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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 24, 2026, Vol. 27, No. 125

                           Headlines



A R M E N I A

AMERIABANK CJSC: Moody's Affirms 'Ba3' Deposit Ratings
INECOBANK CJSC: Moody's Affirms Ba3 Deposit Rating, Outlook Stable


A U S T R I A

CONSTANTIA FLEXIBLES: S&P Assigns 'B-' LT ICR, Outlook Positive


G R E E C E

GLOBAL SHIP: Moody's Alters Outlook on 'Ba2' CFR to Positive


H U N G A R Y

WIZZ AIR: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable


I R E L A N D

ALBACORE EURO III: Moody's Affirms B3 Rating on EUR12MM F Notes
CIFC EUROPEAN V: Moody's Affirms B3 Rating on EUR11.9MM F Notes
NOURYON FINANCE: Moody's Rates Amended Sr. Secured Term Loan 'B2'
ST. PAUL'S CLO IV: Moody's Cuts Rating on EUR14.3MM E Notes to B3


I T A L Y

NEOPHARMED GENTILI: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
NEOPHARMED GENTILI: Moody's Alters Outlook on 'B3' CFR to Positive


L U X E M B O U R G

AUTO1 CAR FUNDING: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
CULLINAN HOLDCO: Moody's Upgrades CFR to 'B3', Outlook Stable
MONITCHEM HOLDCO: Moody's Alters Outlook on 'B3' CFR to Stable


N E T H E R L A N D S

SIGMA HOLDCO: S&P Affirms 'B' ICR & Alters Outlook to Negative


P O R T U G A L

TRANSPORTES AEREOS: S&P Rates New EUR300MM Sr. Unsec. Notes 'BB-'


S W E D E N

INTRUM AB: S&P Upgrades ICR to 'B-' on Capital Raise Approval
VERISURE MIDHOLDING: Fitch Rates EUR1-Billion Unsecured Notes 'BB+'


T U R K E Y

PEGASUS HAVA: S&P Affirms 'B+' LT ICR & Alters Outlook to Negative


U N I T E D   K I N G D O M

CASTELL 2023-1: S&P Raises Class F-Dfrd Notes Rating to 'BB (sf)'
CLARA.NET HOLDINGS: Moody's Lowers CFR to Caa1, Outlook Stable
KANE BIDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
NS AND PS DEVELOPMENTS: FRP Advisory Named as Joint Administrators
OEC (ELECTRICAL): Moorfields Appointed as Joint Administrators

PYM & WILDSMITH: KR8 Advisory Appointed as Joint Administrators
UKRAINIAN RAILWAYS: Fitch Affirms 'RD' LongTerm IDRs

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A R M E N I A
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AMERIABANK CJSC: Moody's Affirms 'Ba3' Deposit Ratings
------------------------------------------------------
Moody's Ratings has affirmed Ameriabank CJSC's (Ameriabank) Ba3
long-term local and foreign currency bank deposit ratings and
maintained the stable outlook on these ratings. Concurrently,
Moody's affirmed the bank's ba3 Baseline Credit Assessment (BCA)
and Adjusted BCA, Not Prime (NP) short-term local and foreign
currency bank deposit ratings, the bank's Ba2/NP long-term and
short-term local and foreign currency Counterparty Risk Ratings
(CRRs) and the Ba2(cr)/NP(cr) long-term and short-term Counterparty
Risk Assessments (CR Assessments).

RATINGS RATIONALE

The affirmation of Ameriabank's BCA and Adjusted BCA at ba3
reflects the bank's robust asset quality and capital buffer, and
its strong loss absorption capacity in general. The bank's BCA is
constrained by its high reliance on wholesale funding and the
elevated dollarisation of its balance sheet.

In 2025, Ameriabank posted a net profit of AMD 72.6 billion, which
translated into a strong return on tangible assets of 3.1%, driven
by the high-interest rate environment, which allowed for a wide net
interest margin (NIM) of 6.0%. Profitability was supported by
favorable economic conditions, which improved the creditworthiness
of borrowers and resulted in a cyclically low 0.2% of credit costs.
Moody's expects the bank to preserve its strong profitability
despite expected moderation of NIM and trading gains in the next
12-18 months.

Ameriabank's problem loans (PLs; defined as Stage 3 lending) rose
slightly to 2.0% of gross loans from a low 1.4% as of year-end
2024. The reported proportion of loan loss reserves to problem
loans was stable at 69%. Moody's expects that Ameriabank will
maintain strong control over its asset quality amid ongoing
economic growth in Armenia, with a PL ratio remaining within 2%-3%
range over the next 12-18 months.

Ameriabank's capital buffer has materially strengthened over recent
years amid strong profitability, with a Tangible Common Equity
(TCE) to Risk-Weighted Assets (RWA) ratio of 14.7% as of Q1 2026,
despite ongoing rapid RWA growth. Moody's expects the TCE/RWA ratio
to moderate somewhat over the next 12–18 months due to resumed
dividend payouts.

The bank's reliance on wholesale funding increased further to 24%
of tangible banking assets as of year-end 2025 from 16% at the end
of 2023 amid rapid loan book growth over the past two years. The
share of less-stable funds slightly increased to 33.5% of tangible
banking assets at the end of 2025, from 31.4% a year earlier. The
bank continues to maintain a healthy liquidity cushion with liquid
assets exceeding 23% of total assets as of Q1 2026. The bank's
liquidity is supported by a well-diversified and granular customer
base coupled with strong local banking franchise.

Ameriabank's long-term deposit ratings of Ba3 are based on the
bank's BCA of ba3 and Moody's assessments of a high probability of
government support for the bank in the event of need, reflecting
its systemic importance as one of the largest banks in Armenia.
However, this support does not provide any rating uplift to
Ameriabank's long-term deposit ratings because Armenia's Ba3
long-term issuer ratings are at the same level as the bank's BCA.

RATINGS OUTLOOK

The outlook on Ameriabank's long-term deposit ratings is stable,
reflecting Moody's views that the bank will maintain its sound
fundamentals over the next 12-18 months, and is in line with the
stable outlook on Armenia.

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

The ratings of Ameriabank have limited upward potential for the
next 12-18 months, given that they are constrained by the sovereign
rating. Therefore, the ratings upgrade would require both a
strengthening of the bank's standalone fundamentals and an
improvement in the sovereign's creditworthiness.

Ameriabank's BCA and deposit ratings could be downgraded or the
outlook on the long-term deposit ratings could be changed to
negative if the bank's solvency or liquidity were to deteriorate
materially or in case of a remarkable deterioration of the
operating environment. A downgrade of Armenia's issuer rating could
constrain Ameriabank's deposit ratings which is not currently
expected.

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.


INECOBANK CJSC: Moody's Affirms Ba3 Deposit Rating, Outlook Stable
------------------------------------------------------------------
Moody's Ratings has affirmed Inecobank CJSC's (Inecobank) Ba3
long-term local and foreign currency bank deposit ratings and
maintained the stable outlook on these ratings. Concurrently,
Moody's affirmed the bank's ba3 Baseline Credit Assessment (BCA)
and Adjusted BCA, Not Prime (NP) short-term local and foreign
currency bank deposit ratings, the bank's Ba2/NP long-term and
short-term local and foreign currency Counterparty Risk Ratings
(CRRs) and the Ba2(cr)/NP(cr) long-term and short-term Counterparty
Risk Assessments (CR Assessments).

RATINGS RATIONALE

The affirmation of Inecobank's BCA and Adjusted BCA at ba3 reflects
its strong asset quality, robust capital buffers and strong
profitability. The BCA is however constrained by a large, although
reducing, share of foreign-currency exposures on both sides of the
balance sheet.

Inecobank's asset quality has significantly improved over the
recent four years and Moody's expects it to remain broadly stable
in the next 12-18 months. As of Q1 2026, the share of problem loans
(PLs; defined as stage 3 lending) was stable at 1.5%, unchanged
from year-end 2025 and only modestly higher than 1.2% at year-end
2024. The coverage of PLs by loan loss reserves decreased over the
period but remained strong at 109% as of Q1 2026.

In 2025, Inecobank's profitability began to normalise, with net
income broadly stable at AMD 29.6 billion, compared with AMD 29.2
billion in 2024, despite rapid balance sheet growth. As a result,
return on tangible assets declined to 3.2% from 3.8% in 2024. Over
the next 12-18 months, Moody's expects further moderation in
profitability, driven by continued NIM compression, reflecting
higher funding costs associated with increased reliance on
wholesale funding amid heightened industry competition.

As of Q1 2026, Inecobank's Tangible Common Equity
(TCE)/risk-weighted assets (RWA) ratio remained broadly stable at
14.9%, compared with 15.1% at year-end 2025 and 14.7% at year-end
2024. Strong profitability supported robust capital adequacy
throughout the period, offsetting record-high dividend payouts and
rapid RWA growth. Moody's expects the bank will preserve its strong
capital buffers in the next 12-18 months, providing it with a
robust loss-absorption capacity in case of unexpected credit
losses.

Inecobank has a diversified funding base, supported by its good
customer reach and long-standing partnerships with international
financial institutions. As of Q1 2026, customer deposits accounted
for 72% of the bank's non-equity funding, which ensured a robust
funding base. The share of less-stable funds slightly increased to
29.8% of tangible banking assets at the end of 2025, from 25.8% a
year earlier. The bank's liquidity remains strong as indicated by
its stock of liquid assets. As of Q1 2026, these accounted for 30%
of tangible assets.

Inecobank's long-term deposit ratings of Ba3 are based on the
bank's BCA of ba3 and Moody's assessments of a moderate probability
of government support in the event of need, reflecting its
significant market shares. However, this support does not provide
any rating uplift to Inecobank's long-term deposit ratings because
Armenia's Ba3 long-term issuer ratings are at the same level as the
bank's BCA.

The outlook on Inecobank's long-term deposit ratings is stable,
reflecting Moody's views that the bank will maintain its sound
fundamentals over the next 12-18 months, and is in line with the
stable outlook on Armenia.

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

The ratings of Inecobank have limited upward potential for the next
12-18 months, given that they are constrained by the sovereign
rating. Therefore, the ratings upgrade would require both a
strengthening of the bank's standalone fundamentals and an
improvement in the sovereign's creditworthiness.

Inecobank's BCA and deposit ratings could be downgraded or the
outlook on the long-term deposit ratings could be changed to
negative if the bank's solvency or liquidity were to deteriorate
materially or in case of a remarkable deterioration of the
operating environment. A downgrade of Armenia's issuer rating could
constrain Inecobank's deposit ratings which is not currently
expected.

