260618.mbx

260618.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, June 18, 2026, Vol. 27, No. 121 Headlines D E N M A R K LIQTECH INTERNATIONAL: Bleichroeder Entities Hold 34.5% Stake G R E E C E BALLY'S INTRALOT: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative I R E L A N D ARBOUR CLO XVI: S&P Assigns B-(sf) Rating to Class B Notes I T A L Y DUOMO BIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable K A Z A K H S T A N ALATAU CITY BANK: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos. L U X E M B O U R G LUXEMBOURG INVESTMENT: Court Sets Nov. 30 Claims Filing Deadline U N I T E D K I N G D O M CONSORT ROAD: FRP Advisory Appointed as Joint Administrators EVOKE PLC: Fitch Puts 'B' LongTerm IDR on Watch Positive GASPAR MEWS: FRP Advisory Appointed as Joint Administrators HALO FINANCIAL: BTG Begbies Appointed as Joint Administrators HOPS HILL 6: S&P Assigns Prelim B(sf) Rating to E-Dfrd Notes KNIGHTSBRIDGE (AG): FRP Advisory Appointed as Joint Administrators MOTOR FUEL: S&P Affirms 'B' LongTerm ICR, Outlook Stable SOLAR BRIDGING: Ernst & Young Appointed as Joint Administrators SOUTH KENSINGTON 2: FRP Advisory Appointed as Joint Administrators UK LOGISTICS 2026-2: S&P Assigns BB(sf) Rating to Class E Notes WASHINGTON HOUSE: FRP Advisory Appointed as Joint Administrators WJL CONTRACTS: Ideal Corporate Appointed as Joint Administrators X1 MANCHESTER: FRP Advisory Appointed as Joint Administrators - - - - - ============= D E N M A R K ============= LIQTECH INTERNATIONAL: Bleichroeder Entities Hold 34.5% Stake ------------------------------------------------------------- Bleichroeder LP, Bleichroeder Holdings LLC, and Andrew Gundlach disclosed in a Schedule 13D (Amendment No. 4) filed with the U.S. Securities and Exchange Commission that as of June 5, 2026, they each beneficially own 6,882,239 shares of LiqTech International, Inc.'s Common Stock, $0.001 par value, each representing 20.9% of the 32,947,841 shares outstanding, which includes (x) the 29,947,841 shares reported to be outstanding following the 2026 Offering as reported by the Issuer on its Prospectus filed pursuant to Rule Filed Pursuant to Rule 424(b)(4) on June 5, 2026 plus (y) the 3,000,000 shares issued pursuant to the Debt Cancellation Agreement. On May 26, 2026, the Company entered into a Debt Cancellation Agreement with affiliates of Bleichroeder L.P., 21 April Fund, L.P., and 21 April Fund, Ltd. The Reporting Persons also beneficially own warrants representing the right to acquire up to an aggregate of 6,832,379 Shares, however the exercise of such warrants are subject to a beneficial ownership limitation of 9.99% of the number of Shares outstanding immediately after giving effect to the issuance of the Shares issuable upon exercise of such warrants. If there was no 9.99% limit on the exercise of the warrants, the Reporting Persons would be deemed to be the beneficial owners of 13,714,618 Shares (including 6,832,379 Shares that would be issuable upon exercise of the warrants held by the Reporting Persons), representing 34.5% of the outstanding Shares. Bleichroeder LP may be reached through: Andrew Gundlach, Chairman and CEO Bleichroeder LP 1345 Avenue of the Americas 47th Floor New York, NY 10105 Tel: (212) 698-3101 A full-text copy of Bleichroeder LP's SEC report is available at: https://tinyurl.com/5f8yck34 About LiqTech International Ballerup, Denmark-based LiqTech International, Inc. is a clean technology company that provides state-of-the-art gas and liquid purification products by manufacturing ceramic silicon carbide filters and membranes as well as developing industry-leading and fully automated filtration solutions and systems. Sadler, Gibb & Associates, LLC, based in Draper, Utah, and serving since 2018, included a "going concern" qualification in its report dated February 27, 2026, attached to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, citing that Company's recurring losses and negative operating cash flows raise substantial doubt about the Company's ability to continue as a going concern. As of March 31, 2026, the Company had $24.95 million in total assets, $17.40 million in total liabilities, and $7.55 million in total equity. =========== G R E E C E =========== BALLY'S INTRALOT: Fitch Affirms 'B+' LongTerm IDR, Outlook Negative ------------------------------------------------------------------- Fitch Ratings has affirmed Bally's Intralot S.A.'s Long-Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Negative. Fitch has placed Intralot Capital Luxembourg S.A.'s senior secured debt rating of 'BB' with a Recovery Rating of 'RR2' on Rating Watch Negative, following the planned increase in debt to finance the announced takeover offer of evoke plc (B/Rating Watch Positive). The affirmation reflects Fitch's view of Intralot's robust business profile pro forma the evoke acquisition and the consolidation of Bally International Interactive (BII), a subsidiary of Bally's Corporation (B-/Negative). The 'B+' IDR reflects the 'b+' Standalone Credit Profile (SCP) and the application of its Parent and Subsidiary Linkage (PSL) Rating Criteria with a 'consolidated plus two' outcome. The Negative Outlook is driven by Intralot's material exposure to increased taxation in the UK, which will increase following the evoke acquisition. This will result in lower EBITDA expectations for 2026-2027, with leverage outside its sensitivities over the next two years. Key Rating Drivers Acquisition Offer Announced by Bally's Intralot: Bally's Intralot announced a firm acquisition offer for 100% of evoke's share capital on 5 June, assuming payment with shares and up to GBP117 million with cash for a total equity consideration of approximately GBP243 million. The offer was supported by evoke's largest individual shareholders but is subject to majority shareholder and regulatory approvals, and Fitch expects it to close in late 2026 or early 2027. Bally's Intralot has secured an up to EUR200 million bridge facility and GBP157 million term loan to finance the acquisition and pay the transaction costs. Stronger Combined Business Profile: The business combination will create a larger player, but with even greater exposure to the heavily regulated UK market. There are potential synergies typical for this type of acquisition that include economies of scale, central cost and IT optimisations and capex synergies, which the company plans to realise within 12 months of the transaction. Some business profile weaknesses will remain as Bally's Intralot's concentration in the UK is also high and will increase with this transaction, so the combined entity will still be highly exposed to fiscal changes in the UK. Material Exposure to Increased Taxation: A sharp increase in remote gambling duty in the UK will materially affect the combined entity's EBITDAR. Bally's Intralot announced material mitigation measures, including reduction of generosity, opex and marketing spending, coupled with synergies from the business combination. Fitch expects Bally's Intralot, pro forma the new acquisition, to exhaust its leverage headroom and exceed its negative gross leverage sensitivity of 5.5x in 2026 and 2027, reducing towards this negative sensitivity only in 2028. Should the impact be more material or the mitigating measures be less effective than anticipated, Fitch could downgrade the rating. UK iGaming Main Market: Bally's Intralot generates a high share of revenue in the UK, with 73% from sports betting and iGaming, and exposure to the UK will be even higher after the evoke acquisition. The combined entity is materially exposed to the UK online gaming market, the