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

                          E U R O P E

          Wednesday, June 17, 2026, Vol. 27, No. 120

                           Headlines



A Z E R B A I J A N

INT'L BANK OF AZERBAIJAN: Moody's Affirms 'Ba1' Deposit Ratings


C Z E C H   R E P U B L I C

MONETA MONEY: Moody's Rates New AT1 Capital Securities 'Ba1(hyb)'


F R A N C E

ALSTOM: Moody's Assigns 'Ba2' Rating to New Subordinated Notes
IDEMIA GROUP: Moody's Cuts CFR to B3 & Alters Outlook to Stable


G E R M A N Y

MAHLE GMBH: EUR200MM Tap Issuance No Impact on Moody's 'Ba2' CFR
PRESTIGEBIDCO GMBH: Moody's Alters Outlook on 'B1' CFR to Negative


G R E E C E

OPTIMA BANK: Moody's Assigns B3(hyb) Rating to New AT1 Notes


I R E L A N D

AVOCA CLO XII: Moody's Ups Rating on EUR22.5MM E-R-R Notes to Ba2
MONUMENT CLO 1: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
PROVIDUS CLO XV: Fitch Assigns 'B-sf' Final Rating on Class F Notes
TORO EUROPEAN 9: Fitch Affirms 'B-sf' Final Rating on Class F Notes


L U X E M B O U R G

FLAMINGO LUX II: S&P Lowers LT ICR to 'CCC+', Outlook Negative


U N I T E D   K I N G D O M

FIRE PROTECTION: Dow Schofield Appointed as Joint Administrators
GLOUCESTER PLACE: FRP Advisory Appointed as Joint Administrators
GREAT RUSSELL: FRP Advisory Appointed as Joint Administrators
LEONARD DESIGN: CFS Restructuring Appointed as Joint Administrators
ST MARTINS LANE: FRP Advisory Appointed as Joint Administrators

THAME AND LONDON: Moody's Cuts CFR to Caa1, Outlook Remains Stable
TIWANI PROMOTIONS: BTG Begbies Appointed as Joint Administrators

                           - - - - -


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A Z E R B A I J A N
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INT'L BANK OF AZERBAIJAN: Moody's Affirms 'Ba1' Deposit Ratings
---------------------------------------------------------------
Moody's Ratings has affirmed International Bank of Azerbaijan's
(also known as ABB Bank) global scale ratings and assessments: its
Ba1/NP deposit ratings, its ba2 Baseline Credit Assessment (BCA)
and Adjusted BCA and its Baa3/P-3 Counterparty Risk Ratings (CRR).
Moody's also affirmed the bank's Baa3(cr)/P-3(cr) Counterparty Risk
Assessment (CRA). The outlook on the long-term deposit ratings
remains stable.

RATINGS RATIONALE

The affirmation reflects the bank's strong franchise, underpinned
by its status as the largest state-owned bank in Azerbaijan. This
position supports its ability to withstand strong domestic
competition and sustain solid profitability. Affirmation also
reflects International Bank of Azerbaijan's good capital adequacy
and a highly liquid balance sheet, with a significant share of
assets invested in high credit quality instruments. At the same
time, the BCA is constrained by the bank's relatively high level of
dollarisation - consistent with domestic peers - and potentially
volatile asset quality due to large single-name exposures.

Relatively low-credit-risk assets accounted for over half of total
assets as of year-end 2025, largely comprising cash, placements
with the Central Bank of Azerbaijan, US Treasury securities, and
debt issued by the government and government-related entities.
Problem loans stood at 4.6% of gross loans at year-end 2025, and
Moody's expects this ratio to moderate to around 3%–4% over the
next 12–18 months.

Profitability will remain good, with net income to tangible assets
at around 2%-3% in the next 12-18 months (3% in 2025) supported by
a healthy net interest margin, while costs of risks and
administrative expenses remain under control.

International Bank of Azerbaijan's strong capital position remains
its key credit strength. Tangible common equity to risk-weighted
assets will remain above 20% over the next 12–18 months,
supported by solid internal capital generation.

Liquidity buffers will remain ample, at over 40% of tangible
assets, consisting primarily of cash, central bank balances, US
Treasury securities, and bonds issued by the government and
government-related entities. Moody's expects funding profile to
remain stable, supported by the bank's position as the largest
state-owned bank in the country, which underpins depositor
confidence and limits volatility. However, the high share of
foreign currency deposits creates potential liquidity risks.

International Bank of Azerbaijan's long-term deposit ratings are
based on the bank's BCA of ba2 and Moody's assessments of a high
probability of government support from the Government of Azerbaijan
in case of need, based on the bank's government ownership and its
status as the largest bank in the country with large market shares
in both loans and customer deposits. This support translates into
one-notch rating uplift to the bank's long-term deposit ratings
from its ba2 BCA.

RATINGS OUTLOOK

The outlook on International Bank of Azerbaijan's long-term deposit
ratings is stable, reflecting Moody's expectations that the bank
will maintain sound financial fundamentals over the next 12–18
months.

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

Upward pressure on the ratings could arise from a sustained
improvement in asset quality and profitability, alongside a
strengthening operating environment in Azerbaijan. Conversely,
downward pressure could emerge from a significant deterioration in
key credit metrics, particularly asset quality or profitability, or
from a reduced likelihood of government support.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks published
in November 2025.

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




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C Z E C H   R E P U B L I C
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MONETA MONEY: Moody's Rates New AT1 Capital Securities 'Ba1(hyb)'
-----------------------------------------------------------------
Moody's Ratings has assigned a Ba1(hyb) foreign-currency rating to
MONETA Money Bank, a.s. (MONETA, long-term deposits: A2 stable,
senior unsecured: A3 negative, Baseline Credit Assessment (BCA):
baa1) perpetual non-cumulative AT1 capital securities with
non-viability loss absorption features.

The capital securities feature a call option and the principal will
be written down if at any time MONETA's standalone or consolidated
Common Equity Tier 1 (CET1) ratio falls below 5.125%. Interest
payments may be cancelled on a non-cumulative basis at the issuer's
discretion, or mandatorily in the case of insufficient
distributable items or if such a payment would cause the maximum
distributable amount for the bank or its group to be exceeded.

RATINGS RATIONALE

The Ba1(hyb) rating assigned to the AT1 capital securities reflects
MONETA's baa1 BCA and Adjusted BCA, the high loss-given-failure
under Moody's Advanced Loss Given Failure (LGF) analysis, resulting
in a one-notch downward adjustment from the BCA as well as two
additional negative notches to capture instrument-specific
features, namely the risk of non-cumulative cancellation of
interest and principal write-down.

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

The rating of the capital securities may be upgraded if MONETA's
BCA and Adjusted BCA are upgraded. The bank's BCA may be upgraded
if its capitalization increases or Moody's assessments of asset
risk improves.

The rating of the capital securities could be downgraded if the
bank's BCA and Adjusted BCA are downgraded. The bank's BCA may be
downgraded if its liquidity buffers fall, funding stability
weakens, or solvency deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks published
in November 2025.

MONETA's "Assigned BCA" score of baa1 is set two notches below the
"Financial Profile" initial score of a2 to reflect the bank's
growing exposure to riskier loan segments, its large distribution
of earnings through dividends and the potential flightiness of its
deposit base.




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F R A N C E
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ALSTOM: Moody's Assigns 'Ba2' Rating to New Subordinated Notes
--------------------------------------------------------------
Moody's Ratings has assigned a Ba2 rating to the proposed benchmark
undated deeply subordinated fixed to reset rate NC 5.25 (hybrid)
notes to be issued by Alstom. Alstom's existing ratings remain
unchanged. The outlook is unchanged at stable.