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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A U S T R I A
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CONSTANTIA FLEXIBLES: S&P Assigns 'B-' LT ICR, Outlook Positive
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issuer credit
ratings to Constantia Flexibles GmbH. S&P also assigned its 'B-'
rating and '3' recovery rating to the proposed senior secured term
loan B.

The positive outlook reflects potential for sustained improvement
in EBITDA margins and materially stronger positive free operating
cash flow (FOCF) generation, leading to declining leverage toward
6.0x-6.5x.

One Rock Capital Partners acquired Austria-headquartered flexible
packaging solutions provider Constantia Flexibles GmbH (CFlex) in
January 2024. The combined group generated S&P Global
Ratings-adjusted EBITDA of about EUR300 million in 2025, supported
by the contribution of Aluflexpack, which it acquired in March
2025.

The group intends to issue EUR1.9 billion senior secured debt
(split into a term loan B and other debt instruments) due in 2032
and a EUR305 million revolving credit facility (RCF) due 2031
(undrawn at the close of the transaction). The company will use the
proceeds (together with cash on balance sheet) to repay its
existing debt facilities, including the EUR1.93 billion unitranche
facility due 2030 and EUR22 million local debt; as well as for
transaction fees and expenses.

S&P said, "In our view, CFlex's leading positions in niche markets
support its business risk profile. We assess the business risk as
fair, reflecting CFlex's leading position in flexible packaging
solutions as well as long-standing relations with blue-chip
customers and multi-year contracts. Our assessment also
incorporates the high barriers to entry in pharmaceutical
packaging, which accounts for roughly 25% of sales. CFlex's
technical expertise, vertical integration into aluminum foil,
well-invested asset base, and ability to pass on raw material cost
fluctuations (primarily aluminum and resin) to customers, although
with a delay, support our assessment.

"Our business risk assessment also reflects CFlex's relatively
small scale, niche positioning, the commoditized nature of some
products, and its customer concentration. CFlex is smaller than
many of its Europe-based packaging peers that we rate, with
adjusted EBITDA of about EUR293 million in 2025. We view the
European market for flexible packaging solutions, where CFlex holds
a meaningful market share, as niche and mature. The company's
customer base is relatively concentrated, with the top 10 customers
contributing about 27% of revenue. This largely mirrors the
inherent concentration in its end-markets (the consumer goods and
pharmaceutical industries).

"We assess CFlex's financial risk profile as highly leveraged,
reflecting its credit metrics and financial-sponsor ownership. We
expect debt to EBITDA will remain about 6.0x-6.5x and funds from
operations (FFO) of 9%-10% over the near term. Our assessment is
constrained by the group's limited track record of sustained FOCF,
with minimal FOCF in 2024 and negative FOCF in 2025. We thereby
apply a negative comparable rating analysis notch to our issuer
credit rating on CFlex. However, we expect FOCF to turn positive
from 2026, totaling EUR60 million-EUR70 million. This will largely
be driven by cost savings, synergies, and a decline in exceptional
costs, which were elevated over the past two years due to the One
Rock Capital Partners' buyout and the Aluflexpack acquisition.

"Our rating is based on the proposed capital structure. We will
reassess the capital structure when we receive the final
documentation. Our review will include, among other factors, the
use of proceeds, maturity profile, loan size and terms, financial
and other covenants, security package, and ranking."

The positive outlook reflects a potential upgrade if CFlex
demonstrates a sustained improvement in EBITDA margins and
materially stronger positive FOCF generation, with debt to EBITDA
reducing toward 6.0x-6.5x.

S&P could revise the outlook to stable if adjusted FOCF generation
did not improve as expected, because of lower revenue, higher
recurring or exceptional costs, or less synergies.

S&P could also lower its ratings if CFlex's liquidity deteriorated
substantially or if its credit metrics--including interest coverage
and adjusted debt to EBITDA--weakened significantly, and if S&P
viewed the capital structure as unsustainable.




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G R E E C E
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GLOBAL SHIP: Moody's Alters Outlook on 'Ba2' CFR to Positive
------------------------------------------------------------
Moody's Ratings has changed the outlook on Global Ship Lease, Inc.
(GSL or the company) to positive from stable. Concurrently, Moody's
have affirmed GSL's Ba2 corporate family rating and Ba2-PD
probability of default rating.

"The outlook change to positive reflects GSL's decision to order
newbuild vessels backed by long-term charters, marking a strategic
shift toward fleet renewal that addresses one of the company's key
credit challenges, while maintaining very strong credit metrics
with gross leverage of 1.4x and net leverage of just 0.5x as of
March 31, 2026," says Daniel Harlid, a Moody's Ratings Vice
President – Senior Credit Officer and lead analyst for GSL. "The
company's high contract coverage through 2028 and very conservative
rechartering assumptions underpin Moody's confidence in the
sustainability of its credit profile, although an upgrade will
depend on continued fleet modernization and disciplined capital
allocation," Mr. Harlid added

RATINGS RATIONALE

The outlook change to positive from stable primarily reflects GSL's
announcement that it has placed an order for 10 new container ships
for an aggregate purchase price of $917 million, with deliveries
expected between Q4 2028 and Q1 2030. The vessels are backed by
long-term time charters, providing significant incremental revenue
visibility. This represents an important strategic pivot for GSL,
which had previously relied exclusively on secondhand vessel
acquisitions. The decision to begin fleet renewal, combined with
the company's announcement earlier this year to sell three vessels
built 2000 – 2002 when they come off their respective charters,
is viewed positively as it addresses a key credit challenge —
namely, the company's ageing fleet, which at a TEU-weighted average
age of 18.2 years is amongst the highest in the container shipping
industry.

The rating affirmation reflects GSL's very strong credit metrics,
with Moody's-adjusted Debt/EBITDA of 1.4x and net Debt/EBITDA of
0.5x as of March 31, 2026. The company has demonstrated consistent
deleveraging since 2021, reducing total debt to $653 million from
$1,070 million, while growing its fleet and revenue base. On a
last-twelve-months basis, GSL generated $774 million in revenue and
$471 million in EBITDA, with free cash flow of $321 million (on a
Moody's-adjusted basis). Moody's expects gross leverage to trend
toward 0.7x by 2028, even under Moody's conservative assumptions
with significantly lower charter rates than current levels.

The rating also continues to reflect GSL's strategic focus on
mid-size and smaller containerships below 10,000 TEU, a segment
characterised by supportive supply-side fundamentals with a
constrained orderbook-to-fleet ratio of only 15% as of late 2025,
compared to 54% for larger vessels. These vessels are primarily
deployed on non-mainlane regional trade routes, which account for a
significant share of global containerized shipping volumes and have
benefited from increased ton-mile demand driven by geopolitical
developments, trade diversification and Red Sea rerouting. The
current market environment remains supportive, with charter rates
at elevated levels and average fixture periods at historically high
durations of approximately 21 months.

The rating is, however, constrained by GSL's still ageing fleet —
notwithstanding the recent newbuild orders — as well as by
customer concentration, the inherent cyclicality of the container
shipping charter market and rising regulation regarding future
propulsion and fuel technologies as part of the industry's carbon
transition. While GSL's newbuild orders and scrapping intentions
represent a positive inflection point, Moody's continues to reflect
the elevated fleet age risk in the company's business profile
assessment.

LIQUIDITY PROFILE

Moody's views GSL's liquidity profile as good. As of March 31,
2026, the company had unrestricted cash and cash equivalent of $499
million. GSL is expected to continue to remain strongly free cash
flow generative after interest and dividends. Mandatory debt
amortization continues to support gross debt reduction. The
newbuild capex of $917 million will be spread over the construction
period in line with standard shipping industry delivery terms, with
the majority payable upon delivery, and is expected to be funded
through a combination of internal cash flow generation and
partially debt financing. The company also maintains a number of
unencumbered vessels, which provide additional funding
flexibility.

RATING OUTLOOK

The positive outlook reflects GSL's very strong credit metrics, the
strategic decision to begin fleet renewal through charter-backed
newbuild orders, and high revenue visibility through 2028. The
positive outlook balances these strengths against the company's
still ageing fleet overall, the inherent cyclicality of the charter
market and the ongoing uncertainty around the industry's carbon
transition. An upgrade over the coming quarters would require GSL
to demonstrate a continued track record of fleet modernization
while maintaining strong credit metrics and a balanced capital
allocation strategy with regards to shareholder returns and vessel
investments.

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

Positive pressure could arise if the company demonstrates an
improved business profile in the form of increased scale,
diversification or revenue visibility, in addition to continued
signs of fleet renewal. Furthermore, an upgrade would require
Moody's-adjusted debt/EBITDA to remain below 2.0x on a sustained
basis, free cash flow to remain positive, EBIT/interest coverage
above 5.0x, limited rechartering risk and a well-managed debt
maturity profile.

Although the positive outlook indicates that a downgrade is
unlikely in the next 12-18 months, negative pressure could develop
if Moody's-adjusted debt/EBITDA increases above 3.0x on a sustained
basis, retained cash flow/net debt falls towards 20%, EBIT/interest
coverage falls below 4.0x, free cash flow generation weakens
significantly or liquidity deteriorates.

PRINCIPAL METHODOLOGY

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

GSL's Ba2 rating is two notches below the Baa3 scorecard-indicated
outcome. This is largely reflective of continued very high charter
rates which Moody's expects will normalize over time.

COMPANY PROFILE

Incorporated in the Republic of Marshall Islands, Global Ship
Lease, Inc. is one of the largest containership charter owners
globally. As of March 31, 2026, the company owned 71 vessels with a
total capacity of over 423,000 twenty-foot equivalent units (TEUs).
The company's shares are listed on the New York Stock Exchange with
a market cap of $1.5 billion as of June 12, 2026. For the last
twelve months that ended in March 2026, GSL reported revenue of
$774 million and a company-adjusted EBITDA of $522 million.




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H U N G A R Y
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WIZZ AIR: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Wizz Air Holdings Plc's Long-Term Issuer
Default Rating (IDR) and senior unsecured rating at 'BB'. The
Outlook on the IDR is Stable.

The affirmation reflects Wizz Air's leading franchise in Central
and Eastern Europe (CEE), the progress on its strategic reset,
including greater focus in core markets, more disciplined
medium-term growth targets, and improved visibility on the easing
of Pratt & Whitney (P&W) related groundings. The Stable Outlook
reflects Fitch's expectation that credit metrics will gradually
improve, supported by EBITDAR recovery, moderate growth and
improving operational efficiency as grounded aircraft return to
service and the A320ceo fleet is progressively retired.