largest in Europe, but also one of the most heavily regulated. From April 2026, the company is exposed to 40% remote tax duty, which will materially affect the EBITDAR generation of the combined entity before accounting for the mitigating measures. Deleveraging Delayed: Fitch expects the combined entity's leverage to increase to 6.0x in 2026 and 2027 pro forma evoke's acquisition from 4.7x expected for 2026 before this acquisition. The negative impact is driven by the meaningful increase in taxation in the UK. Deleveraging to below 5.5x will be protracted due to the taxation change, but Fitch expects it to be driven by consolidated EBITDA margin expansion, due to the integration of BII and evoke's businesses, combined with realisation of identified synergies. Stronger Subsidiary Under PSL Criteria: Bally's Intralot's SCP after the acquisition at 'b+' is stronger than its parent's 'B-'/Negative consolidated credit profile. Fitch assesses Bally's access to and control of Bally's Intralot's cash flow as 'porous', due to material minorities and separate public listing, which is mildly compensated for by the company's separate cash management and funding policies. Fitch assesses legal ringfencing from the parent as 'porous', given self-imposed limitations on dividends and intercompany flows, combined with the dividend payment. This results in Bally's Intralot's 'consolidated plus two notches' IDR of 'B+'. Lower FCF for Combined Group: The combined entity will be cash generative, but with higher capex in 2026-2028. Coupled with extraordinary costs in these years free cash flow (FCF) will be around breakeven, before it improves towards mid-single-digits by 2029. Fitch includes dividend distributions of at least 35% of net income for Bally's Intralot till 2029. Peer Analysis Bally's Intralot is a close peer of evoke plc, with similar revenue concentration in the UK market and exposure to the online segment, making both entities similarly exposed to regulation. Intralot's BII segment has better profitability than evoke's UK online and retail segment and evoke had higher EBITDAR leverage above 5.6x in 2025 and is projected to maintain that indebtedness until end-2027. Another close peer of Bally's Intralot is Allwyn AG (BB/Stable), an internationally diversified B2B and B2C provider with a complex group structure, but materially larger. Meuse Bidco SA (B+/Stable) has less geographical diversification, with concentration in the mature European market - Belgium in particular - and concentration in iGaming. Its strong profitability and low leverage support its rating. Fitch’s Key Rating-Case Assumptions - Average low-single-digit annual revenue growth in 2026-2029 for the combined entity - Profitability between 22% and 23% pro forma evoke's consolidation - Nine-month impact of higher taxation in 2026 with 25% mitigation measures; full-year impact of higher tax in 2027 with EUR40 million mitigation measures - Dividends paid to minority shareholders increasing towards EUR12 million in 2029 from EUR5 million in 2025 - High capex intensity in 2026-2028 before moderating from 2029 - Dividend distribution of EUR30 million in 2026, then at least 35% of net income of the combined entity - Share buybacks capped at 3% of the capital in 2026-2027 Corporate Rating Tool Inputs and Scores Fitch scored the issuer as follows, using its Corporate Rating Tool (CRT) to produce the Standalone Credit Profile (SCP): Business and financial profile factors (assessment, relative importance): management ('b+', Higher), sector characteristics ('b+', Moderate), market and competitive positioning ('b+', Higher), diversification and asset quality ('bb', Lower), company operational characteristics ('b+', Moderate), profitability ('bb-', Moderate), financial structure ('b', Moderate), and financial flexibility ('b+', Moderate). The quantitative financial subfactors are based on custom CRT financial period parameters: 10% weight for the forecast year 2026, 30% for the forecast year 2027, 30% for the forecast year 2028 and 30% for the forecast year 2029. B+ to CC considerations apply in its analysis and has no impact. 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: Application of Fitch's Parent Subsidiary Linkage Rating Criteria results in a consolidated profile+2 approach. Recovery Analysis The recovery analysis assumes that Intralot would be considered a going concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. Fitch has assumed a 10% administrative claim. Fitch applied a distressed enterprise value/EBITDA multiple of 5.0x to Bally's Intralot's current operations. The GC EBITDA of the combined Intralot of EUR285 million reflects its view of a sustainable, post-reorganisation EBITDA level, on which Fitch bases the valuation of the combined group. After deducting 10% for administrative claims, its principal waterfall analysis would generate a senior secured recovery in the 'RR2' band, leading to a two-notch uplift of the senior secured debt from the IDR to 'BB'. Fitch has placed the instrument rating on Rating Watch Negative due to an announced increase in senior secured debt comprising an up to EUR200 million bridge facility and GBP157 million term loan to finance the transaction, which on completion would result in a downgrade of the senior secured instrument rating. The senior secured debt consists of EUR900 million bonds, EUR460 million-equivalent (GBP400 million) senior secured term loan B and EUR200 million Greek bank debt, all ranking pari passu. Its EUR160 million super senior revolving credit facility (RCF) ranks ahead of the senior secured debt. Fitch applies a blended cap, based on the combined country exposure (2025: pro forma revenue and EBITDA contribution by country). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Weakening in Bally's consolidated group profile - Change in Bally's policy towards Bally's Intralot, leading to potential material cash leakage from the subsidiary -Revision of PSL legal ring-fencing or access and control assessments to "open", leading us to reduce the uplift from Bally's to one notch or considering Bally's Intralot's credit profile on a consolidated basis, in line with the parent - Weakening of Intralot's SCP The following developments could lead to a downward revision of Bally's Intralot's SCP: - Adverse regulatory changes leading to material deterioration in revenue or operating profits - FCF margin reducing to neutral as a result of operating underperformance, considerable increases in capex or large amounts of cash being distributed to shareholders - EBITDAR leverage above 5.5x - EBITDAR fixed-charge coverage below 2.0x. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Strengthening of the SCP, combined with the two factors below - Improvement in Bally's consolidated credit profile and - Revision of PSL assessment, leading us to assess Intralot's credit profile on a standalone basis The following developments could lead to an upward revision of Bally's Intralot's SCP: - Continued growth and geographic expansion into new regulated markets - FCF margin at mid-single digits through the investment cycle - EBITDAR leverage consistently below 4.5x - EBITDAR fixed-charge coverage maintained above 2.5x Liquidity and Debt Structure The current capital structure comprises EUR600 million fixed-rate and EUR300 million floating-rate senior secured notes and EUR460 million of pound sterling term loans (GBP400 million) maturing in 2031. The company also has EUR200 million of senior secured Greek debt amortising and maturing in 2029 and a EUR130 million unsecured Greek retail bond maturing in 2029. It has access to a EUR160 million super senior RCF due six months before the maturity of the senior debt. To finance the transaction, the company will issue an additional up to EUR200 million bridge facility and GBP157 million term loan. Fitch expects cash flow generation to be around neutral until 2028, when it improves towards mid-single digits on lower capex requirements. The company has announced a share buyback programme, with up to 10% of the capital to be bought back by end 2027, with a reduction in this target to 3% recently announced. Bally's Intralot continues to have a comfortable liquidity profile. Issuer Profile Bally's Intralot is a supplier of integrated gaming systems and services. BII is an international interactive segment of Bally's Corporation, active in iGaming, with the UK its main market. 