RATINGS RATIONALE

The Ba2 rating assigned to the proposed hybrid notes is in line
with the company's 2024 hybrid notes issuance and two notches below
Alstom's Baa3 senior unsecured rating, because the notes will be
deeply subordinated to the senior unsecured backed obligations of
Alstom and its subsidiaries and rank senior only to common and
preferred shares. The notes will be perpetual and the conditions do
not include events of default. Alstom may opt to defer coupon
payments on a cumulative and compounding basis.

The proposed hybrid notes will qualify for the "BASKET M" and a 50%
equity treatment of the borrowing for the calculation of the credit
ratios by Moody's (please refer to Hybrid Equity Credit methodology
published in February 2024).

The issuance of the notes will be done as a drawdown under the
company's EUR1.5 billion Euro medium Term Notes Programme. Moody's
expects the issuance to have a modestly positive impact on Alstom's
Baa3 issuer rating, at the lower end of the rating triggers. It
complements other organic proactive measures undertaken by Alstom
and illustrates the company's commitment to its rating.

OUTLOOK

The stable outlook reflects Moody's expectations that the company's
credit metrics will continue to improve over the next 12-18 months,
notably Moody's adjusted leverage (net of EUR800 million of cash
earmarked for debt repayments when it comes due) declining towards
3.0x in fiscal 2026/27. Moody's also expects Alstom will continue
to maintain a conservative financial policy and a solid liquidity
profile over the period.

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

Positive rating pressure could develop if Alstom builds a track
record of improving its operating performance as evidenced by:

-- Moody's-adjusted EBITA margin recovers to above 6.0% on a
sustained basis.

-- Moody's-adjusted leverage declines below 2.5x on a sustained
basis.

-- Moody's-adjusted FCF is positive on a sustained basis

-- the company maintains solid liquidity and a strong commitment
to a conservative financial policy.

Negative rating pressure could develop if:

-- Moody's-adjusted EBITA margin remains below 5.0% on a sustained
basis.

-- Moody's-adjusted leverage increases to above 3.5x debt/EBITDA
(net of EUR800 million of cash earmarked for gross debt reduction
when it comes due)

-- Moody's adjusted FCF turns negative on a sustained basis

-- Weakening of liquidity

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Manufacturing
published in September 2025.

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

COMPANY PROFILE

Headquartered in Saint-Ouen, France, Alstom is one of the global
leaders in rail transport equipment, rolling stock, systems,
services and signalling for urban, suburban, regional and main-line
passenger transportation. In fiscal 2025/2026 the group generated
revenue of EUR19.2 billion and company-adjusted EBIT of EUR1,168
million. Alstom is listed on the Paris Stock Exchange since 1998
with Caisse de depot et placement du Quebec (CDPQ) being its major
shareholder with around 17.5% of shares and Causeway Capital
Management LLC (around 10.0% of shares) as well as Banque Publique
d'Investissement (BPI) (around 7.6% of shares).


IDEMIA GROUP: Moody's Cuts CFR to B3 & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings has downgraded IDEMIA Group S.A.S.'s (IDEMIA or the
company) corporate family rating and probability of default rating
to B3 from B2 and B3-PD from B2-PD, respectively. Concurrently,
Moody's have also downgraded the instrument rating for the backed
senior secured bank credit facilities to B3 from B2. The outlook
has changed to stable from negative.  

RATINGS RATIONALE

The rating action reflects IDEMIA's weak point-in-time credit
metrics and negative free cash flow generation. It also considers
the company's financial policy (including envisaged application of
disposal proceeds), smaller scale and weakened business profile of
the remaining business pro-forma for the sale of the biometrics
business.

IDEMIA's credit metrics weakened in 2025 and remained outside the
range commensurate with a B2 rating. For the full-year 2025,
IDEMIA's leverage was estimated at 7.2x, as adjusted by Moody's.
The weaker than expected performance was driven by a weak H1-2025,
due to political uncertainty in the US market, while performance
was better in the second half of the year. Moody's expects
operating performance to improve in 2026, as the US market
normalizes, which has been evidenced by solid organic growth in Q1
2026. However, IDEMIA will also incur substantial separation costs
for the pending divestment of its biometrics business. As such,
Moody's expects Moody's adjusted leverage to only reduce modestly
to around 6.5x for the full-year 2026.

The company's announced divestment of its biometrics business to
Amadeus IT Group S.A. (Baa2 stable) is expected to close in
mid-2027 and is subject to regulatory approval. The divestment
follows the sale of IDEMIA Smart Identity (ISI) to IN Groupe in
2025. The pending sale of the biometrics business will leave IDEMIA
with its Secured Transactions division (IST) as well as the smaller
road safety and US civil ID business units. Moody's understands
that debt proceeds are intended to be applied in a way such that
IDEMIA retains a company adjusted net leverage of around 4.0x. This
should translate into a Moody's gross leverage of around 6.0x,
after expensing non-recurring costs and capitalized development
costs.

IDEMIA's remaining business would be smaller and less diversified
than before. IST, which will now account for around 90% of sales,
exhibits higher margins but also lower revenue visibility and some
level of customer concentration.

The company's free cash flow generation (FCF) was significantly
negative in 2025, due to working capital buildups and high
separation costs for the ISI disposal. As IDEMIA will now incur
separation costs for IPS, Moody's still forecast FCF to be negative
in 2026, albeit to a lesser extent than before, due to a
normalization of working capital.

More generally, IDEMIA's ratings reflect the high barriers to
entry; the company's strong market share in its key segments and
ability to win and renew contracts; its good geographical and
customer diversification; and its good liquidity.

The company's relatively limited recurring revenue and a lack of
visibility in IST, because of the unevenness of new contracts and
renewal cycles; technological risks inherent in its business model;
and an aggressive financial policy highlighted by the significant
debt increase to fund a dividend during 2023, all constrain the
rating.

RATING OUTLOOK

The stable outlook reflects Moody's expectations of IDEMIA
maintaining credit metrics commensurate with a B3 rating. Moody's
also expects a timely refinancing of the 2028 debt maturities and
that parts of IPS disposal proceeds are applied to debt repayment.

LIQUIDITY

IDEMIA has good liquidity, supported by EUR186 million of cash on
balance as of March 2026 and a fully undrawn EUR300 million backed
senior secured revolving credit facility (RCF). Moody's estimates
this level of liquidity is more than sufficient to cover the cash
needs of the business, including potentially volatile working
capital. The backed senior secured RCF has a springing leverage
covenant that is only tested once 35% of the facility is drawn. If
tested, the maximum net leverage is set at 7.8x, which Moody's
currently do not expect to be breached. The company's term loans
mature in September 2028.

STRUCTURAL CONSIDERATIONS

IDEMIA's backed senior secured term loans and backed senior secured
RCF rank pari passu and are rated B3, in line with the CFR,
reflecting the absence of any significant liabilities ranking ahead
or behind. The PDR of B3-PD is aligned with the CFR, reflecting
Moody's assumptions of a 50% family recovery rate, in line with
Moody's practice for covenant-lite all-first-lien loan capital
structures. The senior secured facilities benefit from guarantees
equivalent to a minimum of 80% of the company's EBITDA and gross
assets. The security package includes share pledges, along with
pledges over bank accounts and intercompany receivables, which
Moody's considers weak.

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

Positive rating pressure could develop if: i) Moody's-adjusted
leverage improves to below 5.5x, ii) Moody's-adjusted FCF/debt
turns positive and iii) EBITA/interest expenses improves towards
2.0x, all on a sustained basis. Maintenance of adequate liquidity
and clarity regarding financial policy which could accommodate a
higher rating are also important considerations.