Fitch sees risks that a prolonged Middle East crisis, sustained
fuel price pressure and weaker pass-through of higher costs could
delay the pace of earnings recovery and deleveraging towards 'BB'
rating sensitivities after FY27 (financial year ending March).
However, the structural trend of the company's performance will be
important for the rating trajectory.

Key Rating Drivers

Expected Deleveraging Trajectory: After a weak FY26, Fitch expects
Wizz's credit metrics to gradually improve, supported by earnings
recovery, moderate growth and improved operational efficiency.
Fitch forecasts available seat kilometres (ASK) growth of 23% in
FY27 and 12% in FY28 and assumes a limited increase of yields to
pass-through higher fuel costs during FY27 and gradual resolution
of the problems related to P&W engines. Fitch forecasts that
Fitch-defined EBITDAR will increase towards EUR1.8 billion by FY28
(from EUR1.1 billion in FY26) with the EBITDAR margin in the range
of 20%-22% (19% in FY26).

Deleveraging should also benefit from lower growth capex and
material sale-and-leaseback inflows, although execution risks
remain high for the latter. Fitch assumes consistently positive
free cash flow (FCF) post sale and leaseback, resulting in EBITDAR
net leverage declining to about 3.0x in FY28 from a high 4.7x in
FY26. Fitch sees execution risk related to the deleverage
especially in the short term, due to the current geopolitical
situation, while Fitch considers a steady performance improvement
as likely in the medium term.

Progress on Strategic Initiative: Wizz's recent strategy shift
supports the credit profile through a more disciplined growth
framework, greater focus on core markets and continued emphasis on
cost leadership. The airline is densifying its network in CEE and
selected Western European countries and has moved away from its
around 20% annual growth ambition towards a more measured 10%-12%
target. Fitch considers that management's focus on reliability,
ancillary revenue growth and preserving the ultra-low-cost carrier
model should support earnings quality and deleveraging over time,
although the pace of deleveraging also hinges on factors outside
the company's control.

Revised Fleet Strategy: Wizz has continued the review of its fleet
growth strategy, reducing pressure from previously more aggressive
targeted expansion. In November 2025, the airline deferred 88
Airbus deliveries beyond FY30, lowering expected fleet growth
materially from the prior plan. Total fleet is now expected to
reach 273 aircraft by FY28 and 334 by FY30, compared with 305 and
424 one year ago. Fitch believes the more moderate fleet
trajectory, together with the conversion of XLR orders to standard
NEOs, should ease execution risk, also given the uncertain
macroeconomic scenario.

P&W Parked Fleet Gradually Reducing: P&W-related groundings
continue to weigh on Wizz operations, but visibility on fleet
recovery has improved. Wizz had 40 aircraft grounded at end-FY26
and expects this to decline to 25 by end FY27, with the rest
largely returning into service by end-2027. Wizz is accelerating
the retirement of older A320ceo, with 18 retirements during FY26,
44 expected between FY27-FY28 and 14 in FY29. Fitch believes the
reduction in the parked fleet and the progressive transition to an
almost fully neo fleet will improve operational efficiency, reduce
maintenance costs and support margins and market positioning.

Iran War Could Delay Recovery: Fitch views a prolonged Middle East
crisis, with high fuel prices, weaker ability to pass-through
higher fuel costs and operational disruption as key risk to
earnings recovery and deleveraging in the short term. Fitch expects
the impact of the conflict will be especially felt in FY27,
particularly if disruptions continue. As a mitigant, Wizz has
hedged 77% of its expected fuel consumption for FY27. Moreover,
Wizz's direct exposure to Middle East had reduced already before
the war, with around 6% of the ASK related to this region following
the closure of the Abu Dhabi business, with the remaining capacity
being largely redeployed back to Europe.

FY26 Performance Below Expectations: FY26 results were weaker than
Fitch's expectations. FY26 ASK growth was 8.5%, well below
expectations, reflecting deliberate moderation of capacity
deployment. Load factor remained broadly stable at 91%, while
revenue per ASK was broadly flat, affected by capacity reallocation
and lower ancillary service contribution. Costs were affected by
higher depreciation, maintenance expenses and airport-related fees.
Consequently, EBITDAR was EUR1.1 billion, below Fitch's EUR1.4
billion expectations. As a result, Fitch-defined EBITDAR net
leverage rose to 4.7x, well above sensitivities for the 'BB'
rating.

Peer Analysis

As an ultra-low-cost carrier, Wizz has had a very strong cost
position, comparable with Ryanair Holdings plc (BBB+/Positive) and
Pegasus Hava Tasimaciligi A.S. (BB-/Negative). The company has been
penalised by the P&W engine issue but has the potential to recover
its highly efficient structure over the medium term, in its view.
It has a leading market position in the central and eastern
European market, which has solid growth potential. The airline
operates on a smaller scale than Ryanair and Southwest Airlines Co.
(BBB+/Negative) but is larger than Pegasus.

Wizz has developed a large airport, country and route footprint, on
a par with larger peers. The company also intends to maintain high
growth through new aircraft deliveries, although its development
has been challenged, mostly by external factors. Wizz's business
and financial profile combination is materially weaker than Ryanair
or Southwest but moderately stronger than Pegasus.

Fitch’s Key Rating-Case Assumptions

- ASK rising by 23% in FY27, 12% in FY28 and 9% in FY29

- Load factor at 91% in FY27-FY29

- EBITDA margin gradually increasing to 22% by FY29 compared with
19% in FY26

- Capex (inclusive of pre-delivery payments) of about EUR773
million a year on average between FY27-FY29

- Growth of gross lease equivalent debt to about EUR8.3 billion by
FY29

- No dividends between FY27-FY29

Corporate Rating Tool Inputs and Scores

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

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

The quantitative financial subfactors are based on custom CRT
financial period parameters: 20% weight for the forecast year FY27,
60% for the forecast year FY28 and 20% for the forecast year FY29.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'bbb+' has no impact.

The SCP is 'bb'.

To derive the Long-Term IDR:

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

RATING SENSITIVITIES

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

- EBITDAR net leverage above 3.7x and EBITDAR gross leverage above
4.7x, both on a sustained basis

- EBITDAR fixed-charge coverage below 1.3x on a sustained basis

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

- EBITDAR net leverage below 3.0x and EBITDAR gross leverage below
4.0x, both on a sustained basis

- EBITDAR fixed-charge coverage above 1.5x on a sustained basis

- EBITDAR margin above 20% a sustained basis.

Liquidity and Debt Structure

Wizz Air had a strong liquidity position with EUR1.9 billion of
unrestricted cash position (including EUR0.8 billion of short-term
cash deposits) at end-FY26. Fitch expects the company to generate
positive FCF supported by gradual EBITDAR recovery, moderate capex
and sizeable cash-in from sale and leasebacks activity. This
liquidity covers limited debt maturities to FY29. In January 2026,
the company repaid its EUR500 million bond issued in 2022 using
cash on balance sheet.

Issuer Profile

Wizz Air is an ultra-low-cost carrier in CEE with 258 aircraft
(A320/A321) at end March-2026 and average fleet age of about 4.5
years old.

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 FY25 revenue-weighted Climate.VS for Wizz Air for 2035 is 51
out of 100, suggesting elevated exposure to climate-related risks
in that year. This is in line with other airlines and reflects the
gradually increasing costs linked to the decarbonisation of the
sector. At the moment, climate transition risks do not have a
material influence on airline ratings, including Wizz's, because
the potentially disruptive changes due to transition are unlikely
to materialise over the next eight to 10 years.

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
   -----------                 ------         --------   -----
Wizz Air Holdings Plc

                         LT IDR  BB   Affirmed             BB
                         ST IDR  B    Affirmed             B
   senior unsecured      LT      BB   Affirmed    RR4      BB

Wizz Air Finance
Company B.V.

   senior unsecured      LT      BB   Affirmed    RR4      BB




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

ALBACORE EURO III: Moody's Affirms B3 Rating on EUR12MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by AlbaCore Euro CLO III Designated Activity Company:

EUR24,000,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Nov 26, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Nov 26, 2021 Definitive Rating
Assigned Aa2 (sf)

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

EUR238,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Nov 26, 2021 Definitive
Rating Assigned Aaa (sf)

EUR30,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Nov 26, 2021
Definitive Rating Assigned A2 (sf)

EUR28,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Nov 26, 2021
Definitive Rating Assigned Baa3 (sf)

EUR20,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Nov 26, 2021
Definitive Rating Assigned Ba3 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Nov 26, 2021
Definitive Rating Assigned B3 (sf)

AlbaCore Euro CLO III Designated Activity Company, issued in
November 2021, is a collateralised loan obligation (CLO) backed by
a portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by AlbaCore Capital LLP. The transaction's
reinvestment period ended in June 2026.

RATINGS RATIONALE

The upgrades on the ratings on the Class B-1 and Class B-2 notes
are primarily a result of the benefit of the transaction having
reached the end of the reinvestment period on June 15, 2026.

The affirmations on the ratings on the Class A, Class C, Class D,
Class E and Class F 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.

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: EUR388.7m

Defaulted Securities: EUR0.6m

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2946

Weighted Average Life (WAL): 4.65 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.58%

Weighted Average Coupon (WAC): 3.71%

Weighted Average Recovery Rate (WARR): 43.90%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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


CIFC EUROPEAN V: Moody's Affirms B3 Rating on EUR11.9MM F Notes
---------------------------------------------------------------
Moody's Ratings has upgraded the ratings on the following notes
issued by CIFC European Funding CLO V DAC:

EUR30,400,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Upgraded to Aa1 (sf); previously on Nov 24, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Upgraded to Aa1 (sf); previously on Nov 24, 2021 Definitive Rating
Assigned Aa2 (sf)

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

  EUR248,000,000 Class A Senior Secured Floating Rate Notes due
2034, Affirmed Aaa (sf); previously on Nov 24, 2021 Definitive
Rating Assigned Aaa (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed A2 (sf); previously on Nov 24, 2021
Definitive Rating Assigned A2 (sf)

EUR28,600,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Baa3 (sf); previously on Nov 24, 2021
Definitive Rating Assigned Baa3 (sf)

EUR19,500,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed Ba3 (sf); previously on Nov 24, 2021
Definitive Rating Assigned Ba3 (sf)

EUR11,900,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2034, Affirmed B3 (sf); previously on Nov 24, 2021
Definitive Rating Assigned B3 (sf)

CIFC European Funding CLO V DAC, issued in November 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by CIFC Asset Management Europe Ltd. The transaction's
reinvestment period will end in August 2026.