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 Bally's Intralot. 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 ----------- ------ -------- ----- Bally's Intralot S.A. LT IDR B+ Affirmed B+ Intralot Capital Luxembourg S.A. senior secured LT BB Rating Watch On RR2 BB ============= I R E L A N D ============= ARBOUR CLO XVI: S&P Assigns B-(sf) Rating to Class B Notes ---------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Arbour CLO XVI DAC's class A, B, C, D, E and F notes. At closing, the issuer also issued EUR29.550 million unrated subordinated notes. The reinvestment period will be approximately 4.6 years, while the noncall period will be 1.5 years after closing. Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payment. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,704.69 Default rate dispersion 534.36 Weighted-average life (years) 4.99 Obligor diversity measure 143.70 Industry diversity measure 25.04 Regional diversity measure 1.38 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 161 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.00 Target 'AAA' weighted-average recovery (%) 35.57% Actual weighted-average spread net of floors (%) 3.53 Actual weighted-average coupon (%) 6.13 Rating rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400.00 million target par amount, the actual weighted-average spread of 3.53%, the actual weighted-average coupon of 6.13%, and the actual weighted-average recovery rate. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B to E notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these notes." The class A notes can withstand stresses commensurate with the assigned rating. The class F notes' current break-even default rate cushion is negative at the assigned rating. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including S&P's long-term corporate default rates and recent economic outlook, it believes this class can sustain a steady-state scenario, in accordance with our criteria. S&P's analysis further reflects several factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- Our model-generated portfolio default risk, which is at the 'B-' rating level at 24.91% (for a portfolio with a weighted-average life of 4.99 years) versus 15.97% if we were to consider a long-term sustainable default rate of 3.2% for 4.99 years. -- Whether the tranche is vulnerable to nonpayment. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P envisions this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for this tranche is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A to E notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Arbour CLO XVI DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Oaktree Capital Management (UK) LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate§ A AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.30% B AA (sf) 44.00 27.00 Three/six-month EURIBOR plus 1.90% C A (sf) 24.00 21.00 Three/six-month EURIBOR plus 2.30% D BBB- (sf) 28.00 14.00 Three/six-month EURIBOR plus 3.20% E BB- (sf) 18.00 9.50 Three/six-month EURIBOR plus 5.50% F B- (sf) 12.00 6.50 Three/six-month EURIBOR plus 8.68% M NR 0.25 N/A Sub notes NR 29.30 N/A N/A *The ratings assigned to the class A and B notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the rest of the other rated notes. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. ========= I T A L Y ========= DUOMO BIDCO: Moody's Affirms 'B2' CFR, Outlook Remains Stable ------------------------------------------------------------- Moody's Ratings has affirmed Duomo BidCo Spa's (Kiko or the company) B2 corporate family rating as well as its B2-PD probability of default rating. Concurrently, Moody's affirmed the B2 instrument rating on the EUR540 million backed senior secured floating rate notes due in 2032, issued by the company. The outlook remains stable. RATINGS RATIONALE The B2 rating considers Kiko's successful strategy execution supporting revenue and EBITDA growth in the next 12 to 18 months, the company's brand popularity driven by a large store footprint and a growing online presence, its good operating margins which could support positive Moody's-adjusted free cash flows (FCF) from 2026, and good liquidity. Conversely, the rating is constrained by the company's limited scale compared with that of other beauty retailers and brands, its modest geographical diversification, with significant concentration in Italy, Spain and France, although this is reducing because of its ongoing international expansion, the execution risk related to its store roll-out plan, and intense competition, low barriers to entry and fashion risk in the fragmented color cosmetic segment. Kiko performed broadly in line with Moody's expectations in 2025, reporting revenue growth of around 7% despite a softer beauty market and a challenging macroeconomic backdrop. Growth was supported by continued expansion across channels, particularly strong momentum in wholesale and franchising, as well as 38 net own-store openings during the year. This was partly offset by a slight decline in like-for-like sales, driven by weaker performance in France. Company-adjusted EBITDA was broadly stable year over year, while the margin declined to 25.7% from 26.6% in 2024, reflecting continued investment in marketing and other growth initiatives. This was only partly offset by gross margin expansion, supported by a better product mix and disciplined sourcing. Moody's-adjusted debt/EBITDA decreased to 4.0x in 2025 from 4.3x a year earlier, despite broadly stable EBITDA. The improvement mainly reflects the company's transition from Italian GAAP to IFRS, which Moody's estimates reduced Moody's leverage calculation by around 0.5x. Moody's expects Kiko's revenue to continue growing at a mid- to high-single-digit rate over the next 12 to 18 months, supported by further omnichannel expansion. Wholesale and franchising should remain important growth drivers, although Moody's expects their contribution to moderate as the comparison base increases. Moody's anticipates some near-term pressure on EBITDA margins, reflecting continued marketing investment and the impact of the Middle East conflict, which reduced EBITDA by around EUR4 million in Q1 2026. By 2027, however, margins should improve as sales continue to grow. As a result, Moody's expects credit metrics to remain broadly stable in 2026 before gradually improving in 2027. LIQUIDITY Kiko's liquidity is good, supported by around EUR100 million cash balance (translating into Moody's Adjusted Net Debt/EBITDA of 3.5x) and a fully undrawn RCF of EUR85 million as of March 31, 2026. Kiko's FCF in 2025 was negative, primarily due to a large working capital outflow, as the company anticipated higher inventory purchases, as well as a substantial dividend distribution to minority shareholders in Middle