Negative rating pressure could develop if: i) Moody's-adjusted
leverage remains well above 6.5x, ii) Moody's adjusted FCF remains
significantly negative or iii) liquidity deteriorates. An
aggressive financial policy, including, use of disposal proceeds in
a way that deteriorates credit quality or an inability to timely
refinance the 2028 debt maturities are also important
considerations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations are a key driver in this action.
Considerations include Moody's views on IDEMIA's aggressive
financial policies and tolerance for a leveraged capital
structure.

PRINCIPAL METHODOLOGY

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

IDEMIA's B3 CFR is two notches below the scorecard indicated
forward view. This reflects Moody's emphasis on the company's
financial policy and tolerance for a leveraged capital structure.
It also considers the lower revenue visibility under the remaining
perimeter.

COMPANY PROFILE

Headquartered in Courbevoie, France, IDEMIA is an international
company that develops, manufactures and markets specialized
security technology products and services mainly in payments and
telecommunications markets. Key products include payment cards,
solutions for digital payments, SIM cards and digital connectivity.
It also operates a smaller road safety division and US civil ID
manufacturing.

The company has divested its smart identity business in 2025 and is
also in the process of divesting its biometrics business. Pro-forma
for the ongoing divestment, IDEMIA generates revenues of around
EUR1.5 - EUR1.6 billion and a company adjusted EBITDA of around
EUR310 - EUR330 million.

The group has been majority-owned by funds controlled by Advent
International since 2011, when the private-equity sponsor purchased
Oberthur for EUR1.1 billion (or company-adjusted EBITDA of 9.1x in
2011). Oberthur subsequently completed the acquisition of Safran's
identity and security business, Morpho, on May 31, 2017 for a total
consideration of EUR2.4 billion (or company-adjusted EBITDA of
11.9x in 2016). As part of the Morpho acquisition, Advent
International was joined by BpiFrance as a minority investor.




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G E R M A N Y
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MAHLE GMBH: EUR200MM Tap Issuance No Impact on Moody's 'Ba2' CFR
----------------------------------------------------------------
Moody's Ratings said that MAHLE GmbH's (MAHLE) Ba2 corporate family
rating, Ba2-PD probability of default rating, Ba2 ratings of its
backed and guaranteed senior unsecured notes, (P)Ba3 rating of its
senior unsecured Euro MTN program and Ba3 rating of the
non-guaranteed senior unsecured medium term notes are unaffected by
the proposed EUR200 million tap issuance on the backed senior
unsecured notes due 2032. The stable outlook remains unchanged.

MAHLE intends to use the issuance proceeds of around EUR200
million, alongside EUR50 million of cash on balance sheet to
refinance parts of its outstanding EUR449 million senior unsecured
medium term notes due 2028, for which it has initiated a tender
process.

RATINGS RATIONALE

The Ba2 rating of MAHLE's backed senior unsecured notes (including
the tap) are in line with the CFR. The tap notes are fungible and
rank pari passu with the backed senior unsecured notes due 2032,
issued in June 2025.

The contemplated transaction will extend MAHLE's debt maturities
and marginally reduce its gross debt and leverage. However, it will
slightly increase interest costs given the higher 7.125% coupon of
the proposed notes compared with the 2.375% coupon of the notes
being refinanced.

The Ba2 CFR, which Moody's affirmed on June 02, 2026, continues to
reflect MAHLE's large size and scale, with EUR11.1 billion revenues
as of LTM March 2026; diversified customer base; top three market
positions in its main product categories; strategy to respond to
the disruptive shift toward electrification in the auto industry;
conservative financial policy, illustrated by a 1.3x net leverage
ratio (company defined) and modest shareholder distributions; and
good liquidity, supported by Moody's forecasts of positive Moody's
adjusted free cash flow (FCF) in 2026.

Factors constraining the rating include MAHLE's exposure to the
cyclicality of automotive production; relatively low profit
margins; significant investments into R&D and capital expenditure
that limit (historically mostly negative) free cash flow; exposure
to carbon transition risks; and execution risks and significant
one-off costs associated with ongoing restructuring.

STRUCTURAL CONSIDERATIONS

The Ba2 ratings of the backed and guaranteed senior unsecured notes
is aligned with MAHLE's CFR. The guarantee is provided by certain
operating subsidiaries of MAHLE in Europe, North America and Japan,
where the company has the full ownership. These operating companies
represent a material part of consolidated EBITDA. The company's
senior unsecured revolving credit facility (RCF) benefits from
similar guarantees.

MAHLE's senior unsecured notes, that are being tendered, are not
guaranteed and continue to be rated Ba3, one notch below the CFR.
This reflects their relatively weaker position compared to the
guaranteed debt in a hypothetical default scenario, as well as to
trade claims and pension provisions at the level of operating
subsidiaries, which are of material size and have higher seniority
in the company's debt structure.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects MAHLE's strengthened financial
performance in 2025 and Q1 2026 and Moody's expectations of its
credit metrics improving further to levels well in line with
Moody's guidance for the Ba2 rating over the next 12 months,
including Moody's adjusted debt/EBITDA of below 3.5x (3.6x as of
LTM March 2026).

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

Moody's would consider an upgrade of the ratings, if MAHLE's EBIT
margin exceeded 5%, gross debt to EBITDA reduces below 3.0x, and
retained cash flow to net debt exceeded 20%; all on a
Moody's-adjusted and sustainable basis.

Moody's could downgrade the ratings, if MAHLE's EBIT margin fell
below 3.0%, gross debt to EBITDA exceeded 3.5x, and retained cash
flow to net debt weakened to below 15%; all on a Moody's-adjusted
and sustainable basis. Likewise, a deterioration in MAHLE's
liquidity would exert negative pressure on the rating.

COMPANY PROFILE

MAHLE GmbH, headquartered in Stuttgart, Germany, is one of the top
30 global automotive parts suppliers. MAHLE's business segments are
Thermal and Fluid Systems (accounting for 55% of group revenue in
the 12 months through March 2026), Powertrain and Charging (34%)
and Lifecycle and Mobility (11%). The company employs around 64,000
people and operates manufacturing sites in 127 locations worldwide.
In the 12 months through March 2026, MAHLE generated revenues of
around EUR11.1 billion and EBITDA of EUR803 million (7.2% margin).


PRESTIGEBIDCO GMBH: Moody's Alters Outlook on 'B1' CFR to Negative
------------------------------------------------------------------
Moody's Ratings has affirmed PrestigeBidCo GmbH's (BESTSECRET or
the company) B1 corporate family rating, its B1-PD probability of
default rating, and the B1 rating on the backed senior secured
floating rate notes due in 2029. The outlook has been changed to
positive from stable.

RATINGS RATIONALE

The rating action reflects BESTSECRET's very good track record and
continued solid operating performance in 2025 and Q1 2026, which
supports improving credit metrics, as well as its strong position
in the European online mid to luxury off price fashion market,
exclusive invitation only membership model, and very good
liquidity.

Revenue grew by 8.4% in 2025 and Moody's adjusted EBITDA grew by
5.5%, despite temporary challenges related to inventory overstock
and delays associated with the SAP implementation, which have been
resolved. Growth continued in Q1 2026, with revenue up 9% year on
year and Moody's adjusted EBITDA up 28%. Growth has been driven
mostly by volume gains and steady demand for BESTSECRET's products
as customers continue to shop online in the mid to luxury off price
fashion market. This performance resulted in an improvement in
Moody's adjusted debt/EBITDA (leverage) to 3.8x in the last 12
months (LTM) ending Q1 2026, from 4x in 2025, while (EBITDA -
capex)/interest improved to 2.5x from 2.1x as of the same period.
Free cash flow (FCF) to debt, excluding the dividend, was 20% as of
LTM Q1 2026.

