain high, with only
gradual deleveraging. Fitch projects leverage at 6.9x at end-2026,
compared with its previous forecast of 5.8x. Fitch forecasts
deleveraging to close to 6.0x in 2028, underpinned by gradually
improving revenue and EBITDA. A combination of debt-funded bolt-on
acquisitions, including the transformational CCS Media
acquisitions, and softer-than-expected EBITDA growth has kept
leverage above the 6.0x negative sensitivity. Slow progress with
EBITDA growth may result in a downgrade.

VAR Expansion Margin-Dilutive: Significant expansion of Advania's
VAR segment on the back of 2024 acquisitions is likely to lead to
only moderate EBITDA growth, and the stronger revenue contribution
of this segment is dilutive to EBITDA margins. The segment's
revenue grew by more than 50% on a reported basis and accounted for
55% of the total in 2025 but Fitch estimates its profitability was
lower than in other segments. The number of new and used hardware
unit volumes nearly tripled year-on-year to 1.6 million units in
2025.

Stable Customer Relationships: Advania benefits from stable
customer relationships, with its churn rate in the low single-digit
territory. Enduring customer relationships lead to reasonably good
revenue visibility in the short-to-medium term, with contracts
typically renewed on a three-year basis. The company's exposure to
the public sector supports its operating profile, offering
long-term contracts and securing stable, predictable revenue
streams.

Diversified Business Model: Advania's business profile benefits
from a geographically diversified business model covering six
European markets. The latest large acquisition of CCS Media at
end-2024 has significantly expanded the group's presence in the UK
market. This broader presence reduces single-market concentration
risk and provides cross-selling opportunities across the wider
group.

AI Exposure Increases Uncertainty: Rapid development of AI
technology increases uncertainty for Advania and the entire IT
services industry. Newer generations of AI tools reduce barriers
for entry for challengers and increase competitive pressure.
Customers are also increasingly keen to explore solutions outside
the traditional IT services space. AI has not had a significant
impact on the company's financial performance so far, with wider
adoption of AI tools likely creating additional revenue
opportunities for Advania in the short term, but the medium-to-long
term impact may be more challenging.

FX Exposure Mitigated: Advania's debt facility consists of multiple
currencies mirroring the geographic diversification of its revenue
base. This, alongside hedging, has contained the impact of FX
fluctuations on leverage. Most revenue is generated in Swedish
krona (about 39% of total revenue in 2025), followed by sterling
(32%), with these two regions also accounting for approximately
half of the company's total outstanding term loans.

Neutral to Positive FCF Margins: Fitch expects Advania's FCF to
turn positive from 2027, with FCF margins likely to be in the low
single-digit territory. FCF should be supported by a continuing
reduction in interest expenses following Advania's debt repricing
in February 2025 and the progressive phasing out of non-recurring
exceptional items. Advania had incurred large exceptional costs in
prior years linked to larger-scale, transformation M&A, the CCS
Media acquisition in the UK. Fitch projects FCF to remain slightly
negative in 2026.

Interest Coverage with Limited Headroom: Fitch projects interest
coverage to remain weak in 2026-2027, before improving to above
2.0x in 2028. Advania's debt repricing in February 2025 has reduced
the cost of its term loan facilities, contributing to stronger
coverage and enhanced financial flexibility. However, delayed
coverage improvement versus its earlier expectations reflects
slower EBITDA growth.

Peer Analysis

Fitch compares Advania with other service peers with a high portion
of recurring revenue, such as Clara.net Holdings Limited
(B-/Stable). Other close IT services and consulting peers include
Engineering Ingegneria Informatica S.p.A. (B/Stable), Cedacri
S.p.A. (B/Stable), and AlmavivA S.p.A. (BB-/Negative).

Advania and Clara.net share similar business and financial
characteristics as managed services providers and both having
historically pursued growth through acquisitions. This approach has
resulted in high leverage for both companies. Advania is larger in
overall scale, but Clara.net has stronger EBITDA margins and
comparable geographic diversification.