East subsidiaries, which Moody's expects to be significantly lower going forward. Moody's expects positive FCF generation from 2026 onwards. Kiko's RCF is subject to a springing financial covenant based on a senior secured net leverage of 6.5x, tested on a quarterly basis when the RCF is drawn by more than 40%. Moody's expects the company to maintain a large buffer under this covenant. STRUCTURAL CONSIDERATIONS The B2 rating assigned to the EUR540 million backed senior secured floating rate notes due 2032 reflects their status as the largest debt instrument in Kiko's capital structure, ranking behind the EUR85 million super-senior RCF. The notes benefit from guarantees from guarantor subsidiaries that represent around 84% of Kiko'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. However, the notes are contractually subordinated to the RCF with respect to the collateral enforcement proceeds. The probability of default rating of B2-PD reflects Moody's assumptions of a 50% family recovery rate, as is typical for a capital structure including a mix of bond and bank debt. RATING OUTLOOK The stable outlook reflects Moody's expectations that the company will continue to grow its revenue and EBITDA, with mid- to high-single-digit revenue growth and a moderate decline in operating margins. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating pressure could develop if: -- the company demonstrates a solid track record of revenue and EBITDA growth while maintaining a balanced financial policy; -- Moody's-adjusted debt/EBITDA remains below 4.0x on a sustained basis; -- Moody's-adjusted (EBITDA-capex)/interest increases above 2.0x; and -- Moody's-adjusted FCF/debt remains above 5% on a sustained basis. Negative rating pressure could materialise if: -- the company significantly deviates from Moody's current expectations, including positive like-for-like sales, earnings and margins growth; -- Moody's-adjusted (EBITDA-capex)/interest decreases below 1.5x; -- Moody's-adjusted FCF/debt remains weak on a sustained basis; and -- its liquidity weakens. 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 Kiko, headquartered in Bergamo, Italy, is a color cosmetics brand operating in the beauty retail segment. Kiko offers makeup and skincare products through its network of around 979 owned stores, 412 franchised stores, online sales channels and wholesale partnerships. L Catterton owns 69% of the company, the founding Percassi family owns 30% and management holds the remaining 1%. The company reported EUR959 million of revenue and EUR247 million of company-adjusted EBITDA in 2025. =================== K A Z A K H S T A N =================== ALATAU CITY BANK: Moody's Affirms Ba3 Deposit Ratings, Outlook Pos. ------------------------------------------------------------------- Moody's Ratings has affirmed Alatau City Bank Joint-Stock Company's (Alatau) global scale ratings and assessments: its Ba3/NP deposit ratings, its b1 Baseline Credit Assessment (BCA) and Adjusted BCA and its Ba2/NP Counterparty Risk Ratings (CRR). Moody's also affirmed the bank's Ba2(cr)/NP(cr) Counterparty Risk Assessments (CRA). The outlook on the long-term deposit ratings remains positive. Concurrently, Moody's affirmed Alatau's Ba1.kz long-term national scale bank deposit rating and its Baa2.kz long-term national scale CRR. RATINGS RATIONALE The affirmation reflects Alatau's solid capitalisation, strong profitability and very high liquidity, balanced against elevated asset risk driven by a high stock of problem loans and a still-developing business model. Liquidity remains a key credit strength. Core banking liquidity accounted for almost 30% of consolidated assets at end-2025, primarily held in cash with the National Bank of Kazakhstan and in highly liquid government and corporate securities. Capital adequacy is very strong. At end-2025, the bank's tangible common equity to risk-weighted assets exceeded 50%, while its regulatory Tier 1 ratio stood at 48% as of April 01, 2026, comfortably above minimum requirements. Profitability remains robust, with return on average assets of around 4% in 2025. Earnings continue to benefit from strong margins, supported by high-yielding products and significant funding from the bank's own capital base. Moody's expects profitability to remain broadly stable over the next 12–18 months, supported by high interest rates and continued growth in higher-margin SME and retail lending. Asset risk remains elevated. Problem loans accounted for around 19% of gross loans at end-Q1 2026 (down from 21% at end-2024), although new problem loan formation remains high, particularly in SME and retail segments. This risk is partly mitigated by a conservative balance sheet structure, with more than half of total assets invested in low-risk assets, including cash, government securities, and exposures to high credit quality corporates. Alatau's Ba3 long-term deposit ratings incorporate a one-notch uplift from its b1 BCA, reflecting Moody's views of a moderate probability of support from the Government of Kazakhstan. At end-April 2026, the bank held approximately 4.6% of total system assets and 3.0% of deposits in Kazakhstan. The bank's long-term national scale bank deposit rating of Ba1.kz and long-term national scale CRR of Baa2.kz reflect the relative positioning within the national scale rating bands corresponding to the global scale ratings. RATIONALE FOR THE POSITIVE OUTLOOK The positive outlook on the long-term deposit ratings reflects Moody's expectations that reduced shareholder-related risks and a maturing business strategy will support the development of a stronger franchise and more stable revenue base, leading to improvements in asset quality and loss-absorption capacity. Moody's expects the bank to stabilise its market share over the coming months and will reassess progress in expanding core banking operations in the near term. The outcome of this assessment will inform future rating actions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive rating momentum could develop if Alatau demonstrates an ability to maintain its market position, expand its core banking franchise, and sustain profitability from stable banking operations—excluding more volatile trading income—at or above current levels. Conversely, the outlook could be revised to stable if the bank fails to strengthen its banking franchise or maintain stable earnings generation, particularly from lending and deposit-taking activities. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Banks published in November 2025. Alatau's "Assigned BCA" score of b1 is set three notches below the "Financial Profile" initial score of ba1 to reflect asset risks stemming from high problem loans and its still-evolving business model which makes its profitability, capital and liquidity potentially volatile. =================== L U X E M B O U R G =================== LUXEMBOURG INVESTMENT: Court Sets Nov. 30 Claims Filing Deadline ---------------------------------------------------------------- By commercial judgment of May 21, 2026, the District Court of Luxembourg, sitting in commercial matters, 6th Chamber, amended the liquidation method applicable to the court-ordered liquidation of Luxembourg Investment Fund, societe d'investissement a capital variable (open-ended investment company) in the form of a societe anonyme (public limited company). The court-ordered liquidation proceedings were commenced by judgment of April 30, 2009. Alain Rukavina and Paul Laplume are the court-appointed liquidators. The court set Monday, November 30, 2026 at 5:00 p.m. as the deadline for lodging declarations of