Moody's expects leverage to decline further to around 3.5x in 2026,
while (EBITDA - capex)/interest remains strong at around 2.7x. FCF
to debt is expected to improve to around 9%-12% as the company has
completed the capital spending and automation of its new warehouse
in Poland. The company has also accumulated a healthy cash balance
of EUR273 million, resulting in net leverage of 2.5x as of LTM Q1
2026. These metrics support the positive outlook because they are
moving closer to levels that could, over time, be more consistent
with a Ba3 rating, although the company's very competitive
operating environment and rising inflation remain key risks. There
is also uncertainty regarding the usage of cash on balance sheet
given that the company has largely completed its expansion capex in
2025.

The rating action incorporates the expectation that the company
will continue its strong growth, driven by the expanded capacity in
its fulfillment centers, continuous investments in technology, and
increasing demand from consumers in premium to luxury segments. The
positive outlook also factors in Moody's expectations that the
company will prioritise further deleveraging over shareholder
distributions.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that BESTSECRET
will continue to grow revenue and earnings, which will support
further deleveraging and strong free cash flow generation over the
next 12-18 months, supported by favorable market trends, and
normalisation of working capital and capital spending.

The positive outlook also assumes that the company will maintain
very good liquidity and refrain from embarking on any dividend
recapitalisations that would increase leverage.

The outlook could be stabilised if credit metrics do not improve in
line with Moody's expectations or if the company increases leverage
to fund shareholder distributions reducing prospects of an upgrade
in the next 12 to 18 months.

LIQUIDITY

BESTSECRET's liquidity is very good, supported by cash balance of
EUR273 million as of Q1 2026 and a fully undrawn EUR125 million
revolving credit facility (RCF). The company's next material debt
maturity is in July 2029. The company's business is highly
seasonal, with sales, inventory and liquidity subject to intra-year
fluctuations. Sales and EBITDA are typically highest in the fourth
quarter of the year because of the Christmas shopping season and
Cyber Week.

The RCF is subject to a springing senior net leverage covenant,
with a limit of 4.75x, tested on a quarterly basis, only when the
RCF is drawn more than 40%. Moody's expects the company to maintain
ample headroom under this covenant.

STRUCTURAL CONSIDERATIONS

The B1 rating assigned to the backed senior secured notes due 2029
issued by PrestigeBidCo GmbH reflects their presence as the largest
debt instrument in the capital structure, ranking pari-passu with
the EUR125 million RCF. The backed senior secured notes and the RCF
benefit from a similar guarantor package, including upstream
guarantees from guarantor subsidiaries, representing substantially
all of BESTSECRET's consolidated EBITDA. Both instruments are
secured, on a first-priority basis, by certain share pledges,
security assignments over intercompany receivables, and security
over material bank accounts.

The probability of default rating of B1-PD reflects the use of a
50% family recovery assumption, consistent with a capital structure
including a mix of bond and bank debt.

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

Ratings could be upgraded if the company continues to generate
sustained revenue growth, and deliver on EBITDA and margin
improvements, such that its Moody's-adjusted gross debt/EBITDA is
sustainably maintained below 3.0x and EBIT/interest expense rises
above 2.5x. An upgrade would also require a robust FCF, approaching
10% of Moody's adjusted gross debt and the maintenance of at least
good liquidity, and evidence of a balanced and clearly articulated
financial policy providing visibility into longer term capital
structure.

Ratings could be downgraded if earnings weaken such that (1)
adjusted Debt/EBITDA increases towards 4.0x; (2) EBIT/Interest
falls sustainably below 1.5x; (3) FCF/Debt remains below 5%, or (4)
if liquidity weakens. Any material debt funded acquisition or
shareholder distributions could further put pressure on the
ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail and
Apparel published in September 2025.

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

COMPANY PROFILE

PrestigeBidCo GmbH is the 100% shareholder of Best Secret GmbH,
which was founded in 1924 as a wholesale fabrics business. The
company now operates as a members-only off-price fashion retailer.
Headquartered in Munich, the company offers premium to luxury
designer brand clothing and accessories at discounted prices for
men, women and children through online and in-store channels. For
the last twelve months ending March 2026, the company generated
revenue of EUR1.6 billion and Moody's adjusted EBITDA of EUR217
million.

In 2016, the private equity firm Permira acquired a majority stake
in BESTSECRET from Ardian (previously Axa Private Equity). The two
founding families, Schustermann and Borenstein, remain minority
shareholders of the company.




===========
G R E E C E
===========

OPTIMA BANK: Moody's Assigns B3(hyb) Rating to New AT1 Notes
------------------------------------------------------------
Moody's Ratings has assigned B3 (hyb) rating to Optima Bank S.A.'s
(Optima Bank) proposed Euro-denominated Additional Tier 1 (AT1)
perpetual capital instrument with non-viability loss absorption
features. The AT1 notes include a call option for the issuer after
five years and the principal will be written down should the bank's
Common Equity Tier 1 (CET1) ratio fall below 5.125%. Interest
payments are fully discretionary and non-cumulative, and may be
cancelled in whole or in part at the issuer's discretion or must be
cancelled if payment would exceed available distributable items (or
otherwise breach regulatory requirements).

The AT1 rating is subject to the receipt of final documentation,
the terms and conditions of which are not expected to change in any
material way from the draft documents that Moody's have reviewed.
All other existing ratings and assessments of the bank remain
unchanged.

RATING(S) RATIONALE

The expected EUR200 million of AT1 notes that Optima Bank will
issue, are contractual non-viability preferred securities. In a
bank resolution they rank senior only to the most junior
obligations, including ordinary shares and common equity Tier 1
capital.

The assigned B3 (hyb) reflects: (1) the bank's Baseline Credit
Assessment (BCA) and Adjusted BCA of ba3; (2) Moody's Advanced Loss
Given Failure (LGF) analysis, resulting in a position that is three
notches below the bank's Adjusted BCA of ba3; and (3) Moody's
assumption of a low probability of government support for
loss-absorbing instruments, resulting in no rating uplift. This
positioning takes into account the elevated credit risks associated
to this type of debt class, given the relatively low cushion
available for absorbing losses before the AT1 creditors are
impacted in a bank resolution scenario.

RATING OUTLOOK

Optima Bank's positive outlook on its long-term deposit ratings
(Ba1) indicates upward pressure on its BCA in view of its strong
underlying financial performance and fundamentals, while the stable
outlook on its long-term issuer rating (Ba2) suggests that its
issuer rating will remain unchanged even in the event that Moody's
upgrade its BCA.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING(S)

Optima Bank's ratings are unlikely to be downgraded in the near
future due to the positive outlook on its deposit ratings. However,
the positive outlook could change back to stable in the event of a
sharp increase in its NPEs combined with potential capital
pressure. Material deterioration in the Greek operating environment
could also exert downward pressure on the bank's ratings.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING(S)

An upgrade on Optima Bank's BCA, deposit ratings and AT1 rating is
likely over the next 12-18 months in view of its positive outlook,
provided it is able to maintain strong earnings performance without
any material deterioration in its asset quality, combined with
improved diversification in its loans and deposits. In addition, a
longer track-record with proven strong fundamentals and financial
performance with a more normalized growth rate, could also exert
upward pressure on the bank's BCA. The issuance of any senior debt
could have a positive impact on the bank's issuer rating, according
to Moody's LGF analysis.

Optima Bank's "Assigned BCA" score of ba3 is set six notches below
the "Financial Profile" initial score of a3 to reflect risks
stemming from its high loan growth, some credit concentrations, and
high capital consumption.