RATINGS RATIONALE

The rating upgrades on the Class B-1 and Class B-2 notes is
primarily a result of the benefit of the shorter period of time
remaining before the end of the reinvestment period in August
2026.

The affirmations on the ratings on the Class A, Class C, Class D,
Class E and Class F 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.

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: EUR393.7m

Defaulted Securities: EUR2.9m

Diversity Score: 63

Weighted Average Rating Factor (WARF): 3007

Weighted Average Life (WAL): 4.41 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.67%

Weighted Average Coupon (WAC): 6.13%

Weighted Average Recovery Rate (WARR): 42.89%

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

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

Moody's notes that the May 2026 trustee report was published at the
time Moody's were completing Moody's analysis of the April 2026
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' 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 notes are not
constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

-- Portfolio amortisation: Once reaching the end of the
reinvestment period in August 2026, the main source of uncertainty
in this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

-- Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

-- 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 notes' ratings.

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


NOURYON FINANCE: Moody's Rates Amended Sr. Secured Term Loan 'B2'
-----------------------------------------------------------------
Moody's Ratings assigned B2 ratings to Nouryon Finance B.V.'s
amended and extended backed senior secured bank credit facilities
consisting of a proposed $3,170 million and EUR1,400 million backed
first lien senior secured term loan Bs and proposed $850 million
backed senior secured revolving credit facility (RCF).
Concurrently, Moody's affirmed Nouryon Limited's (Nouryon) B2
corporate family rating and B2-PD probability of default rating.
The outlook on both entities remains stable.

Proceeds from the backed first lien senior secured term loan Bs,
together with other senior secured debt, will be used to refinance
the company's existing debt. Moody's expects to withdraw the
instrument ratings of the company's current debt instruments once
the transaction closes and the instruments are fully repaid.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

RATINGS RATIONALE

Nouryon's contemplated amend and extend transaction and expectation
for other senior secured debt is marginally credit positive because
the company is proactively addressing its maturity profile, a
governance consideration. There is no material impact on gross
leverage or interest coverage as the total debt quantum will not
change, and Moody's do not anticipate a material change in interest
expense.

As of March 31, 2026 the company's Moody's adjusted gross debt
EBITDA was approximately 7.25x, elevated for the current rating
category. However, Moody's expects some improvement in EBITDA
generation in 2026 and 2027 as the company has passed through raw
material cost inflation and is beginning to see favorable volume
developments. Moody's expects the company to continue to generate
positive Moody's adjusted FCF in 2026 despite elevated leverage and
temporarily higher capex to accommodate growth projects.

Nouryon's significant scale and diversification in terms of
geographies, production footprint and end markets; leading
positions in certain products; high exposure to nonindustrial end
markets with more resilience compared to other rated chemicals
companies; good profitability with EBITDA margin above 20%; and
good liquidity all support its B2 CFR.

However, the company's relatively high point-in-time financial
leverage, as well as event and financial policy risks stemming from
the private equity ownership, continue to weigh on its credit
profile. The company paid dividends in 2022 and 2023 (total of $650
million) which were partly funded by additional debt.

LIQUIDITY

Nouryon's liquidity is good. As of March 2026, the company had $300
million of cash on balance. Nouryon's liquidity is supported by a
$850 million backed senior secured RCF. About $665 million was
available under the facility as of end March 2026, with the
remainder being used for guarantee commitments. In addition, the
company has access to a receivable securitization program (on
balance sheet, $278 million were used). In combination with
forecasted funds from operations, these funds are sufficient to
cover capital expenditure, working capital swings and day-to-day
cash.

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

Moody's could consider upgrading Nouryon's rating with expectations
for gross leverage comfortably below 5.5x on a sustainable basis
and if the company provides more clarity on its future financial
policy. An upgrade would also require RCF/debt in excess of 10% and
adjusted EBITDA interest coverage to be around 2.5x on a
sustainable basis, and maintenance of a good liquidity profile.

Moody's could consider downgrading Nouryon's rating if adjusted
gross leverage remains above 6.5x for a prolonged period of time or
in case of negative FCF. A more aggressive financial policy
including dividend payouts or debt financed acquisitions would also
be negative for the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in February 2026.

Nouryon's B2 corporate family rating is two notches below the
scorecard indicated rating as of the twelve months ended March 31,
2026. The difference reflects a greater emphasis on the company's
elevated leverage and uncertainties surrounding its financial
policy considering its history of dividends in 2022 and 2023.

COMPANY PROFILE

Nouryon, incorporated in Ireland, is a global specialty chemicals
company with dual headquarters in Amsterdam, Netherlands, and
Radnor (Pennsylvania), USA. The company serves a broad range of end
markets with a focus on nonindustrial markets. Its strong position
in certain niche markets is supported by its industry know-how, and
a global manufacturing footprint (with over 60 manufacturing
sites). In 2025, Nouryon generated revenue of around $5.1 billion.
The company is owned by the Carlyle Group Inc. (The) (majority
shareholder) and the Government of Singapore Investment
Corporation.


ST. PAUL'S CLO IV: Moody's Cuts Rating on EUR14.3MM E Notes to B3
-----------------------------------------------------------------
Moody's Ratings has taken a variety of rating actions on the
following notes issued by St. Paul's CLO IV Designated Activity
Company:

EUR31,500,000 Class A-2A Senior Secured Floating Rate Notes due
2030, Upgraded to Aaa (sf); previously on Apr 6, 2022 Upgraded to
Aa1 (sf)

EUR22,500,000 Class A-2B-R Senior Secured Fixed Rate Notes due
2030, Upgraded to Aaa (sf); previously on Apr 6, 2022 Upgraded to
Aa1 (sf)

EUR29,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Aa3 (sf); previously on Apr 6, 2022
Upgraded to A1 (sf)

EUR24,600,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2030, Upgraded to Baa1 (sf); previously on Apr 6, 2022
Affirmed Baa2 (sf)

EUR14,300,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2030, Downgraded to B3 (sf); previously on Apr 6, 2022
Affirmed B2 (sf)

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

EUR289,500,000 (Current outstanding amount EUR194,727,937) Class
A-1-R Senior Secured Floating Rate Notes due 2030, Affirmed Aaa
(sf); previously on Apr 6, 2022 Affirmed Aaa (sf)

EUR30,250,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2030, Affirmed Ba2 (sf); previously on Apr 6, 2022
Affirmed Ba2 (sf)

St. Paul's CLO IV Designated Activity Company, issued in October
2017, re-issued in July 2018 and refinanced in October 2021, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by ICG Manager Limited. The transaction's reinvestment
period ended in October 2021.

RATINGS RATIONALE

The rating upgrades on the Class A-2A, Class A-2B-R, Class B and
Class C notes are primarily result of the deleveraging of the
senior notes following amortisation of the underlying portfolio
since the payment date in May 2025.

The rating downgrade on the Class E notes is primarily a result of
the deterioration in the credit quality of the underlying
collateral pool and the increased exposure in long-dated assets
since the payment date in May 2025.

The affirmations on the ratings on the Class A-1-R and Class D
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-1-R notes have paid down by approximately EUR72.6
million (25.1% of its initial balance) in the last 12 months. As a
result of the deleveraging, senior over-collateralisation (OC)
ratios have increased. According to the trustee report dated May
2026[1] the Class A, Class B and Class C OC ratios are reported at
145.27%, 130.10% and 119.51%, compared to May 2025[2] levels of
136.97%, 125.63% and 117.39% respectively.

The credit quality has deteriorated as reflected in the
deterioration in the average credit rating of the portfolio
(measured by the weighted average rating factor, or WARF) and an
increase in the proportion of securities from issuers with ratings
of Caa1 or lower. According to the trustee report dated May
2026[1], the WARF was 3535, compared with 3296 in the May 2025[2]
report. Securities with ratings of Caa1 or lower currently make up
approximately 18.6% of the underlying portfolio, versus 14.04% in
May 2025[2].

In addition, the exposure to long-dated assets further increased to
EUR43.1m in May 2026[1] from EUR8.8m in May 2025[2].

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: EUR374.07m

Defaulted Securities: EUR11.41m

Diversity Score: 39

Weighted Average Rating Factor (WARF): 3587

Weighted Average Life (WAL): 2.6 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 4.2%

Weighted Average Coupon (WAC): 4.1%

Weighted Average Recovery Rate (WARR): 43.15%

Par haircut in OC tests and interest diversion test:  3.66%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

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

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. 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 notes' ratings.

-- Long-dated assets: The presence of assets that mature beyond
the CLO's legal maturity date exposes the deal to liquidation risk
on those assets. Moody's assumes that, at transaction maturity, the
liquidation value of such an asset will depend on the nature of the
asset as well as the extent to which the asset's maturity lags that
of the liabilities. Liquidation values higher than Moody's
expectations would have a positive impact on the notes' ratings.

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




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

NEOPHARMED GENTILI: Fitch Affirms 'B' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Neopharmed Gentili S.p.A.'s Long-Term
Issuer Default Rating (IDR) at 'B' with a Stable Outlook. Fitch has
also assigned Neopharmed's proposed new senior secured notes (SSNs)
with floating-rates an expected rating of 'B(EXP)' with a Recovery
Rating of 'RR4'.

The IDR is constrained by high leverage, limited business size and
high exposure to one regulatory authority, albeit with some
diversification across products and therapeutic areas. Rating
strengths are Neopharmed's well-established position within Italy
and growing position in Europe through its recent acquisitions,
with its asset-light business model supporting strong operating
profitability and high cash flow conversion.

The Stable Outlook reflects its assumptions of a steady development
of the organic product portfolio, alongside a successful
integration of the acquisitions completed during 2025, leading to
sustained strong free cash flow (FCF) generation and supporting its
deleveraging capacity.

Key Rating Drivers

Refinancing Neutral to Leverage: Fitch expects Neopharmed's EBITDA
leverage to remain high at 5.9x in 2026, following its
leverage-neutral refinancing. The company plans to use the proceeds
of its new bond issuance to repay its existing EUR400 million
floating rate notes due in April 2030, and part of its payment-in
kind (PIK) notes. Its existing revolving credit facility (RCF)
remains available while the maturity of its PIK notes will be
extended to September 2033.

Fitch expects the group to integrate its acquisitions made in 2025
and grow its combined portfolio through increased presence in
Europe and the rare disease market. Fitch expects the newly
acquired BioCryst to ramp up from a break-even contribution in 2025
to start contributing to group EBITDA by 2026. This should help
reduce EBITDA leverage towards 5x, from the peak in 2025 of 6.5x.