claims with the clerk's office of the District Court of Luxembourg, Cite Judiciaire, Plateau du Saint-Esprit, Batiment CO. Creditors, whether secured or unsecured, who fail to meet this deadline will not be entitled to a share of the liquidation proceeds and will be barred from all rights vis-a-vis the liquidation. Notwithstanding the former Article 508 of the French Commercial Code, in the version applicable on the day the court-ordered liquidation was declared, creditors will no longer be able to declare and assert their claims up to and including the final distribution of funds. The value of shares denominated in a currency other than the euro shall be converted into this currency at the exchange rate on the liquidation judgment date as published by the European Central Bank, and the payment of any liquidation surplus shall be made in euro. The judgement is provisionally enforceable and without security, notwithstanding any right of appeal. For more information, the commercial judgment of May 21, 2026 is available at https://luxembourginvestmentfundinliquidation.lu/ =========================== U N I T E D K I N G D O M =========================== CONSORT ROAD: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------ Consort Road Property Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003885. 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 real estate, including buying and selling its own property and letting and operating property. Its principal trading address is 134 Buckingham Palace Road, London, SW1W 9SA. Its registered office is 134 Buckingham Palace Road, London, SW1W 9SA (to be changed to c/o FRP Advisory Trading Limited, 2nd Floor Abbey House, 32 Booth Street, Manchester, M2 4AB). 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: Ellie Clark Tel: 0161 833 3344 Email: cp.manchester@frpadvisory.com FRP Advisory Trading Limited EVOKE PLC: Fitch Puts 'B' LongTerm IDR on Watch Positive -------------------------------------------------------- Fitch Ratings has placed evoke plc's Long-Term Issuer Default Rating (IDR) of 'B' on Rating Watch Positive (RWP). Fitch has also placed the senior secured debt issued by evoke's fully owned subsidiaries 888 Acquisitions LLC and 888 Acquisitions Limited rated 'B+' on RWP. The debt has a Recovery Rating of 'RR3'. The RWP follows the announcement of a takeover offer by Bally's Intralot S.A. (Intralot; B+/Negative) and reflects the likely rating equalisation of Intralot and evoke under its Parent and Subsidiary Linkage (PSL) Rating Criteria once the acquisition is completed. Fitch forecasts the acquisition to close in late 2026 or early 2027, after the receipt of regulatory approvals. The RWP for senior secured notes also reflects envisaged changes to the capital structure of evoke, with likely partial prepayment using proceeds from the placement of subordinated debt facilities. Key Rating Drivers Acquisition Offer by Intralot: On 5 June 2026, Intralot announced a firm acquisition offer for 100% of evoke's share capital, funded by payment of shares and up to GBP117.1 million cash for a total equity consideration of about GBP243 million. The acquisition offer was supported by evoke's largest individual shareholders but is subject to majority shareholder and regulatory approvals, and Fitch expects it to close in late 2026 or early 2027. Combined Business Profile Beneficial: The potential business combination will be beneficial for evoke due to potential synergies typical for this type of acquisitions that include economies of scale, central cost and IT optimisations and capex synergies. Some business profile weaknesses will remain due to Intralot's high concentration on the UK, which will result in the combined entity remaining highly exposed to recent and upcoming fiscal changes in the UK. Parent Subsidiary Linkage Application: Fitch expects to apply its PSL criteria to evoke on acquisition completion. Fitch is likely to view strategic and operating incentives as high, considering evoke's strong brands and material size relative to Intralot, and potential synergies, which would lead to rating equalisation with Intralot and, potentially, a one-notch upgrade of the IDR. Dependence on Bally's IDR: Intralot's ratings are based on its assessment of legal, operational and strategic linkages with Bally's Corporation (Bally's; B-/Negative), while taking into account Intralot as a stronger subsidiary. Intralot's IDR uplift is constrained at two notches above Bally's IDR, so this restriction will also apply to evoke's IDR after acquisition. Fiscal Changes Impact on Deleveraging: Fitch expects that the recently introduced increase in gaming and upcoming online sports betting duties in the UK in 2027 will materially slow evoke's deleveraging pace, leading to leverage above its negative sensitivity of 5.5x in 2026. Synergies from the business combination provide deleveraging upside. Fitch considers evoke's current standalone capital structure in its forecast. Pressure on Revenue and Profitability: Fitch expects management's cost-optimisation actions to offset fiscal pressure EBITDA impact of about GBP45 million in 2026 and GBP60 million in 2027. However, Fitch still expects evoke's revenue to fall by low single digits and EBITDA margins to decline to 18.9% in 2026, from an estimated 19.4% in 2025. Fitch assumes some execution risk for the contemplated mitigating measures, and unsuccessful efforts resulting in sharper profitability deterioration would put further pressure on evoke's Standalone Credit Profile (SCP; b). Peer Analysis evoke's business profile is weaker than that of Flutter Entertainment plc (BBB-/Stable) and Entain plc (BB/Negative), as its similar portfolio of strong brands is offset by its smaller scale and slightly weaker geographical diversification with no sizeable US presence. Fitch also projects higher leverage and lower profitability for evoke over 2026-2027, which underscores its rating difference with Flutter and Entain. All three entities have high exposure to the UK market and are vulnerable to regulatory risk, which is factored into their ratings. evoke has the highest exposure to the UK and highest share of online gaming revenue, making it more vulnerable to adverse regulations. evoke is also more leveraged than Allwyn AG (BB/Stable). Its organic growth potential of online gaming and betting is offset by higher regulatory risk than Allwyn's lottery business. Allwyn's strong free cash flow (FCF) generation and lower leverage translate into a one-notch rating differential, which is mitigated by a more aggressive financial policy and a more complex group structure. Fitch’s Key Rating-Case Assumptions - Revenue decline of 2.5% in 2026, driven by contraction of the UK business, partly mitigated by high single-digit growth in the international segment - Revenue growth in the low single digits in 2027 and mid-single digits in 2028-2029 - EBITDAR margin declining to 18.9% in 2026 and 18.5% in 2027, from 19.4% in 2025. This is followed by moderate 10bp-20bp improvement a year to 2029 - Non-recurring expenses of about GBP30 million in 2026, GBP20 million in 2027 and GBP10 million to 2029 - Neutral working capital to 2029 - Capex at 6% of revenue in 2026, moderating to 4.5% in 2027-2029 - No dividends in 2026-2027 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 (b+, Moderate), Market and Competitive Positioning (bb+, Moderate), Diversification and Asset Quality (bb, Moderate), Company Operational Characteristics (bb-, Lower), Profitability (b, Higher), Financial Structure (b, Moderate), and Financial Flexibility (b, Higher). - The quantitative financial subfactors