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

AVOCA CLO XII: Moody's Ups Rating on EUR22.5MM E-R-R Notes to Ba2
-----------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by Avoca CLO XII Designated Activity Company:

EUR25,000,000 Class B-1-R-R Senior Secured Floating Rate Notes due
2034, Upgraded to Aaa (sf); previously on Apr 7, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2-R-R Senior Secured Fixed/Floating Rate
Notes due 2034, Upgraded to Aaa (sf); previously on Apr 7, 2021
Definitive Rating Assigned Aa2 (sf)

EUR31,500,000 Class C-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Upgraded to Aa1 (sf); previously on Apr 7, 2021
Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D-R-R Deferrable Mezzanine Floating Rate Notes
due 2034, Upgraded to Baa1 (sf); previously on Apr 7, 2021
Definitive Rating Assigned Baa3 (sf)

EUR22,500,000 Class E-R-R Deferrable Junior Floating Rate Notes
due 2034, Upgraded to Ba2 (sf); previously on Apr 7, 2021
Definitive Rating Assigned Ba3 (sf)

Moody's have also affirmed the ratings on the following debt:

EUR50,000,000 (Current outstanding amount EUR36,851,741) Class A
Senior Secured Floating Rate Loan due 2034, Affirmed Aaa (sf);
previously on Apr 7, 2021 Definitive Rating Assigned Aaa (sf)

EUR229,000,000 (Current outstanding amount EUR168,780,974) Class
A-R-R Senior Secured Floating Rate Notes due 2034, Affirmed Aaa
(sf); previously on Apr 7, 2021 Definitive Rating Assigned Aaa
(sf)

EUR13,500,000 Class F-R-R Deferrable Junior Floating Rate Notes
due 2034, Affirmed B3 (sf); previously on Apr 7, 2021 Definitive
Rating Assigned B3 (sf)

Avoca CLO XII Designated Activity Company, originally issued in
September 2014 and refinanced in April 2017 and April 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by KKR Credit Advisors (Ireland) Unlimited Co. The
transaction's reinvestment period ended in October 2025.

RATINGS RATIONALE

The rating upgrades on the Class B-1-R-R, B-2-R-R, C-R-R, D-R-R and
E-R-R notes are primarily a result of the significant deleveraging
of the senior notes following amortisation of the underlying
portfolio since the end of the reinvestment period in October
2025.

The affirmations on the ratings on the Class A-R-R notes, Class A
Loan and Class F-R-R notes are primarily a result of the expected
losses on the notes remaining consistent with their current rating
levels, after taking into account the CLO's latest portfolio, its
relevant structural features and its actual over-collateralisation
ratios.

The Class A-R-R notes and Class A Loan combined have paid down by
approximately EUR73.4 million (26.3%) since the end of the
reinvesting period in October 2025. As a result of the
deleveraging, over-collateralisation (OC) has increased across the
capital structure. According to the trustee report dated April
2026[1], the Class A/B, Class C, Class D and Class E OC ratios are
reported at 147.90%, 131.40%, 119.90% and 111.80% compared to
September 2025[2] levels of 137.70%, 125.50%, 116.60% and 111.10%,
respectively.

The deleveraging and OC improvements primarily resulted from high
prepayment rates of leveraged loans in the underlying portfolio.
Most of the prepaid proceeds have been applied to amortise the
liabilities. All else held equal, such deleveraging is generally a
positive credit driver for the CLO's rated liabilities.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements.

The key model inputs Moody's uses in Moody's analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on Moody's published methodology
and could differ from the trustee's reported numbers.

In Moody's base case, Moody's used the following assumptions:

Performing par and principal proceeds balance: EUR369.6m

Defaulted Securities: EUR2.7m

Diversity Score: 58

Weighted Average Rating Factor (WARF): 3017

Weighted Average Life (WAL): 3.94 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.56%

Weighted Average Coupon (WAC): 4.31%

Weighted Average Recovery Rate (WARR): 44.31%

Par haircut in OC tests and interest diversion test: 0%

The default probability derives from the credit quality of the
collateral pool and Moody's expectations of the remaining life of
the collateral pool. The estimated average recovery rate on future
defaults is based primarily on the seniority of the assets in the
collateral pool. In each case, historical and market performance
and a collateral manager's latitude to trade collateral are also
relevant factors. Moody's incorporates these default and recovery
characteristics of the collateral pool into Moody's cash flow model
analysis, subjecting them to stresses as a function of the target
rating of each CLO liability Moody's are analysing.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Collateralized
Loan Obligations" published in April 2026.

Counterparty Exposure:

The rating action took into consideration the debts' exposure to
relevant counterparties, such as account bank, using the
methodology "Structured Finance Counterparty Risks" published in
May 2025. Moody's concluded the ratings of the debts are not
constrained by these risks.

Factors that would lead to an upgrade or downgrade of the ratings:

The rated debts' performance is subject to uncertainty. The debts'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change. The collateral manager's investment decisions and
management of the transaction will also affect the debts'
performance.

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: The main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the debts' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the debt
beginning with the debt having the highest prepayment priority.

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the debts' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
Moody's other analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


MONUMENT CLO 1: Fitch Assigns 'B-sf' Final Rating on Cl. F-R Notes
------------------------------------------------------------------
Fitch Ratings has assigned Monument CLO 1 DAC reset notes final
ratings, as detailed below.

   Entity/Debt              Rating                Prior
   -----------              ------                -----
Monument CLO 1 DAC

   A XS2811087944        LT PIFsf  Paid In Full   AAAsf
   A-R XS3386748134      LT AAAsf  New Rating
   B XS2811088165        LT PIFsf  Paid In Full   AAsf
   B-R XS3386746351      LT AAsf   New Rating
   C XS2811088678        LT PIFsf  Paid In Full   Asf
   C-R XS3386746518      LT Asf    New Rating
   D XS2811088835        LT PIFsf  Paid In Full   BBB-sf
   D-R XS3386746781      LT BBB-sf New Rating
   E XS2811089056        LT PIFsf  Paid In Full   BB-sf
   E-R XS3386746948      LT BB-sf  New Rating
   F XS2811089213        LT PIFsf  Paid In Full   B-sf
   F-R XS3386747169      LT B-sf   New Rating
   X XS3386745890        LT AAAsf  New Rating

Transaction Summary

Monument CLO 1 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
have been used to refinance the existing notes, except the
subordinated notes, and to fund the existing portfolio to a target
par of EUR500 million.

The portfolio is actively managed by Serone Capital Loan Management
Limited. The CLO has a 4.5-year reinvestment period and an 8.5-year
weighted average life (WAL) test at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch weighted
average rating factor of the identified portfolio is 23.7.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 64.7%.

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

Portfolio Management (Neutral): The transaction includes six Fitch
matrices. Two closing matrices correspond to an 8.5-year WAL, two
forward matrices correspond to a 7.5-year WAL, and two forward
matrices correspond to a seven-year WAL. The two sets of forward
matrices can be selected one year after closing and 18 months after
closing, respectively. Matrix switch is subject to the reinvestment
target par condition or a rating agency confirmation. Each matrix
set corresponds to two different limits for fixed-rate assets at
7.5% and 12.5%.

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

Cash Flow Modelling (Positive): The WAL used for the Fitch-stressed
portfolio analysis and matrix analysis is 12 months less than the
WAL covenant. This is to account for the strict reinvestment
conditions envisaged by the transaction after the reinvestment
period. These include the satisfaction of the coverage tests and
Fitch 'CCC' limit, together with a consistently decreasing WAL
covenant. Fitch believes these conditions would reduce the
effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would lead to a downgrade to below 'B-sf' for the class
F-R notes and have no impact on the other notes.

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

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

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

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

Upgrades during the reinvestment period, which are based on the
Fitch-stressed portfolio, may occur on better-than-expected
portfolio credit quality and a shorter remaining WAL test, allowing
the notes to withstand larger-than-expected losses for the
transaction's remaining life. Upgrades after the end of the
reinvestment period may result from stable portfolio credit quality
and deleveraging, leading to higher credit enhancement and excess
spread 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 Monument CLO 1
DAC.

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


PROVIDUS CLO XV: Fitch Assigns 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Providus CLO XV DAC notes final
ratings.