High Profitability and FCF: Neopharmed's high profitability and FCF
conversion are one of its main rating strengths and its
profitability is at the top end of its peer group. Fitch forecasts
Fitch-adjusted EBITDA margins to average about 40% over 2027-2029,
albeit temporarily below that in 2025 due to the initially
margin-dilutive impact of the BioCryst acquisition.

Neopharmed's asset-light business model with in-house distribution
capabilities and outsourced manufacturing also supports strong cash
generation, with FCF margins within 8%-10%. Fitch assumes this will
be fully reinvested into portfolio expansion, as shareholders
pursue an asset-development strategy, as opposed to deploying funds
towards debt prepayment.

Bolt-on M&A Included: Fitch expects the group to remain committed
to its established acquisition policy to ensure a credit-accretive
impact of new product additions. Neopharmed entered into an
agreement with BioCryst, with an upfront payment of USD70 million,
for the commercialisation of Navenibart in Europe in May 2026,
strengthening its rare disease platform and expanding its
portfolio. Fitch also factors in EUR60 million a year of bolt-on
acquisitions over 2027-2029, funded by internal FCF generation,
which Fitch expects to aid sales growth and deleveraging.

Limited Scale and Diversification: The rating is constrained by
Neopharmed's niche scale compared with Fitch-rated peers and
concentration primarily in one market and one regulatory authority,
although this is improving following the recent acquisitions. The
group has adequate diversification by product area with a focus on
chronic diseases and a presence in cardiovascular, neurology and
respiratory therapies. Overall, Fitch assesses the group's business
model to be commensurate with the 'b' category.

Pharma Representatives Aid Organic Growth: Neopharmed has stronger
potential for organic revenue enhancement than its Fitch-rated
industry peers, underpinned by a strong brand portfolio where most
products have a top three position within their market segments,
and by its large force of sales representatives, who build
relationships with medical practitioners within Italy. The group
upholds stringent regulatory standards over the conduct of its
representatives, which are in line with industry's best practices.
To date, it has not registered any cases of misconduct.

Strong Market Fundamentals: Structural volume growth in the Italian
generic and branded drug markets is driven by an ageing population,
rising chronic diseases and increasing patent expiries. Large
innovative pharmaceutical companies are divesting off-patent drugs
to refocus resources in R&D. Such strategic moves present
companies, such as Neopharmed, with substantial opportunities for
inorganic expansion. However, rising generic penetration and price
pressure across Europe are expected to continue, driving investment
in great scale, cost-effective production and niche product lines
to safeguard growth and margins.

Peer Analysis

Fitch compares Neopharmed's 'B' rating against other asset-light
scalable specialist pharmaceutical companies that are focused on
off-patent branded and generic drugs, such as CHEPLAPHARM
Arzneimittel GmbH (B/Stable) and ADVANZ PHARMA HoldCo Limited
(B/Negative).

Neopharmed not only focuses on active life-cycle management of
off-patent generic drugs, as is the case for CHEPLAPHARM, but also
leverages its in-house capabilities for co-development, promotion
and marketing of off-patent generics to sustain the organic growth
of its drug portfolio.

CHEPLAPHARM and ADVANZ have larger scale and broader geographical
presence, offset by a slightly higher leverage, resulting in the
same rating. The Negative Outlook for ADVANZ reflects high
near-term execution risks, leading to weakened FCF and leverage
metrics.

In its wider rated pharmaceutical portfolio, Fitch also compares
Neopharmed with a generic drug manufacturing company, Nidda BondCo
GmbH (Stada; B/Stable) as well as the Italian contract development
and manufacturing organisations such as F.I.S. Fabbrica Italiana
Sintetici S.p.A. (FIS, B+/Stable) and Kepler S.p.A. (Biofarma,
B/Stable).

Stada has a much larger scale, strong market position and greater
diversification, but these factors are offset by an aggressive
financial policy. F.I.S. is comparable in scale (EBITDA) but has
stronger credit metrics than Neopharmed, while Kepler is a niche,
but defensive business with a broadly comparable financial risk
profile.

Fitch’s Key Rating-Case Assumptions

- Revenue to reach about EUR430 million in 2027, driven by organic
revenue growth and acquisitions

- Fitch-adjusted EBITDA margin to temporarily dip in 2026, before
stabilising at about 40% in 2027-2029

- Fitch-adjusted capex at 8%-9% of sales a year. Fitch reclassifies
contractually agreed milestone payments and part of bolt-on
acquisitions to sustain the product portfolio

- Moderate working-capital outflow at 3% of sales a year over
2026-2029

- Annual bolt-on acquisitions of about EUR70 million a year, of
which roughly half Fitch reclassifies as capex, reflecting its view
of sustained portfolio investment level

- No dividends

Corporate Rating Tool Inputs and Scores

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

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

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

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

The governance assessment of 'good' has no impact.

The operating environment assessment of 'a+' has no impact.

The SCP is 'b'.

To derive the Long-Term IDR:

Fitch made no adjustments to the SCP, resulting in an IDR of 'B'.

Recovery Analysis

The recovery analysis is based on a going-concern (GC) approach.
This reflects Neopharmed's asset-light business model supporting
higher realisable values in financial distress compared with
balance-sheet liquidation.

Financial distress could arise primarily from material revenue and
margin contraction, following volume losses and price pressure,
given its exposure to generic competition. Fitch estimates a
post-restructuring EBITDA of about EUR110 million for the GC
enterprise value (EV) calculation, which incorporates the term loan
add-on from the acquisition of Plasil and Primperan brands,
reflecting earnings after distress and the implementation of
possible corrective measures.

Fitch applies a 5.5x distressed EV/EBITDA multiple, which reflects
the group's strong business model with revenue defensibility and
high profitability, but also its limited scale and concentration in
one geography.

After deducting 10% for administrative claims, and assuming the
group's super senior committed revolving credit facility (RCF) of
EUR130 million will be fully drawn prior to distress, its principal
waterfall analysis generated a ranked recovery in the 'RR4' band
for the group's EUR400 million SSNs and EUR450 million senior
secured fixed-rate notes, which rank below the super-senior RCF.
According to Fitch's Corporate Rating Criteria, Fitch treats the
PIK notes as equity, based on the assumption that the maturity of
the PIK notes will be extended beyond all existing and new senior
secured debt.

Based on the draft terms of the announced SSNs, Fitch estimates the
recovery for the debt class will remain at B/'RR4'.

RATING SENSITIVITIES

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

- Unsuccessful management of individual pharmaceutical intellectual
property rights leading to material permanent loss of income and
EBITDA margins

- FCF margins declining to the low single digits or zero

- A more aggressive financial policy leading to EBITDA leverage
above 6.5x on a sustained basis

- Prospects of EBITDA interest coverage below 2x on a sustained
basis

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

- An upgrade would require stronger diversification in products or
markets with increased scale, as well as resilient operating
performance and high single-digit FCF margins

- A conservative leverage policy leading to EBITDA leverage at or
below 5x on a sustained basis

- EBITDA interest coverage above 2.5x on a sustained basis

Liquidity and Debt Structure

Fitch continues to view Neopharmed's liquidity as adequate, based
on a Fitch-adjusted readily available cash position of about EUR43
million pro-forma for the refinancing and acquisition (which
already excludes EUR5 million that Fitch treats as not readily
available for debt service). Liquidity is further supported by its
fully available EUR130 million RCF.

Neopharmed benefits from consistently positive FCF generation,
which supports its bolt-on acquisitions, as well as a long-dated
capital structure with no debt repayments until 2030.

Issuer Profile

Neopharmed is a specialist pharmaceutical company that focuses on
the distribution and brand management of a portfolio of established
off-patent branded drugs within Italy.

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 Neopharmed.

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.


NEOPHARMED GENTILI: Moody's Alters Outlook on 'B3' CFR to Positive
------------------------------------------------------------------
Moody's Ratings has affirmed the B3 corporate family rating and
B3-PD probability of default rating of Neopharmed Gentili S.p.A.
(Neopharmed or the company). At the same time, Moody's have
affirmed the B3 rating of Neopharmed's existing EUR450 million
senior secured notes due 2030. In addition, Moody's have assigned a
B3 rating to the company's new EUR425 million senior secured
floating rate notes (FRN) due 2033. The outlook has been changed to
positive from stable.

Proceeds from the new FRN, together with cash on hand, will be used
to repay Neopharmed's existing EUR400 million senior secured FRN
due 2030, make a EUR23 million distribution to repay a portion of
the EUR157 million pay-in-kind (PIK) instrument due September 2033
located outside of the restricted group, and cover transaction
costs.

RATINGS RATIONALE

The rating action reflects Neopharmed's solid operating performance
and gradually improving business and geographic diversification, as
well as Moody's expectations that its credit metrics will improve
in the next 12-18 months. Moody's expects that Neopharmed will
continue to grow its base portfolio revenue and successfully
rollout its newly-acquired drug Orladeyo, leveraging its European
rare disease commercial platform. While 2026 credit metrics will
modestly improve due to margin dilution from recent acquisitions
and incurrence of one-off costs, Moody's projects a substantial
improvement in credit metrics in 2027.

Moody's projects that Neopharmed's revenue will grow to around
EUR420 million by 2027 driven by revenue growth in the low
single-digits in percentage terms for the company's base portfolio
and complemented by faster growth of recently-acquired products,
notably Orladeyo. After some dilution from acquisitions and one-off
costs in 2026, Moody's projects Moody's-adjusted EBITDA margin to
recover to close to 40% in 2027. This will drive leverage down
towards 5.5x and EBITA/interest expense towards 3.0x in the next
12-18 months. Moody's projects positive free cash flow (FCF),
increasing to about EUR70 million by 2027.

With the recently-announced acquisition of the navenibart drug for
$70 million upfront (about EUR60 million), Neopharmed will
complement its rare disease segment, further leveraging its
European commercial rare disease platform. While the company
expects this drug, which is currently in phase 3 trials, to be
launched towards the end of 2028, there remains execution risks and
it will not contribute any material revenue and earnings until
2029.

Moody's anticipates that the company could complement organic
growth with acquisitions which Moody's expects to be bolt-on, most
likely in-licensing transactions, and funded with internal cash.
Moody's rating does not assume any significant debt-funded M&A or
additional distribution to shareholders.