are based on standard CRT financial period parameters: 20% weight for the historical year 2024, 40% for the forecast year 2025 and 40% for the forecast year 2026. - B+ to CC considerations apply in its analysis and result in no adjustment. - The Governance Impact assessment of 'Good' results in no adjustment. - The Operating Environment Impact assessment of 'a+' results in no adjustment. - The SCP is 'b'. Recovery Analysis Fitch assumes evoke would be considered a going concern (GC) in bankruptcy and that it would be reorganised rather than liquidated. The GC EBITDA estimate reflects its view of a sustainable, post-reorganisation EBITDA level on which Fitch bases the enterprise valuation (EV). Its bespoke GC recovery analysis considers an estimated post-restructuring EBITDA available to creditors of about GBP220 million. Fitch applies a distressed EV/EBITDA multiple of 5.5x, closer to the higher range of multiples Fitch uses for the corporate portfolio outside the US. In its view, the high intangible value of evoke's brands and historical multiples of B2C brand acquisitions, including William Hill International, support an above-average multiple. This multiple is in line with 5.5x Fitch uses for Meuse Bidco SA (B+/Stable). Its principal waterfall analysis, after deducting 10% for administrative claims, generated a ranked recovery for the senior secured debt, including the GBP200 million senior secured revolving credit facility (RCF), assumed fully drawn at default, in the 'RR3' band, indicating a 'B+' instrument rating for the senior secured debt of 888 Acquisitions Limited and 888 Acquisitions LLC. The senior secured debt quantum as of end-2025 was adjusted for a GBP10.5 million repayment of legacy William Hill bonds in May 2026. Pro-forma completion of the acquisition, Fitch expects the senior secured notes to be partly repaid with the proceeds of the announced subordinated debt placement. This would improve recovery expectations for the senior secured debt and could lead to a higher uplift of the senior secured notes ratings from evoke's IDR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Persisting execution challenges due to regulatory pressures in core markets or inability to stabilise revenue and profitability sufficiently, leading to EBITDAR leverage above 6.0x - Erosion of liquidity headroom with consistent material reduction in RCF availability and persistently negative FCF - EBITDAR fixed charge cover consistently below 1.5x Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Completion of acquisition by Intralot, subject to Bally's and Intralot's ratings not being downgraded from their current levels - Refinancing of senior secured debt with a more junior facility could result in an upgrade of the senior secured debt issued by evoke's subsidiaries - Consistent organic revenue expansion and improvement of EBITDAR margins - Sustained positive low-single-digit FCF margins - EBITDAR leverage trending below 5.5x - EBITDAR fixed charge cover above 1.8x on a sustained basis Liquidity and Debt Structure Fitch assesses liquidity at end-2025 as satisfactory, with Fitch-calculated cash of about GBP70 million after GBP60 million adjustment for operating purposes. Liquidity was supplemented by GBP81 million available under its GBP200 million RCF. It has no major debt maturities until 2028, but Fitch expects evoke to refinance its 2028 maturities no later than in 2027 in order for the RCF to remain available beyond January 2028. In 2025, evoke continued to extend its debt maturity profile refinanced its 2027 notes with 2031 notes. However, 2028 maturities still represent about 50% of total debt quantum, which underlines high refinancing risk. The announced acquisition financing structure assumes that proceeds from the placement of the subordinated debt will be used to address certain 2028 maturities, which should materially improve evoke's debt maturity profile. Issuer Profile Gibraltar-based gaming operator evoke is a global online gaming and sports betting operator focused on casino and poker, with retail operations in the UK. 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 evoke. ESG Considerations evoke has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & Data Security, due to increasing regulatory scrutiny of the sector, particularly in the UK, greater awareness around social implications of gaming addiction and an increasing focus on responsible gaming. Fitch has reflected conservative assumptions on UK online sales and profitability, but more punitive fiscal or responsible gaming legislation than envisaged could put ratings under pressure, given evoke's high leverage. This has a negative impact on the credit profile and is relevant to the ratings in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- 888 Acquisitions Limited senior secured LT B+ Rating Watch On RR3 B+ evoke plc LT IDR B Rating Watch On B 888 Acquisitions LLC senior secured LT B+ Rating Watch On RR3 B+ GASPAR MEWS: FRP Advisory Appointed as Joint Administrators ----------------------------------------------------------- Gaspar Mews Property Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003912. 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 (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 HALO FINANCIAL: BTG Begbies Appointed as Joint Administrators ------------------------------------------------------------- Halo Financial Limited was placed into administration in the High Court of Justice, Court Number CR-2026-004043. Louise Longley and Bai Cham, both of BTG Begbies Traynor (Central) LLP, were appointed as Joint Administrators on May 29, 2026. The company specialized in financial intermediation. Its registered office is 55 Station Road, Beaconsfield, HP9 1QL. The company has no principal trading address listed. The Joint Administrators can be contacted at: Louise Longley BTG Begbies Traynor (Central) LLP Floor 2, 10 Wellington Place Leeds LS1 4AP -- and -- Bai Cham BTG Begbies Traynor (Central) LLP Innovation Centre Medway Maidstone Road Chatham Kent ME5 9FD Further information: Contact: Chloe Fletcher Tel: 0113 244 0044 Email: chloe.fletcher@btguk.com BTG Begbies Traynor (Central) LLP HOPS HILL 6: S&P Assigns Prelim B(sf) Rating to E-Dfrd Notes ------------------------------------------------------------ S&P Global Ratings assigned preliminary credit ratings to Hops Hill No. 6 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, the issuer will also issue residual certificates. This is an RMBS transaction that securitizes a portfolio of buy-to-let mortgage loans secured on properties in the U.K. The provisional mortgage portfolio is approximately GBP295 million as of June 2, 2026, plus a prefunding amount. The issuer will use the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller at closing, plus some prefunded loans up to the first interest payment date. The issuer will grant security over all of its assets in the security trustee's favor. Credit enhancement for the rated notes will consist of subordination and excess spread. A liquidity reserve will provide liquidity support to cover senior fees, swap payments, and cure interest shortfalls on the class A and B-Dfrd notes. Principal can be used to pay interest on the class A and B-Dfrd through D-Dfrd notes, provided that, in the case of the class B-Dfrd to D-Dfrd notes, they are the most senior class outstanding or the outstanding principal deficiency ledger is less than 10%. The transaction includes a prefunded amount of up to 20%, where the issuer can purchase loans until the first interest payment date. The addition of these loans could adversely