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

   A XS3340459356            LT AAAsf  New Rating   AAA(EXP)sf
   A-L                       LT AAAsf  New Rating   AAA(EXP)sf
   B XS3340460107            LT AAsf   New Rating   AA(EXP)sf
   C XS3340461170            LT Asf    New Rating   A(EXP)sf
   D XS3340461923            LT BBB-sf New Rating   BBB-(EXP)sf
   E XS3340462905            LT BB-sf  New Rating   BB-(EXP)sf
   F XS3340463978            LT B-sf   New Rating   B-(EXP)sf
   Sub Notes XS3340465163    LT NRsf   New Rating   NR(EXP)sf

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
have been 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 CLO has 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 comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favorable than for
second-linen, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 65.5

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 two Fitch
test matrix sets, and each set comprises two matrices that
correspond to two fixed-rate asset limits of 5% and 12.5%. All
matrices correspond to a top 10 obligor limit at 20%. One set is
effective at closing, corresponding to a 7.5-year WAL test
covenant. The other, which corresponds to a seven-year WAL test, is
effective 12 months after closing, or 18 months after closing if
the WAL steps up by one year. Switching to the forward matrices is
conditional on the collateral principal amount (with defaults at
Fitch collateral value) at least being at the reinvestment target
par balance.

The deal has 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.

WAL Test Step-Up Feature (Neutral): The transaction can extend its
WAL by 12 months on or after the step-up date, which is 12 months
after closing. The WAL extension is subject to conditions including
the satisfaction of the collateral quality tests and the collateral
principal amount (treating defaulted obligations at their Fitch
collateral value) being at least equal to the reinvestment target
par balance.

Cash Flow Modelling (Positive): 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, among others, passing the coverage tests and the Fitch
WARF and 'CCC' bucket limitation test post reinvestment, as well as
a WAL covenant that gradually steps down before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

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 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.

Based on the identified portfolio, downgrades may occur if the loss
expectation is larger than assumed, due to unexpectedly high levels
of defaults and portfolio deterioration. The class B notes have a
rating cushion of two notches, the class C, D and F notes of three
notches, and the class E notes 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
for the class A and D notes, two notches for the class B and C
notes and to below 'B-sf' for the class E and F notes.

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

A 25% reduction of the RDR across all ratings and a 25% increase in
the RRR across all ratings of the stressed-case portfolio would
lead to upgrades of up to two notches for the class B to C notes,
up to three notches for the class D and E notes, and up to four
notches for the class E notes.

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

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

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

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

DATA ADEQUACY

Providus CLO XV DAC

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for 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.


TORO EUROPEAN 9: Fitch Affirms 'B-sf' Final Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned Toro European CLO 9 DAC refinancing
notes final ratings and affirmed the non-refinanced notes.

   Entity/Debt             Rating                 Prior
   -----------             ------                 -----
Toro European
CLO 9 DAC

   A XS2761186688       LT PIFsf  Paid In Full    AAAsf
   A-R XS3389680862     LT AAAsf  New Rating
   B XS2761186845       LT PIFsf  Paid In Full    AAsf
   B-R XS3389681241     LT AAsf   New Rating
   C XS2761187223       LT PIFsf  Paid In Full    Asf
   C-R XS3389681837     LT Asf    New Rating
   D XS2761187579       LT PIFsf  Paid In Full    BBB-sf
   D-R XS3389682132     LT BBB-sf New Rating
   E XS2761187736       LT BB-sf  Affirmed        BB-sf
   F XS2761187900       LT B-sf   Affirmed        B-sf

Transaction Summary

Toro European CLO 9 DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Net
proceeds from the refinancing notes were used to redeem the
existing notes, except for the class E, F and subordinated notes.

The portfolio is actively managed by Chenavari Credit Partners LLP.
The transaction will exit its reinvestment period in October 2028
and has approximately a 6.3-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality: Fitch assesses the average credit
quality of obligors at 'B'. The Fitch-calculated weighted average
rating factor of the identified portfolio is 24.4.

Strong Recovery Expectation: At least 92.5% of the portfolio
comprises senior secured obligations. Fitch views the recovery
prospects for these assets as more favourable than for second-lien,
unsecured and mezzanine assets. The Fitch-calculated weighted
average recovery rate of the identified portfolio is 64.9%.

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

Portfolio Management: The original matrices were updated in
connection with this refinancing, so that only two matrices
corresponding to a WAL covenant of 6.3-years and a top 10 obligors
limit of 20% are effective. The two matrices correspond to
fixed-rate asset limits of 5% and 10%. The transaction has 2.4
years remaining from the reinvestment period, which is governed by
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: The WAL for the transaction's Fitch-stressed
portfolio and matrices analysis is in line with the WAL covenant,
which, under Fitch's criteria, is floored at six years, with no
further reduction. In addition, its analysis considered that the
transaction is about 2% below the target par of EUR400 million.

Affirmation of Non-Refinanced Notes: The affirmation of the
existing class E and F notes reflects that the transaction's
performance has been in line with the expected rating case. The
default rate cushion at current ratings based on the existing
portfolio supports their Stable Outlook.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A-R to D-R notes and a
one-notch downgrade each for the class E and F notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded 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 have no impact on the class A-R
notes, lead to downgrades of two notches each for the class B-R and
C-R notes, one notch for the class D-R notes and to below 'B-sf'
for the class E and F notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would lead to
upgrades of up to five notches each across the capital structure.

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

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

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

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the 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 Toro European CLO 9
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.




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

FLAMINGO LUX II: S&P Lowers LT ICR to 'CCC+', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit ratings on
Flamingo Lux II and Emeria SASU and the issue rating on the group's
senior secured debt to 'CCC+' from 'B-', as well as the issue
rating on the junior subordinated notes to 'CCC-' from 'CCC'.

The negative outlook reflects that S&P could downgrade Emeria over
the coming year if larger or longer-than-expected cash flow
deficits constrain liquidity, or it expects a distressed exchange
transaction.

Operating underperformance has persisted for France-based
residential real estate services (RRES) provider Emeria SASU
(previously Foncia Management; the sole operating company of
Flamingo Lux II SCA), due to client churn experienced in the
group's core RRES business in the past year and delayed recovery in
Switzerland.
Despite the company's efforts to drive volumes up and its
transformation programs fostering margin enhancements, we expect
only slow improvement in credit metrics in the coming years, with
S&P Global Ratings-adjusted debt to EBITDA remaining above 10.0x in
2026 and 2027. S&P said, "In addition, we forecast the company will
generate negative free operating cash flow (FOCF) after lease
payments over the next 12 months, diminishing its liquidity
position. Combined, we believe this increases the refinancing risk
related to its revolving credit facility (RCF) maturing in
September 2027 and senior secured term loan B (TLB) and senior
secured notes maturing in early 2028."

S&P said, "The downgrade to 'CCC+' reflects our view that Emeria's
capital structure is unsustainable. This is because we forecast
persistent high leverage in 2026, combined with free cash flow
deficits. We forecast S&P Global Ratings-adjusted debt to EBITDA of
about 11.1x at the end of 2026, only slightly declining from 11.5x
in 2025, driven by minor EBITDA increases, while we expect adjusted
debt to increase because of FOCF deficits. The EBITDA improvement
will be essentially driven by lower restructuring and
transformation expenses, while underlying operating performance
remains challenged by contract churn seen in the joint property
management segment in 2025, as well as lower retention rates in the
lease management segment. In addition, the turnaround of the Swiss
operations will be delayed versus previous expectations, impairing
EBITDA this year. Despite the company's efforts to improve client
retention and to drive up volumes in its core RRES business, by
investing in commercial functions, these improvements are likely to
materialize only gradually. In addition, we expect slower growth in
the business to consumer sales ('B2C Sales') segment compared with
2025 because of a tougher comparison basis. On the other hand, the
U.K. and Belgium, the Netherlands, and Luxembourg (Benelux) will
continue to demonstrate sound organic growth, although unfavorable
currency effects could affect reported revenue growth from the U.K.
Despite recent headwinds in operating performance, we expect the
company will be able to defend its market position and grow
organically in the medium term, thanks to price adjustments and
cross-selling initiatives. Finally, group's initiatives to improve
profitability, including the implementation of its new enterprise
resource planning (ERP) system Millenium, combined with its "Agency
of the Future" project, and now the deployment of its "Project
Condor" agentic AI program, will enable EBITDA margin
improvements--we project 80 basis points (bps)-100 bps improvement
per year--but not at a pace sufficient to drive material
deleveraging in the next 12-24 months.