The B3 rating continues to reflect Neopharmed's leading position as
a primary care pharmaceutical company in Italy, a market
characterised by a higher prevalence of off-patent branded
products; a broad and well-positioned product portfolio across
therapeutic categories, including a high contribution from chronic
disease products, with limited concentration; and good cash flow
generation capacity, driven by a high EBITDA margin and an
asset-light business model. The company has a good track record of
successfully integrating its acquisitions and extracting the
expected synergies, which historically fueled its revenue and
EBITDA growth.

At the same time, the B3 rating considers Neopharmed's high
geographic concentration in Italy, thereby making it susceptible to
potential fluctuations or adverse changes in Italy's regulatory
framework that could hinder the company's growth trajectory; high
Moody's-adjusted leverage, which was around 7x in 2025; track
record of debt-funded acquisitions, which entail execution risk and
have delayed leverage reduction.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

LIQUIDITY

Pro forma for the transaction, Neopharmed's liquidity is good,
supported by a cash balance of EUR39 million as of March 31, 2026,
and access to a EUR130 million super senior revolving credit
facility (RCF) due October 2029 which is expected to be undrawn. In
the next 12 to 18 months, Moody's expects free cash flow to be
positive and do not expect the company to make any shareholder
distribution. The RCF includes a springing super senior net
leverage covenant set at 1.7x, tested only when the RCF is drawn
above 40%. Moody's estimates Neopharmed to maintain sufficient
capacity in the covenant if tested.

STRUCTURAL CONSIDERATIONS

Neopharmed's senior secured notes are rated B3, in line with the
CFR. In the debt structure, the super senior RCF ranks ahead of the
notes and will get priority over the collateral. The security
package of the senior secured notes includes mainly share pledges
and pledges over certain intercompany receivables. In Moody's loss
given default analysis, the bonds rank in line with the trade
payables.

To fund a large portion of its acquisition of Orladeyo, Neopharmed
raised a EUR150 million PIK instrument outside the restricted
group. While the funding of the acquisition, which comprised a mix
of PIK instrument, equity and cash, preserved credit metrics at the
restricted group level, the inclusion of a PIK instrument outside
the restricted group adds risks of future cash leakage at the
restricted group.

RATING OUTLOOK

The positive outlook reflects Moody's expectations that
Neopharmed's operating performance will continue to be solid and
that it will reduce its Moody's-adjusted gross leverage towards
5.5x in the next 12-18 months, with continued good cash flow
generation, resulting in a FCF/debt in the mid- to high-single
digits in percentage terms. Should the company not perform as
expected or undertake re-leveraging transactions, such as a
significant debt-funded M&A or shareholder distribution, this could
result in a stabilization of the outlook.

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

Upward rating pressure could develop if Neopharmed continues to
successfully execute its strategy to expand its current portfolio
and deliver on organic sales and EBITDA growth supporting
deleveraging. Quantitatively, that would translate into
Moody's-adjusted gross leverage trending towards 5.5x, a
Moody's-adjusted FCF to debt increasing above 5%, and its
Moody's-adjusted EBITA to interest expense improving above 2.0x,
all on a sustainable basis. Furthermore, a consistently stable
regulatory environment in Italy would also be a prerequisite for a
positive rating action.

Downward rating pressure could develop if Neopharmed's operating
performance weakens with a material decline in EBITDA margins or if
it undertakes large debt-funded M&A or shareholder distributions.
Numerically, this would translate into a Moody's-adjusted gross
leverage remaining above 6.5x, or its Moody's-adjusted FCF turning
negative, or its Moody's-adjusted EBITA to interest expense
declining towards 1x, for a prolonged period of time. In addition,
a deterioration of the company's liquidity profile or an adverse
change in the regulatory environment could create downward pressure
on its ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceuticals
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 Milan, Neopharmed Gentili S.p.A. is an Italian
pharmaceutical company that is mainly focused on the marketing of
off-patent, branded prescription drugs in Italy. It recently
expanded geographically through the acquisition of the European
operations of Orladeyo, a rare disease drug that is still patent
protected. Its business model relies on a good track record with
leading pharmaceutical companies and the outsourcing of its
production and distribution to reliable third parties. The
company's products cover a diversified range of therapeutic
segments, with a portfolio of around 120 products that are mostly
distributed in Italy. The company generated EUR315 million of
revenue in 2025.

Since March 2023, the group has been owned by private equity firms
Ardian and NB Renaissance, each owning half of their combined 84%
share. The rest is owned by the founding family (around 14%) and
management (around 1%).




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

AUTO1 CAR FUNDING: S&P Assigns Prelim. B(sf) Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to AUTO1 Car
Funding S.a r.l., Compartment FinanceHero 3's asset-backed
floating-rate class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd
notes.

This will be Autohero GmbH's third German publicly placed ABS
transaction and the second that S&P has rated. The underlying
collateral comprises 88.8% German and 11.2% Austrian IPA
receivables for used cars. Autohero originated and granted the IPA
receivables for its private customers. Of the loans in the pool,
20.1% of the principal balance on contracts amortizes with a final
balloon payment. The balloon payment portion totals 7.1% of the
portfolio.

The transaction will amortize from closing and has separate
interest and principal waterfalls. The interest waterfall features
a principal deficiency ledger (PDL) mechanism, by which the issuer
can use excess spread to cure principal losses.

The transaction will amortize pro rata conditional to a series of
non-reversible sequential triggers.

A combination of excess spread, subordination, and the liquidity
reserve will provide credit enhancement. The liquidity reserve is
used to pay any senior expenses, swap payments, and interest
shortfalls. Any excess of the reserve over the required amount will
flow through the interest waterfall and will be available to cure
any PDL shortfall.

The assets will pay a monthly fixed interest rate, and the notes
pay one-month Euro Interbank Offered Rate plus a margin.
Consequently, the rated notes benefit from an interest rate swap
until the legal final maturity date. Nevertheless, the swap
notional follows a predetermined schedule which exposes the
transaction to potential under- or over-hedging in certain
scenarios.

S&P said, "Our preliminary ratings address the timely payment of
interest and ultimate payment of principal on the class A notes,
while addressing the potential deferral of interest payments until
the notes are the most senior, and ultimate payment of principal on
the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. Once the notes
are the most senior, they must pay timely interest, and any accrued
interest shortfall from previous periods is due at legal maturity.
The preliminary rating on the class F-Dfrd notes addresses the
ultimate payment of interest and principal.

"The application of our structured finance sovereign risk criteria
does not constrain our preliminary ratings. We also expect
operational, legal, and counterparty risks to be adequately
mitigated in line with our operational, legal, and counterparty
criteria at closing."

  Ratings

            Prelim     Preliminary amount
  Class     rating*   (% of prelim. pool balance)

  A         AAA (sf)      72.0
  B-Dfrd    AA (sf)        7.3
  C-Dfrd    A (sf)         7.0
  D-Dfrd    BBB (sf)       5.7
  E-Dfrd    B+ (sf)        3.5
  F-Dfrd    B (sf)         2.7

*S&P's preliminary ratings address the timely payment of interest
and ultimate payment of principal on the class A notes while its
preliminary ratings on the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd
notes address the potential deferral of interest payments until the
notes are the most senior, and ultimate payment of principal. Once
the notes are the most senior, they must pay timely interest. Any
accrued interest shortfall from previous periods is due at legal
maturity. The preliminary rating on the class F-Dfrd notes
addresses the ultimate payment of interest and principal.


CULLINAN HOLDCO: Moody's Upgrades CFR to 'B3', Outlook Stable
-------------------------------------------------------------
Moody's Ratings has upgraded Cullinan Holdco SCSp's (Graanul or the
company) corporate family rating to B3 from Caa1. Concurrently,
Moody's have also upgraded the probability of default rating to
B3-PD from Caa1-PD and the instrument ratings of the backed senior
secured floating rate notes and fixed rate notes maturing October
2029 to B3 from Caa1. The outlook remains stable.

RATINGS RATIONALE

The rating upgrade reflects Graanul's committed contract with its
key customer until 2030. The committed contract provides stability
into Graanul's volumes and revenues for the coming years, at
similar commercial terms as in the past. Graanul is fully
contracted through 2026. 2027 contracting levels remain adequate
and include a larger share of framework agreements with customers,
reflecting changes in customer demand patterns, as UK biomass
energy transitions from a base-load energy source to a peak-load
energy source. Furthermore, Graanul continues to progress in
diversifying its business into new end-markets and geographies,
marked by several non-binding memoranda of understanding (MoUs).
However, the MoUs mostly cover new clients and industries, and
execution risks on conversion into contracts and cash flow remain.

Graanul's operating performance has remained strong through Q1
2026, with sales volumes of 2.6kt for the last twelve months
leading to Moody's adjusted debt/EBITDA of 5.5x. A continued focus
on its cost base have also supported earnings. Graanul's cash flow
generation ability remains strong, supported by its low maintenance
capex requirements and limited tax payments. However, higher
interest following the refinancing weighs on the company's cash
flow generation. Despite this, Moody's expects Graanul to generate
modest positive Moody's adjusted free cash flow (FCF) of around
EUR5 million in 2026. Moody's forecasts also incorporates
incremental EBITDA coming from Graanul's completed battery energy
storage systems (BESS), which would enable the company to sell
excess energy to the national grid at optimized timings.

More generally, Graanul's ratings reflect its strong market
position as one of Europe's largest wood pellet producers, a
scalable production footprint in the Baltics, and expectations of
positive free cash flow. The rating is constrained by its
single-product focus with high customer and geographic
concentration, elevated leverage, exposure to potential adverse
regulatory changes in the wood pellet or utility sectors, and the
risk that technological advances in renewable energy could reduce
the competitiveness of biomass.

LIQUIDITY

Graanul's liquidity is adequate. It is supported by EUR34 million
cash as of March 2026 and access to an undrawn EUR100 million RCF.
Moody's expects slightly positive FCF in 2026, supported by low
capital expenditure and tax payments, but burdened by high interest
costs following the amend and extend (A&E) transaction last year.
Graanul's bonds mature in October 2029.

OUTLOOK

The stable outlook reflects Graanul's improved visibility,
including its committed contract with a key customer. The outlook
also incorporates Moody's expectations of further MoU conversions
into contracted commitments over the next 12-18 months.

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

Upward pressure on the rating is unlikely at this stage,
considering Graanul's product and customer concentration.

The ratings could be upgraded if: i) Graanul diversifies its
customer base and/or its end-market exposure ii) leverage is
sustained below 5.5x on a gross basis, iii) expectations for
(EBITDA-Capex) / interest sustained above 1.5x and iv) Graanul
maintains adequate liquidity.