affect the pool's credit quality. Portfolio limitations mitigate this risk. Product switches are permitted, subject to certain conditions being met. S&P performed additional sensitivities that capture the risk of margin deterioration, and the assigned ratings reflect the results of these sensitivities. The issuer is an English special-purpose entity, which S&P expects to be bankruptcy remote, subject to its review of the relevant transaction documents and legal opinions. There are no rating constraints in the transaction under S&P's operational risk or structured finance sovereign risk criteria. Preliminary ratings Class Prelim. rating* Prelim. class size (%) A AAA (sf) 89.50 B-Dfrd AA (sf) 5.50 C-Dfrd A (sf) 3.00 D-Dfrd BBB- (sf) 1.50 E-Dfrd B (sf) 1.60 J-VFN NR N/A Residual Certificates NR N/A *S&P's preliminary ratings address timely payment of interest and ultimate repayment of principal for the class A notes, and the ultimate payment of interest and principal on the other rated notes. S&P's preliminary ratings also address the timely payment of interest on the rated notes when they become most senior outstanding. Any deferred interest is due immediately when the class becomes the most senior class outstanding. NR--Not rated. N/A--Not applicable. KNIGHTSBRIDGE (AG): FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------------ The Knightsbridge (AG) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003925. 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 (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: Geoffrey Rowley David Hudson Simon Baggs FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further information: Tel: 020 3005 4000 Email: cp.london@frpadvisory.com Contact: Ella Sutton FRP Advisory Trading Limited MOTOR FUEL: S&P Affirms 'B' LongTerm ICR, Outlook Stable -------------------------------------------------------- S&P Global Ratings affirmed its 'B' long-term issuer credit rating on U.K.-based forecourt operator Motor Fuel Group's (MFG) holding company, CD&R Firefly 4 Ltd., and its 'B' issue rating on the senior secured debt instruments. The proposed issuance is rated 'B' with a recovery rating of '3', reflecting its expectation of meaningful recovery (50%-70%; rounded estimate: 55%) in the event of default. The stable outlook reflects S&P's expectation that MFG will maintain resilient earnings and solid FOCF after leases. S&P forecasts S&P Global Ratings-adjusted debt to EBITDA of 6.0x-6.5x (5.6x-6.1x, excluding preference shares) and funds from operations (FFO) to cash interest of 1.5-2.0x in the next 12-24 months. MFG is seeking to raise GBP550 million of senior secured debt to partially redeem senior preference shares at the top holding company. The group is also contemplating amending and extending other facilities. S&P said, "The proposed redemption has no impact on our calculation of adjusted debt to EBITDA, which we forecast will be about 6.4x in 2026. Although we forecast higher cash interest from increased debt, we still anticipate the group will generate annual free operating cash flow (FOCF) after leases of about GBP100 million in 2026 and 2027." S&P expects MFG's credit metrics will remain stable, as the proposed redemption of senior preference shares will not raise adjusted leverage. The group intends to raise GBP550 million in incremental senior secured debt and use GBP100 million in cash to partially redeem preference shares of GBP600 million at the Mars Challenger Jersey Topco Ltd. level. This transaction is being considered alongside a potential extension of the existing term loan B (TLB), revolving credit, and letter of credit (LC) facilities to June 2031. Because the senior preference shares have been included in S&P's adjusted debt calculations since 2024, the redemption has no impact on the forecast 2026 S&P Global Ratings-adjusted debt to EBITDA of 6.4x. MFG has a proven record of reducing leverage through profitable revenue growth. The group has built substantial scale through organic initiatives such as improved retail offerings and extending its food to go and valeting services, alongside large acquisitions like MRH and Morrisons forecourts. With EBITDA of GBP682 million across approximately 1,200 forecourts, MFG has established a dominant market presence. MFG is also well-positioned to navigate the transition to electric vehicles (EVs). The company's ownership of freehold locations and its proactive buildout of EV charging infrastructure, including 2,000 charging bays across 226 sites, provides a strategic advantage in a changing automotive landscape. The group maintains a disciplined approach to capital allocation and operational efficiency. It has extracted synergies from acquisitions and has a consistent focus on improving the cost base to create profits. However, any adverse regulatory changes (including capping of retail fuel margins) could dent the group's profitability and cash flow generation. MFG's solid cash flow generation is still key to its credit strength. S&P said, "Although we expect 2026 FOCF after leases will decrease due to a higher cash interest burden from the increased debt, we forecast the group will still generate GBP100 million a year in FOCF, after lease payments. We assume it will keep capital expenditure (capex) at about 21% of EBITDA, or GBP150 million-GBP160 million a year over the next two years." Most of this will be used to expand retail and food service offerings (about GBP65 million) and develop EV charging infrastructure (about GBP50 million). These investments are largely discretionary and MFG will have the flexibility to scale back or defer spending if necessary, which will help it keep liquidity and credit metrics stable. The proposed amend-and-extend transaction will improve the company's long-term liquidity profile by pushing debt maturities beyond 2030. This initiative seeks to extend the maturities of the TLB facilities, revolving credit facility (RCF), and LCs. The transaction introduces liquidity risk via a springing maturity provision. Under this proposed structure, the maturities of the TLB, RCF, and LC facilities could be brought forward if a material portion of the senior secured debt due in April 2029 remains outstanding by a specific date. MFG's franchise model enables it to manage its cost pressures effectively. Under its franchise model, site operators act as contract managers rather than full-time employees. Although MFG retains control over fuel economics, franchisees earn a commission on each liter of fuel sold. Under this arrangement, the franchisee oversees all retail sales, food-to-go offerings, and ancillary services, while paying MFG a contractually determined daily fee that varies with site retail sales. This setup secures MFG a reliable stream of nonfuel retail while still allowing franchisees to enjoy any additional upside. S&P said, "The stable outlook reflects our expectation that MFG will maintain a resilient earnings profile over the next 12 months with the continued expansion of its non-fuel offerings, specifically food to go, valeting services, and EV charging. Our forecasts for 2026 indicate that the group is likely to maintain adjusted debt to EBITDA of 6.0x-6.5x (5.6x-6.1x excluding preference shares); funds from operations (FFO) to cash interest of 1.9x; and solid positive FOCF after leases. "We could downgrade MFG if the group's S&P Global Ratings-adjusted debt to EBITDA increased above 7x (above 6.6x excluding preference shares), or if its cash generation weakened materially, such that its adjusted FFO to cash interest coverage ratio fell to 1.5x, or if either FOCF after leases or liquidity