"We expect Emeria will generate negative FOCF after leases over the
next 12 months, which will reduce the group's liquidity, although
we do not foresee a near-term liquidity crisis. We expect the
company's FOCF after lease payments will remain negative in 2026,
as its slow EBITDA expansion and its high debt interest burden
weigh on its ability to generate material operating cash flow."
This results in an ongoing deterioration in its total liquidity.
That said, sources of liquidity (of which EUR21.5 million cash and
EUR120.8 million undrawn RCF as of end-March 2026) will be
sufficient to cover operational needs in the coming 12 months,
consisting of the group's limited capital expenditure (capex) of
around EUR50 million and working capital requirements--including
seasonal peak needs--of about EUR45 million. That said, our
liquidity assessment will deteriorate as soon as the RCF becomes
current, from Sept. 30, 2026, if Emeria does not extend it by
then.

Emeria faces significant refinancing risk related to its 2028 debt
maturities. As of March 31, 2026, Emeria had nearly 90% of its
total outstanding debt maturing within the next 24 months. This
includes EUR2.9 billion maturing in March 2028, of which EUR2.1
billion of senior secured TLB and EUR800 million of senior secured
notes. In addition, the group's RCF, of which EUR286.7 million was
drawn on March 31, 2026, will be due in September 2027. In our
view, these approaching debt maturities make Emeria more dependent
on favorable business and market conditions to improve its
prospective earnings and refinance its 2028 maturities at terms
that support positive FOCF generation. It also leaves Emeria with
less time to improve its earnings and cash flow or manage potential
business setbacks, which are conditions to a successful refinancing
transaction at par, in our view.

The negative outlook reflects Emeria's challenged operating
environment, and our forecast of sustained high leverage and
continued FOCF deficits--after lease payments--over the next 12
months that will pressure its liquidity and increase its
refinancing risk ahead of its 2027 and 2028 maturities.

S&P could lower its ratings on Emeria within the next 12 months if
it thinks the company is likely to face heightened risk of default
in the near term, which could include:

-- A distressed exchange offer or subpar debt repurchase;

-- An interest payment default; or

-- A liquidity crisis due to greater or longer-than-expected cash
flow deficits.

S&P could revise its outlook to stable if:

-- The company addresses its upcoming maturities in a manner that
S&P does not view as tantamount to a default; and

-- Its operating performance and cash flow generation improves
such that liquidity remains adequate.




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

FIRE PROTECTION: Dow Schofield Appointed as Joint Administrators
----------------------------------------------------------------
Fire Protection Compliance Limited was placed into administration
in the High Court of Justice, Business and Property Courts in
Manchester, Insolvency & Companies List (ChD), Court Number
CR-2026-MAN-000828.  Lisa Marie Moxon and Christopher Benjamin
Barrett, both of Dow Schofield Watts Business Recovery LLP, were
appointed as Joint Administrators on May 29, 2026.

The company specialized in passive fire protection and compliance
services.

Its registered office is 7400 Daresbury Park, Daresbury,
Warrington, Cheshire, WA4 4BS (formerly 167 Middlewich Road,
Northwich, Cheshire, CW9 7DB).

Its principal trading address is 167 Middlewich Road, Northwich,
Cheshire, CW9 7DB.

The Joint Administrators can be contacted at:

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

Further information:

    Contact: Kerry Grice  
    Tel: 01928 378014  
    Email: kerry@dswrecovery.com  
    Dow Schofield Watts Business Recovery LLP  


GLOUCESTER PLACE: FRP Advisory Appointed as Joint Administrators
----------------------------------------------------------------
Gloucester Place (YS) Limited was placed into administration in the
High Court of Justice, Court Number CR-2026-003914.  David Hudson,
Geoffrey Paul Rowley, and Simon Baggs, all of FRP Advisory Trading
Limited, were appointed as Joint Administrators on May 27, 2026.

The company operated in the real estate sector.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (to be changed to c/o FRP Advisory Trading Limited, 110 Cannon
Street, London, EC4N 6EU).

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

The Joint Administrators can be contacted at:

   David Hudson  
   Geoffrey Paul Rowley  
   Simon Baggs  
   FRP Advisory Trading Limited  
   2nd Floor, 110 Cannon Street  
   London EC4N 6EU  

Further information:

   Contact: Stacey Bungay  
   Tel: 0330 055 5455  
   Email: cp.edinburgh@frpadvisory.com  
   FRP Advisory Trading Limited  


GREAT RUSSELL: FRP Advisory Appointed as Joint Administrators
-------------------------------------------------------------
Great Russell Street Property Limited was placed into
administration in the High Court of Justice, Court Number
CR-2026-003916.  David Hudson, Geoffrey Paul Rowley, and Simon
Baggs, all of FRP Advisory Trading Limited, were appointed as Joint
Administrators on May 27, 2026.

The company operated in the real estate sector.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (in the process of being changed to c/o FRP Advisory Trading
Limited (Edinburgh Office), 110 Cannon Street, London, EC4N 6EU).

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

The Joint Administrators can be contacted at:

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

Further information:

   Contact: Stacey Bungay  
   Tel: 0330 055 5455  
   Email: cp.edinburgh@frpadvisory.com  
   FRP Advisory Trading Limited  


LEONARD DESIGN: CFS Restructuring Appointed as Joint Administrators
-------------------------------------------------------------------
Leonard Design Limited was placed into administration in the High
Court of Justice, Court Number CR-2026-4326.  Andrew J Cordon and
James O Everist, both of CFS Restructuring LLP, were appointed as
Joint Administrators on June 3, 2026.

The company operated as an architects and design agency.  Its
registered office and principal trading address is 4th Floor,
Albion House, 5–13 Canal Street, Nottingham, NG1 7EG.

The Joint Administrators can be contacted at:

    Andrew J Cordon  
    James O Everist  
    CFS Restructuring LLP  
    22 Regent Street  
    Nottingham NG1 5BQ  

Further information:

    Contacts: Andrew Cordon or James Everist  
    Tel: 0115 838 7330  
    Email: info@cfs-llp.com  
    CFS Restructuring LLP  


ST MARTINS LANE: FRP Advisory Appointed as Joint Administrators
---------------------------------------------------------------
St Martins Lane Property Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-03922.  Geoffrey
Rowley, David Hudson, and Simon Baggs, all of FRP Advisory Trading
Limited, were appointed as Joint Administrators on May 27, 2026.

The company specialized in buying and selling of its own real
estate.

Its registered office is 134 Buckingham Palace Road, London, SW1W
9SA (in the process of being changed to c/o FRP Advisory Trading
Limited, 110 Cannon Street, London, EC4N 6EU).