Advania's market positions are weaker than those of certain peers,
such as AlmavivA or Cedacri in their home market, but the company
benefits from a broader diversification profile, with operations
spanning six countries as opposed to the single-market focus
maintained by those competitors. Furthermore, Advania's low
customer concentration helps to counteract the impact of the
sector-specific cyclicality.

Fitch’s Key Rating-Case Assumptions

Organic revenue growth of 6% in 2026, followed by 5.1% on average
to 2029

Fitch-defined EBITDA margin remaining flat in 2026-2028, before
gradually improving in 2029

Working-capital outflows at 2.2% of revenue in 2026 and declining
to 1% during 2027-2029.

Capex, excluding expensed R&D, at 1.2% of revenue in 2026 and
gradually declining to 1% in 2027-2029.

No dividends or other shareholder payments between 2026 and 2029.

No bolt-on acquisitions between 2026 and 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 ('bb-', Lower), sector characteristics
('bb', Moderate), market and competitive positioning ('bb',
Moderate), diversification and asset quality ('bb+', Moderate),
company operational characteristics ('b+', Moderate), profitability
('bb', Moderate), financial structure ('ccc+', Higher), and
financial flexibility ('b+', Higher).

The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 20% for the forecast year 2026, 40% for the forecast year
2027 and 30% for the forecast year 2028.

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 '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 Advania would be reorganised as
a going concern (GC) in bankruptcy rather than liquidated, given
its stable managed IT services customer base. Fitch estimates a GC
EBITDA of SEK1.4 billion after restructuring, which may result from
reputational damage, loss of public-sector contracts in certain
markets, or a sharp reduction in consultancy and professional
services volumes in a weak economic or highly competitive
environment.

Fitch applies a multiple of 5.5x to the GC EBITDA to calculate a
post-reorganisation enterprise value, in line with that of close
sector peers. Administrative claims of 10% are deducted from the
enterprise value to account for bankruptcy and associated costs.

Total senior secured debt for creditor claims includes SEK10.4
billion of senior secured first-lien term loans and a fully drawn
SEK2.3 billion (EUR210 million equivalent) revolving credit
facility, which Fitch assumes to be drawn in the event of financial
distress. Its waterfall analysis generates a ranked recovery of
'RR3', supporting an instrument rating of 'B+' on the senior
secured first-lien debt, one notch above the IDR.

RATING SENSITIVITIES

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

Material slowdown in organic growth due to market downturn or
intensified competition, resulting in lower Fitch-defined EBITDA
margins consistently below 9% and negative FCF

Debt-funded acquisitions preventing deleveraging, resulting in
Fitch-defined EBITDA leverage above 6.0x

EBITDA interest coverage consistently below 2.0x

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

FCF margins trending higher towards 5%

Fitch-defined EBITDA leverage below 5.0x on a sustained basis

EBITDA interest coverage sustained above 3.0x

Liquidity and Debt Structure

Advania had unrestricted cash of SEK889 million at end-2025,
supported by a multi-currency EUR210 million (SEK2.3 billion
currently) revolving credit facility. Refinancing risk is mitigated
by forecast deleveraging towards 6x EBITDA leverage by 2028, while
the company's term loan facility matures in May 2031, and the
revolving credit facility matures six months earlier.

Issuer Profile

Advania offers a range of IT services, including custom software
and cloud solutions, and hardware for medium-sized-to-large
companies and government entities across six northern European
countries.

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

ESG Considerations

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

   Entity/Debt                Rating           Recovery   Prior
   -----------                ------           --------   -----
Ainavda Bidco AB

   senior secured       LT     B+ Affirmed      RR3       B+

Ainavda Parentco AB     LT IDR B  Affirmed                B




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

ARUSTON LTD: Kroll Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Aruston 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-2026-003957.
Geoffrey Wayne Bouchier and Benjamin John Wiles, both of Kroll
Advisory Ltd, were appointed as Joint Administrators on May 27,
2026.