The ratings could be downgraded if: i) market dynamics and/or
revenue visibility deteriorate ii) leverage is sustained well above
6.5x, iii) (EBITDA-Capex) / interest is sustained below 1.0x or iv)
liquidity deteriorates.

All metrics referenced are Moody's adjusted.

STRUCTURAL CONSIDERATIONS

Graanul's outstanding bonds currently rank behind its super senior
revolving credit facility (RCF), trade claims and the vessel
funding. While Moody's do rate the bonds B3, in line with the
corporate family rating (CFR), Moody's would consider notching the
bonds down in the event of deteriorating operating performance.

PRINCIPAL METHODOLOGY

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

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

COMPANY PROFILE

Cullinan Holdco SCSp is a Luxembourg-domiciled intermediate holding
company that owns the entire share capital of AS Graanul Invest.
Graanul is headquartered in Tallinn/Estonia and is the largest
utility-grade wood pellet producer in Europe with 12 production
plants in the Baltics region (Estonia, Latvia and Lithuania) and
the US. The company also owns six combined heat and power plants in
Estonia and Latvia, which are biomass-fired and provide the
majority of the company's internal heat and power needs, as well as
four shipping vessels. In 2025, the company generated around EUR528
million in revenues and around EUR104 million in company-adjusted
EBITDA. The company is 80%-owned by funds of private equity sponsor
Apollo.


MONITCHEM HOLDCO: Moody's Alters Outlook on 'B3' CFR to Stable
--------------------------------------------------------------
Moody's Ratings has affirmed Monitchem Holdco 2 S.A.'s (CABB or the
company) B3 corporate family rating and B3-PD probability of
default rating. Concurrently, Moody's have assigned a B3 instrument
rating to the proposed EUR600 million backed senior secured notes
due 2031 (fixed and floating rate notes) to be issued by Monitchem
Holdco 3 S.A. The outlook on both entites was changed to stable
from negative.

The proceeds from the proposed EUR600 million debt issuance along
with excess cash will be used to refinance the company's existing
debt, lowering the gross debt amount by around EUR70 million, and
to pay for transaction-related fees. Moody's expects to withdraw
the instrument ratings, which were unaffected by this rating
action, on the company's existing debt instruments upon their full
repayment. The outlook stabilization assumes a successful execution
of the proposed refinancing transaction.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

RATINGS RATIONALE

The rating action positively reflects the timely refinancing of
CABB's debt maturities and decision to use excess cash on hand to
reduce gross debt, a governance consideration.

Moody's estimates the company's gross leverage was around 8.0x as
of the 12 months ended March 31, 2026, but on a pro forma basis for
the proposed capital structure Moody's estimates leverage to be
around 7.25x. Moody's estimates that over the next 12-18 months the
company will experience gradual improvement in operating
performance aided by new contract signings and resilient customer
demand in the company's pharma specialty segment, leading to gross
debt/EBITDA approaching or even going below 6.5x. Moody's do
however expect the company to generate negative Moody's-adjusted
free cash flow (FCF) in 2026 and likely in 2027, due to cash costs
related the closure of the company's Knapsack site, which was loss
making. The company is consolidating legacy monochloroacetic acid
(MCA) production from Knapsack to its Gersthofen production
facility which Moody's expects would improve utilization rates and
fixed cost absorption at Gersthofen.

The B3 CFR acknowledges the company's position as the second
largest European contract development and manufacturing
organization (CDMO) for customised active ingredients in crop
protection and as the largest European producer of MCA; high
barriers to entry, including high switching costs for its customers
because of the high level of integration, and a relatively high
level of visibility in its CDMO business; material exposure to more
defensible end markets, such as agriculture and personal care; and
its well-established customer base of large blue-chip chemical
companies.

The company's credit profile is constrained by its modest scale,
limited production site network and still leveraged capital
structure. The company's narrow product portfolio and customer
concentration risks; exposure to regulatory changes; high capex
needs and negative expected FCF generation also constrain the B3
CFR.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that the company's
earnings will remain relatively flat in 2026, but will improve in
2027. It also incorporates the expectation that the company will
execute the proposed refinancing transaction and maintain an
adequate liquidity profile.

LIQUIDITY

CABB's liquidity profile is adequate. Pro forma for the proposed
transaction, CABB estimates its cash position at closing to be in
the single-digit millions of euros, reflecting seasonal factors,
with balances expected to rebuild over time. The company will also
have access to a proposed EUR80 million super senior revolving
credit facility (ssRCF). The facility is subject to a springing
financial covenant at 7.40x senior secured net leverage (company
basis) when borrowings exceed 40%. In combination with forecasted
funds from operations, these funds are sufficient to cover capital
expenditure, working capital swings and day-to-day cash needs. The
company also has access to a committed securitization line to
manage working capital swings, which is renewed annually.

STRUCTURAL CONSIDERATIONS

The instrument rating for the proposed senior secured notes is B3,
in line with the CABB's CFR, because the senior secured instruments
have a dominant position in the capital structure. However, the
ssRCF shall get priority over the collateral proceeds. Also, the
senior secured notes benefit from upstream guarantees from the vast
majority of the group's operating subsidiaries.

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

Moody's could upgrade CABB's B3 CFR if (1) the company's adjusted
gross leverage remains below 5.5x on a Moody's adjusted basis on a
sustainable basis; (2) the company builds a track record of
generating substantial positive FCF; (3) adjusted EBITA/interest
cover remains well above 1.5x while (4) it maintains an adequate
liquidity profile.

Factors that could lead to a downgrade of CABB's B3 CFR include:
(1) Moody's-adjusted FCF remains negative with limited prospects of
turning positive, (2) Moody's-adjusted gross leverage remains above
or close to 6.5x, (3) Moody's-adjusted EBITA/interest cover remains
below 1x on sustained basis, (4) Liquidity deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
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.




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

SIGMA HOLDCO: S&P Affirms 'B' ICR & Alters Outlook to Negative
--------------------------------------------------------------
S&P Global Ratings revised to negative from stable its outlook on
Sigma HoldCo B.V., the ultimate parent of Flora Food Group, and
affirmed its 'B' long-term issuer rating on the company and its 'B'
and 'CCC+' issue credit ratings on its debt instruments.

The negative outlook indicates that S&P sees a risk that
persistently high restructuring costs and a difficult operating
environment may hamper Flora Food Group's efforts to sustain a
recovery in its FOCF to at least EUR100 million while also reducing
leverage from its 2025 peak of 8.1x.

Credit metrics at Flora Food Group, world-leading producer of
plant-based spreads, are being hit by soft consumer demand in its
core markets, combined with tough market conditions because of low
dairy prices and volatile vegetable oil prices.

The group's free operating cash flow (FOCF) generation is
constrained by the strategic initiatives needed to support a shift
toward growing categories and reduce exposure to its core
plant-based spreads in developed markets, while completing the new
manufacturing facility in the U.S.

S&P said, "We expect the macroeconomic environment to remain
difficult for the next 12 to 18 months, which will undermine Flora
Food Group's revenue generation. In 2025, Flora Food Group reported
revenue of about EUR3 billion and flat organic growth, down 3.7% in
line with our previous expectations. In Europe, revenue contracted
organically by 0.7% in 2025, because unprecedently low butter
prices weighed on volumes for the group's core spreads category.
Nevertheless, Flora Food Group was able to sustain organic growth
by increasing certain prices launching new products in
higher-growth categories such as creams and butters. The consumer
environment in the Americas was generally soft and, despite solid
performance in Latin America, volumes were weak in North America.
As a result, organic sales in the Americas fell 4.2% in 2025. In
Asia-Pacific, the Middle East, and Africa (AMEA), Flora Food Group
enjoys a strong momentum in terms of both volumes and pricing. It
reported about 16% organic growth in 2025 and we expect growth
momentum in AMEA to remain strong. That said, adverse foreign
exchange movements also weakened results at Flora Food Group. The
U.S. dollar depreciated steeply against the euro and the Turkish
lira and Indonesian rupee, among others, proved to be highly
volatile in 2025. We expect pressure from low butter prices in
Europe to alleviate toward the second half of 2026, as global dairy
production is forced to normalize by the higher energy,
transportation, and feed prices resulting from the Middle East
conflict. Meanwhile, the group's transformation in North America
should support both volumes and pricing dynamics in the region.
That said, reported revenue will be depressed by about 1% by the
disposal of operations in Latin America, except for those in Brazil
and Mexico, during 2026. We also forecast that the difficult
geopolitical and macroeconomic environment will lead to adverse
currency movements that depress group revenue, keeping it flat over
2026-2027."

Growth in adjacent plant-based categories supports the group's
fundamentals and could offset declining volumes in spreads. Despite
the difficult operating environment, Flora Food Group maintained a
stable market share in 2025. According to Euromonitor, the group
reported a 30% share in the global margarine and spreads
market--about 10x the size of its nearest branded competitor. Its
most meaningful competition comes from retailers' private labels.
In S&P's view, the group could harness its strong competitive
position in margarine and spreads to increase its presence in
fast-growing categories where dairy alternatives have low
penetration, such as butter, blends, cheese, and creams. In
addition, the group's efforts to improve market penetration in the
food service sector, combined with growing consumption occasions,
could enable premiumization of these categories and support the
group's future pricing power. These growing categories comprised
45% of Flora Food Group's net revenue in 2025, up from 35% in 2017.
The group aims to increase the share of total revenue from these
products and, in order to do so, it will have to sustain its
investment in marketing and R&D while competitive pressures from
dairy butters and private label alternatives increase and consumer
sentiment weakens. This could hinder growth in categories that
command a price premium.

S&P said, "We expect adjusted profitability to remain stable at
about 24% over the next 12-24 months. In 2025, S&P Global
Ratings-adjusted EBITDA was EUR713 million, with an adjusted margin
of 24%, compared with EUR821 million and 26.7%, respectively, in
2024. The higher cost of raw materials, combined with sizable
restructuring costs, depressed the group's profitability in 2025.
Restructuring costs rose to about EUR40 million in 2025, from EUR11
million in 2024. The group invested in optimizing its supply chain
processes and a new manufacturing facility in the U.S. to support
the recalibration of the portfolio toward new categories. To
partially offset the negative impact on profitability, the group
implemented about EUR100 million in cost-saving measures, mainly in
cost of goods sold. Although we anticipate that the war in the
Middle East will continue to increase inflation in vegetable oils
and energy prices, we understand Flora Food Group has hedged more
than 85% of its edible oils prices for 2026. It also intends to use
other levers to protect its profitability, such as implementing
further cost optimization initiatives and pricing actions to pass
through the cost to customers. We project that these could bring
similar savings to those achieved in 2025. As such, we expect the
group to maintain stable profitability at about 24% over
2026-2027.