substantially weakened." This could happen if: -- Sustained changes to the U.K. fuel market's fundamentals (including any regulatory intervention) resulted in lower fuel margins; or -- The group's franchisees struggled to operate profitably due to a steady increase in their operating costs; or -- Weakening operating performance or high exceptional costs materially eroded FOCF. S&P could also lower the rating if a more aggressive financial policy leads to a prolonged weakening in the group's credit metrics. Possible sources of such deterioration include a decision by the sponsor to allocate surplus cash toward shareholder payouts during a period of deteriorating operating performance, or engaging in sale-and-leaseback transactions for shareholder payouts. Given periodic redemption of its preference shares with financial debt in the past, S&P does not anticipate raising the rating within the next 12 months. However, S&P could do so if MFG's cash generation was sufficient to absorb the higher cash interest payments, maintain strong positive FOCF after leases, and sustain the following credit metrics: -- S&P Global Ratings-adjusted debt to EBITDA approaching 5x; and FFO to cash interest of at least 2x. -- At the same time, an upgrade would depend on a strong commitment from the financial sponsor to maintain these credit metrics. SOLAR BRIDGING: Ernst & Young Appointed as Joint Administrators --------------------------------------------------------------- Solar Bridging Limited, trading as Solar Bridging, was placed into administration in the High Court of Justice, Court Number CR-2026-004436. Simon Edel, Joanne Robinson, and Dan Mindel, all of Ernst & Young LLP, were appointed as Joint Administrators on June 5, 2026. The company specialized in financial intermediation. Its registered office is c/o Ernst & Young LLP, 1 More London Place, London, SE1 2AF. Its principal trading address is 2nd Floor, 314 Regents Park Road, Finchley, London, N3 2JX. The Joint Administrators can be contacted at: Simon Edel Joanne Robinson Dan Mindel Ernst & Young LLP 1 More London Place London SE1 2AF Further information: Contact: Ayse Hassan Email: solarbridgingadmin@uk.ey.com Ernst & Young LLP SOUTH KENSINGTON 2: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------------ South Kensington 2 (EG) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003918. Geoff Rowley, David Hudson, 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: Geoff 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 UK LOGISTICS 2026-2: S&P Assigns BB(sf) Rating to Class E Notes --------------------------------------------------------------- S&P Global Ratings has assigned its credit ratings to UK Logistics 2026-2 DAC's class A, B, C, D, and E notes. The transaction is backed by a GBP648.8 million loan, which Barclays Bank PLC advanced to Mileway UK Finco III Ltd., a Blackstone-owned company, as part of its refinancing of a portfolio of U.K. logistics assets. The loan is secured on a U.K. portfolio of 184 predominantly logistic/industrial assets. The portfolio comprises 9.5 million square feet of total lettable area and is valued at GBP998.2 million as of December 2025. The loan-to-value (LTV) ratio is 65%. The loan has an initial term of two years with three one-year extension options, subject to the satisfaction of certain conditions being met. The loan is interest only and includes cash trap mechanisms triggered if the LTV ratio exceeds 80% or if the debt yield falls below 6.2%. Payments due under the loan facility agreement primarily fund the issuer's interest and principal payments due under the notes. Under EU, U.K., and U.S. risk retention requirements, the issuer and the issuer lender (Barclays Bank PLC) also entered into a GBP32.4 million issuer loan agreement (representing 5% of the securitized loan), which ranks pari passu to the notes. The issuer lender advanced the issuer loan to the issuer on the closing date. The issuer applied the proceeds of this loan as partial consideration for the purchase of the securitized loan from the loan seller. S&P's ratings on the class A to E notes address UK Logistics 2026-2's ability to meet timely interest payments on the class A, B, C, and D notes, ultimate payment of interest on the class E notes, and payment of principal on the rated notes no later than the legal final maturity in August 2037. The legal final maturity date is initially August 2036. However, the servicer has the option to extend the loan one time by 12 months beyond the third extended loan maturity date in 2031. Should the servicer choose to exercise this option, the legal final maturity date will be automatically extended to August 2037. S&P's ratings on the notes reflect our assessment of the underlying loan's credit, cash flow, and legal characteristics, and an analysis of the transaction's counterparty and operational risks. Ratings A AAA (sf) 378,500,000 B AA (sf) 52,400,000 C A (sf) 61,600,000 D BBB- (sf) 73,300,000 E BB (sf) 50,598,000 *S&P's ratings address timely payment of interest on the class A, B, C, and D notes, ultimate payment of interest on the class E notes, and payment of principal not later than the legal final maturity date of Aug. 18, 2037 on all classes of notes. NR--Not rated. WASHINGTON HOUSE: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Washington House (BS) Limited was placed into administration in the High Court of Justice, Court Number CR-2026-003927. Geoff 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 (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: Geoff Rowley David Hudson Simon Baggs FRP Advisory Trading Limited 3rd Floor, 110 Cannon Street London EC4N 6EU Further information: Tel: 020 3005 4000 Email: cp.london@frpadvisory.com Contact: Ella Sutton FRP Advisory Trading Limited WJL CONTRACTS: Ideal Corporate Appointed as Joint Administrators ---------------------------------------------------------------- WJL Contracts Limited was placed into administration in the Business and Property Courts in Manchester, Court Number 000821 of 2026. Andrew David Rosler and Jonathan Gribble, both of Ideal Corporate Solutions Limited, were appointed as Joint Administrators on May 29, 2026. The company specialized in manufacture of other builders' carpentry and joinery. Its registered office and principal trading address is Units 1 & 2 Ormonde Street, Stoke-On-Trent, ST4 3RR. The Joint Administrators can be contacted at: Andrew David Rosler Jonathan Gribble Ideal Corporate Solutions Limited Lancaster House 171 Chorley New Road Bolton BL1 4QZ Further information: Contact: Robyn Jackson Email: robyn.jackson@idealcs.co.uk Tel: 01204 663000 Ideal Corporate Solutions Limited X1 MANCHESTER: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------- X1 Manchester Waters Limited was placed into administration in the High Court of Justice, Court Number CR-2026-000799. David Acland and Joe Allen, both of FRP Advisory Trading Limited, were appointed as Joint Administrators on June 4, 2026. The company operated in the buying and selling of real estate. Its principal trading address is Manchester Waters, Pomona Island, Manchester M16 0YD. Its registered office is 116 Duke Street, Liverpool L1 5JW (to be changed to c/o FRP Advisory Trading Limited, Derby House, 12 Winckley Square, Preston PR1 3JJ). The Joint Administrators can be contacted at: David Acland Joe Allen FRP Advisory Trading Limited Derby House 12 Winckley Square Preston PR1 3JJ Further information: Tel: 01772 440700 Email: Manchester.waters@frpadvisory.com ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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