The company engaged in the buying and selling of own real estate.
Its registered office is Artemis House, 4a Bramley Road, Mount
Farm, Milton Keynes, MK1 1PT.  Its principal trading address is
Alice Ruston Place, Star Lane, Woking, Surrey GU22 0EZ.

The Joint Administrators can be contacted at:

    Geoffrey Wayne Bouchier  
    Benjamin John Wiles
    Kroll Advisory Ltd  
    The News Building  
    Level 6  
    3 London Bridge Street  
    London SE1 9SG  

For further information, contact:

    Judah Jackson  
    Tel: 0207 029 5063  
    Kroll Advisory Ltd  


LADDIE BIDCO: FTI Consulting Appointed as Joint Administrators
--------------------------------------------------------------
Laddie Bidco Limited was placed into administration in the High
Court of Justice, Business and Property Courts in Leeds, Company
and Insolvency List (ChD), Court Number CR-2026-LDS-000545.
Lindsay Hallam, Christopher Jon Bennett, and Andrew James Johnson,
all of FTI Consulting LLP, were appointed as Joint Administrators
on May 26, 2026.

The company engaged in the wholesale of clothing and footwear, and
retail sale of leather goods in specialised stores.  Its registered
office is 3rd Floor, 33 Cavendish Square, London, England, W1G
0PW.

The Joint Administrators can be contacted at:

    Lindsay Hallam  
    Christopher Jon Bennett  
    Andrew James Johnson  
    FTI Consulting LLP  
    200 Aldersgate  
    Aldersgate Street  
    London EC1A 4HD  

For further information, contact:

    Sakshi Singh  
    Email: Sakshi.Singh@fticonsulting.com  
    FTI Consulting LLP  


MAREX GROUP: Fitch Assigns BB(EXP) Rating on Jr. Subordinated Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Marex Group Plc's (Marex) upcoming
perpetual subordinated resettable fixed-rate notes an expected
long-term rating of 'BB(EXP)'. The notes' expected rating is based
on the draft documentation reviewed by Fitch. The assignment of the
final rating is contingent on the receipt of final documents
conforming to the information already received.

All other issuer and debt ratings of Marex are unaffected by this
rating action.

Key Rating Drivers

Notching from IDR: The hybrid notes are rated two notches below
Marex's Long-Term Issuer Default Rating (IDR) of 'BBB-', which has
a Positive Outlook, reflecting their status as deeply subordinated
perpetual obligations and Fitch's expectation of poor recoveries.
The notes, to which Fitch has assigned 50% equity credit, will rank
junior to all senior obligations of Marex and senior only to the
company's ordinary and preferred share capital.

Pari Passu with Existing AT1: The hybrid notes will rank pari passu
with Marex's outstanding USD100 million 13.25% fixed-rate reset
perpetual subordinated contingent convertible notes (AT1
securities). The AT1 securities are perpetual, have no fixed
maturity, and feature fully discretionary, non-cumulative interest
payments. The AT1 securities are also subject to equity conversion
if the group's regulatory capitalisation falls below a certain
threshold.

Use of Proceeds: Proceeds of the planned issue will be used for
general corporate purposes, which may include the funding of
acquisitions and repurchase of any or all the outstanding AT1
securities.

Optional Interest Deferral: The hybrid notes will permit optional
interest deferral at Marex's discretion. Deferred interest will
accumulate, remain payable in cash, and itself accrue interest. Any
decision to defer interest will not constitute an event of
default.

50% Equity Credit: Fitch has assigned 50% equity credit to the
proposed issue under its Corporate Hybrids Treatment and Notching
Criteria, reflecting the cumulative and compounding nature of the
interest deferral feature. Fitch views cumulative hybrids, under
which deferred coupons accrue interest and must be paid at a later
date, as less equity-like than non-cumulative hybrids that allow
coupons to be forgone permanently.