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

The Joint Administrators can be contacted at:

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

Further information:

   Contact: Ella Sutton  
   Tel: 020 3005 4000  
   Email: cp.london@frpadvisory.com  
   FRP Advisory Trading Limited  


THAME AND LONDON: Moody's Cuts CFR to Caa1, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings has downgraded to Caa1 from B3 the long-term
corporate family rating and to Caa1-PD from B3-PD the probability
of default rating of Thame and London Limited (Travelodge), the
second largest budget hotel chain in the UK. At the same time,
Moody's downgraded to Caa1 from B3 the instrument ratings of the
backed senior secured notes issued by TVL Finance plc, a wholly
owned subsidiary of Travelodge. The outlook on both entities
remains stable.

RATINGS RATIONALE

The CFR downgrade to Caa1 from B3 reflects Travelodge's weaker
financial performance and the resulting deterioration in credit
metrics that Moody's expects will persist over the next two years
and that are no longer compatible with a B3 rating. A low revenue
per available room (RevPAR) growth environment combined with
material and largely structural cost inflation — including
business rates, inflation linked rent reviews and employment cost
increases — has been compressing earnings, and Moody's expects
these cost pressures to continue constraining EBITDA growth despite
a return to more substantial revenue increases over the next 12-18
months. The rating downgrade also reflects Moody's concern about
the sustainability of the capital structure in light of the
company's upcoming debt maturities and persistently negative free
cash flow. With the largest tranche of debt due less than two years
away and an earnings trajectory that offers limited deleveraging
capacity, refinancing conditions look increasingly challenging.

Moody's expects Moody's-adjusted debt/EBITDA leverage, which is
heavily influenced by lease obligations, to hover around 8x over
the next two years despite topline growth, as continued cost
pressures constrain EBITDA expansion and lease liabilities continue
to rise from rent reviews and network expansion. Moody's forecasts
cumulative free cash flow, which in Moody's definitions includes
acquisition and development capital expenditure, to be negative by
approximately GBP40 million over 2026 and 2027. Moody's notes that
the 2026 figure is heavily weighted toward the company's budgeted
conversion of prior acquisitions and that elements of future
capital spending, including development capex and refit programmes,
carry a degree of management discretion. Nevertheless, even
excluding these items, cash flow generation would remain marginal.
Underlying After-rent EBITDA has already fallen to approximately
GBP160 million in 2025 from a peak of around GBP240 million in
2023, and Moody's expects earnings to remain depressed for at least
the next three years, as a result of annual increases in business
rate expenses. With interest coverage below 1x and limited
visibility on a sustained recovery in profitability, Moody's sees
it as unlikely that organic EBITDA growth alone will be sufficient
to meaningfully reduce leverage ahead of the April 2028 maturity.

In fiscal year 2025, company-adjusted EBITDA declined 19.7% to
GBP161.2 million from GBP200.7 million the prior year, despite
revenue edging up 0.7% to GBP1,044.3 million. Like-for-like UK
revenue per available room (RevPAR) fell 1.9% in 2025 as both
occupancy and average daily rates declined although the former was
still high at 84.0%. This pattern of subdued topline growth
continued into the first quarter of 2026, when like-for-like UK
RevPAR declined a further 1.0%, with room rate decline of 2.2% only
partially offset by occupancy gains. While total revenue rose 4.2%
in the quarter, benefiting from new hotel openings, the
company-adjusted EBITDA loss widened to GBP17.6 million from
GBP12.2 million a year earlier as cost increases, mostly related to
wage growth and National Insurance Contributions (NICs), more than
absorbed the revenue gains.

The company guides to net cost inflation of 5% to 6.5% in 2026,
before the impact of new hotel openings. Moody's expects the April
2026 business rates revaluation alone to increase this cost line to
approximately GBP50 million from GBP38 million in 2025, and the
interaction between the higher multiplier, the revaluation and the
phasing out of transitional relief to nearly double the English
business-rates liability — approximately 89% of the total —
over the next three years. Rent costs are rising sharply, with the
company forecasting GBP295 million to GBP305 million in 2026, up
from approximately GBP278 million in 2025, driven by five-yearly
upward-only reviews linked to RPI or CPI and the impact of new
openings. Rents now represent approximately two-thirds of
before-rent EBITDA. Labour costs are also escalating; the National
Living Wage increased 7% in April 2025 and a further 4% in April
2026, which together with the annualisation of higher NICs will add
approximately GBP11 million in aggregate wage and payroll costs in
2026. Additional regulatory costs from the Employment Rights Bill
and potential visitor levies are expected to add further to the
burden, though their impact is not yet quantifiable.

Travelodge has approximately GBP623 million equivalent of notes
outstanding, with GBP415 million of senior secured notes maturing
in April 2028 and EUR250 million of floating rate notes due in June
2030. The GBP50 million revolving credit facility, which remains
undrawn, matures in October 2027.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Travelodge's
financial performance will remain subdued over the next two years,
with material cost pressures constraining earnings growth and
resulting in persistently weak credit metrics. However, Moody's
expects the company to maintain adequate liquidity.

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

The ratings could be upgraded if the company addresses its upcoming
maturities, leading to a sustainable capital structure. An upgrade
would additionally necessitate a sustained improvement in key
credit metrics (on a Moody's-adjusted basis), including:

-- positive and meaningful free cash flow; and

-- gross leverage well below 8x and the EBITA/interest expense
ratio around 1x; and

-- maintenance of adequate liquidity

The ratings could be downgraded if, on a Moody's-adjusted and
sustained basis, the company experiences any of the following:

-- EBITDA materially deteriorates from its current level; or

-- gross leverage is significantly elevated and the EBITA/interest
expense ratio materially deteriorates; or

-- free cash flow is substantially negative; or

-- liquidity deteriorates.

STRUCTURAL CONSIDERATIONS

The backed senior secured notes issued by TVL Finance plc hold a
rating in line with the Caa1 long-term Corporate Family Rating
(CFR). The capital structure features a GBP50 million super senior
revolving credit facility (SSRCF) issued by Full Moon Holdco 7
Limited, which ranks senior to the notes and shares the same
guarantors and securities. Additionally, the structure includes a
GBP145 million investor loan, treated by us as equity, issued by
Anchor Holdings S.C.A. This entity resides above and outside the
restricted group.

PRINCIPAL METHODOLOGY

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

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

PROFILE

Travelodge, founded in 1985, was the first budget hotel brand to
launch in the UK and currently ranks as the second largest hotel
brand in the country. In 2025, the company employed 1,952 full-time
equivalent staff monthly, primarily working at its hotels. As of
March 2026, Travelodge operates 49,190 rooms across 631 hotels,
mostly situated in the UK. During the last twelve-month period
ending in March 2026, the company generated GBP1,053 million in
revenue and reported GBP156 million in company-adjusted after-rent
EBITDA, with a post-IFRS 16 adjustment bringing EBITDA to GBP443
million.

Travelodge is fully owned by funds advised by GoldenTree Asset
Management LP.


TIWANI PROMOTIONS: BTG Begbies Appointed as Joint Administrators
----------------------------------------------------------------
Tiwani Promotions Limited, trading as Tiwani Contemporary, was
placed into administration in the High Court of Justice, Business
and Property Courts in Manchester, Court Number CR-2026-MAN-000840.
Yiannis Koumettou and Constantinos Pedhiou, both of BTG Begbies
Traynor (Central) LLP, were appointed as Joint Administrators on
June 2, 2026.

The company specialized in operating an art gallery.  Its
registered office is Suite 501, Unit 2, 94A Wycliffe Road,
Northampton, NN1 5JF.  Its principal trading address is 24 Cork
Street, London, W1S 3NG.

The Joint Administrators can be contacted at:

    Yiannis Koumettou  
    Constantinos Pedhiou  
    BTG Begbies Traynor (Central) LLP  
    Suite 501, Unit 2  
    94A Wycliffe Road  
    Northampton NN1 5JF  

Further information:

    Contact: Samantha George  
    Tel: 020 8370 7250  
    Email: Samantha.George@btguk.com  
    BTG Begbies Traynor (Central) 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-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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