Call Date Not Effective Maturity: Fitch does not view the first
call date, six years after issue, as an effective maturity date.
This is because it is not accompanied by a coupon step-up until
2052, when a 1% step-up is expected to apply. Under Fitch's
Corporate Hybrids Treatment and Notching Criteria, a call date is
generally considered an effective maturity date only if it is
paired with a sufficiently strong economic incentive to redeem with
a step-up of more than 1%.

No Material Impact on Leverage: The assignment of 50% equity credit
means Fitch does not expect the proposed hybrid issue to result in
any material deterioration in Marex's leverage metrics.

Limited Circumstances for Early Redemption: The hybrid notes are
redeemable only in limited circumstances, including certain tax
events, accounting events or changes in the rating agency treatment
of hybrid securities, which Fitch does not regard as resulting in
an effective maturity. Marex may also elect to redeem the notes
early if its planned re-domiciliation to Bermuda does not
materialise.

RATING SENSITIVITIES

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

The hybrid notes' rating could be downgraded if Marex's Long-Term
IDR is downgraded.

Adverse changes to Fitch's assessment of going-concern loss
absorption or recovery prospects for hybrid debt in a default, such
as the introduction of features resulting in easily triggered
going-concern loss absorption or a permanent write-down of the
principal in wind-down, could also result in a widening of the
notching for the hybrid notes' rating to more than two notches
below Marex's Long-Term IDR.

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

The hybrid notes' rating could be upgraded if Marex's Long-Term IDR
is upgraded.

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           
   -----------               ------           
Marex Group Plc

   junior subordinated    LT   BB(EXP)   Expected Rating


PRESTBURY ESTATES: KR8 Advisory Appointed as Joint Administrators
-----------------------------------------------------------------
Prestbury Estates (Investments) Limited was placed into
administration in the High Court of Justice, Business and Property
Courts in Leeds, Insolvency and Companies List (ChD), Court Number
CR-2026-000535. Mark Blackman and Lauren Wentworth, both of KR8
Advisory, were appointed as Joint Administrators on May 21, 2026.

The company engaged in the development of building projects.  Its
registered office is c/o KR8 Advisory Limited, The Lexicon, 10-12
Mount Street, Manchester, M2 5NT.  Its principal trading address is
20 George Street, Alderley Edge, SK9 7EJ.

The Joint Administrators can be contacted at:

    Mark Blackman  
    KR8 Advisory  
    The Lexicon  
    10-12 Mount Street  
    Manchester M2 5NT  

      -- and --

    Lauren Wentworth  
    KR8 Advisory Limited  
    7th Floor, 20 St Andrew Street  
    London EC4A 3AG  

For further information, contact:

    Arvin Ashtab  
    Email: CaseEnquiries@kr8.co.uk  
    KR8 Advisory  


ROSLING KING: BTG Begbies Appointed as Administrators
-----------------------------------------------------
Rosling King LLP, trading as RK, was placed into administration in
the High Court of Justice, Business and Property Courts of England
and Wales, Insolvency and Companies List (ChD), Court Number
CR-2026-004037. Mark Robert Fry and Kirstie Jane Provan, both of
BTG Begbies Traynor (London) LLP, were appointed as Joint
Administrators on May 26, 2026.

The company specialized in solicitors' services.  Its registered
office and principal trading address is Procession House, 55
Ludgate Hill, London, EC4M 7JW.

The Joint Administrators can be contacted at:

     Mark Robert Fry  
     Kirstie Jane Provan  
     BTG Begbies Traynor (London) LLP  
     Level 33  
     One Canada Square  
     London E14 5AB  

For further information, contact:

     Chloe Henshaw  
     Email: Chloe.Henshaw@btguk.com  
     Tel: 020 7516 1500  
     BTG Begbies Traynor (London) LLP  



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
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Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
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Editors.

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

This material is copyrighted and any commercial use, resale or
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