"We see a risk that Flora Food Group will be unable to sustain a
recovery in FOCF generation toward EUR100 million a year, which is
the level we consider key to maintaining a 'B' long-term issuer
credit rating. In 2025, Flora Food Group reported FOCF after leases
of about EUR24 million, down from EUR156 million in 2024. In
addition to lower profitability and higher restructuring costs, the
company's cash flow generation was depressed by a
higher-than-expected working capital outflow. We forecast that the
group's FOCF generation will improve to about EUR60 million in
2025, supported by lower cash interest payments following the
refinancing completed in February 2026 and neutral working capital
outflows. FOCF could then improve further, to about EUR120 million
in 2027, supported by lower restructuring costs and lower capital
expenditure. That said, the group's strategic shift of its
portfolio toward growing categories could prove more difficult and
expensive than anticipated, which could hamper the group's ability
to grow its FOCF.

"Although leverage reached 8.1x in 2025, we estimate that it will
see a marginal drop in 2026. The decline in profitability dampened
leverage, but the company managed to reduce its gross financial
debt to EUR5.6 billion in 2025 from EUR5.8 billion in 2024. It also
reduced cash interest paid by managing its capital structure via
timely refinancing in 2025. Additionally, in February 2026, the
company completed the refinancing of its capital structure by
issuing EUR500 million in senior secured notes that were privately
placed. Flora Food Group used the proceeds, plus some of its
liquidity, to reduce the size of its term loans to EUR3.2 billion,
from EUR4.0 billion in 2025. It also extended the maturity of all
instruments governed by a senior facilities agreement to October
2030 from October 2027. Our forecast indicates a marginal reduction
in adjusted debt to EBITDA to about 7.5x in 2026, based on our
expectation that Flora Food Group will use the EUR100
million-EUR200 million proceeds from the disposal of its business
in Latin America (excluding Brazil and Mexico) to repay debt, and
that it will use the operating cash flow generated in the second
half of the year to repay about EUR440 million in seasonal drawings
from the revolving credit facility (RCF) that were outstanding at
the end of the first quarter of 2026.

"The negative outlook indicates that Flora Food Group's credit
metrics could weaken beyond the expected targets, for a prolonged
period. In particular, we anticipate that the group's reported FOCF
could remain below EUR100 million and adjusted debt to EBITDA could
remain between 7.5x-8.0x in 2026, which would limit ratings
headroom.

"We could lower our rating on Flora Food Group during the next
12-to-18 months if its reported FOCF remains persistently below
EUR100 million and leverage remains above 7x. This could occur, for
example, if raw material prices show higher-than-anticipated
volatility, if competition from private label dairy alternatives
proves stronger than projected, or if one-off costs to support the
group's strategic initiatives materially exceed our forecast.

"We could revise the outlook to stable if the operating performance
improves in the next 12-18 months, such that the group manages to
restore annual FOCF generation to at least EUR100 million on a
sustainable basis. Under this scenario, we would expect the
company's EBITDA margin to improve, thanks to a meaningful
reduction in nonrecurring costs, and the full realization of
efficiencies to support the operating performance, despite a
difficult macroeconomic environment."




===============
P O R T U G A L
===============

TRANSPORTES AEREOS: S&P Rates New EUR300MM Sr. Unsec. Notes 'BB-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level rating and '3'
recovery rating to Transportes Aereos Portugueses S.A.'s (TAP;
BB-/Stable/--) proposed EUR300 million senior unsecured notes due
2031. The '3' recovery rating indicates its expectation for
meaningful recovery (50%-70%; rounded estimate: 65%) in the event
of a default and is in line with the recovery rating on its
existing notes due in 2029.

S&P said, "We understand the company intends to use the proceeds
for general corporate purposes including funding of its capital
expenditures in new planes. The transaction will lead to a slight
increase in TAP's leverage (we do not deduct cash for ratios
calculation purposes) but it will remain within our thresholds for
the rating with funds from operations (FFO) to debt above 12%. Our
expectation for the FFO-to-debt ratio of 15%-16% in the next 12
months is slightly weaker compared with the 16%-17% we previously
expected.

"We forecast that sustained robust air passenger demand will
underpin S&P Global Ratings-adjusted EBITDA of EUR690
million-EUR720 million in 2026, compared with EUR706 million in
2025 and EUR852 million in 2024. Under our current base case, we
expect an average unhedged jet fuel price for TAP of about $170 per
barrel in 2026--assuming disruptions in the Strait of Hormuz ease
in the second half of 2026, but with possible periodic
interruptions and a slower, less complete recovery in flows than we
previously expected. This, along with our assumption that TAP's
capacity (as measured by available seat kilometers) will increase
1%-2% year over year, suggests the airline's total fuel expense
will likely increase to EUR1.2 billion-EUR1.3 billion from EUR990
million reported in 2025. Our updated forecast factors in TAP's
hedges on 47% of its expected jet fuel consumption as of May 21,
2026. Our current base case does not assume disruptions in the
physical supply of jet fuel. Solid earnings will translate into
adjusted FFO to debt of 15%-16% in 2026 (17.8% in 2025), sustaining
TAP's moderate headroom within the 'BB-' rating threshold of at
least 12%.

Issue Ratings - Recovery Analysis

Key analytical factors

-- S&P said, "Our issue rating on TAP's proposed EUR300 million
senior unsecured notes due in 2031 is 'BB-', in line with the
rating on the existing notes due in 2029. The '3' recovery rating
indicates our expectation that lenders would receive meaningful
recovery (50%-70%; rounded estimate: 65%) in the event of a
default. As per our criteria, we cap the recovery rating at '3'
given the debt's unsecured nature."

-- S&P values the company on a discrete-asset basis as a going
concern, using current asset book values as reported.

-- S&P's valuations reflect various assets at default, adjusted
for expected realization and dilution rates in a distressed
scenario.

-- S&P assumes a hypothetical default scenario in 2030, brought on
by a generally adverse geopolitical and business landscape, leading
to a severe airline industry downturn in Europe and the Americas.
In turn, this depresses air traffic and makes it difficult for the
airline to take on new plane deliveries, realize fleet
efficiencies, and pass on inflated input costs.

Simulated default assumptions

-- Year of default: 2030
-- Jurisdiction: Portugal

Simplified waterfall

-- Gross enterprise value: EUR1.356 billion

-- Net enterprise value (after 5% administrative expense):
EUR1.288 billion

-- First-lien debt: EUR99 million

-- Total value available to senior unsecured claims: EUR1,189
million

-- Total unsecured claims: About EUR1,031 million

    --Recovery expectations: 50%-70% (rounded estimate: 65%).

All debt amounts include six months of prepetition interest.
Unsecured claims include estimated lease rejection-related claims.




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

INTRUM AB: S&P Upgrades ICR to 'B-' on Capital Raise Approval
-------------------------------------------------------------
S&P Global Ratings upgraded Swedish distressed debt collector
Intrum AB (publ) to 'B-' and removed the ratings from CreditWatch,
where it placed them with positive implications on May 11, 2026.
S&P tooks equivalent rating actions on the group's rated debt,
raising its rating on Intrum's 1.5 lien notes to 'B+' and the
second-lien notes to 'B-'.

The outlook is positive, reflecting that Intrum's strengthened
financial position and improving strategic execution could be
commensurate with a higher rating within the next 12 months. A
higher rating is dependent on confirmation and execution of the
group's near-term deleveraging plan and consistent early execution
on Intrum's strategy, including underlying stabilization and
resilience in its servicing business.

Intrum AB (publ) has received approval from shareholders for a
fully guaranteed Swedish krona (SEK) 7.5 billion equity capital
raise.

S&P believes this transaction materially reduces risks to the
group's financial sustainability from its capital structure, in
particular by reducing refinancing risk from its 2027 debt
maturities, as well as significantly accelerating its deleveraging
efforts in the next 12 months and enabling it to selectively expand
its balance sheet in the medium to long term (from 2027).

Intrum's extraordinary general meeting has approved its proposed
capital raise. Shareholders approved the SEK7.5 billion fully
guaranteed equity capital raise, along with changes to the group's
articles of association, on June 9, 2026. S&P said, "We understand
the underwriters for the rights issue and the directed issue are
legally obligated to complete the transaction. As such, following
shareholder approval, we incorporate the financial effects of this
transaction into our base case, notwithstanding the scheduled
closing date on July 1, 2026."

The capital raise will lead to material deleveraging over the next
24 months. The main purpose behind the capital injection is to
accelerate the deleveraging path laid out by Intrum in early 2026
and strengthen its capital structure. In S&P's base case it
considers the company will prioritize shorter-term maturities and
proactively address 2027 maturities. Management expects net
deleveraging of at least SEK7 billion by 2028 and SEK13 billion by
2030--effects broadly reflected in its base case.

The transaction opens the door to medium-term growth. In the near
term, Intrum will continue to focus on preserving its core
servicing platform and returning to mid-single-digit organic growth
therein. S&P views this as a credit supportive since it offers a
relatively more stable revenue base with higher predictability.

Stable earnings from its servicing business and reduced finance
expense will allow Intrum to return to selective, expansionary
portfolio investments. In the medium to long term this will
eventually translate to higher EBITDA generation--provided the
group can underwrite these new purchases profitably with
collections above 100% of estimated recoveries.

S&P said, "A reduction in gross debt and widening earnings should
cement improvements in Intrum's financial position in the next 24
months and beyond, thereby supporting our upgrade. We expect S&P
Global Ratings-adjusted debt to EBITDA will continue to improve to
about 5.5x for 2026 and move below 5.0x for 2027. This level is
comfortably commensurate with a 'B-' rating level. In the longer
term we expect adjusted leverage to fall toward 4.0x--though this
is reliant on consistent, strong strategic execution."

Execution risk affects S&P's rating but has materially reduced for
Intrum. The group's shallow 2025 restructuring created material
execution risk prior to the capital raise. Moderate
underperformance could have materially degraded the group's
financial sustainability, tested debtholder support, and led to
another debt restructuring. This risk has significantly reduced
following the equity transaction and its incorporation into its
base case. The group's balance sheet is now sustainably positioned
such that moderate underperformance will not likely test the
sustainability of the capital structure. Further, group liquidity
is targeted squarely at debtholders--reducing the confidence
sensitivity of Intrum's debt stack.

Even so, some near-term execution risk remains. The group's 2030
strategic strategy envisions selective but steady balance sheet
runoff in 2026 and 2027, stabilization of its servicing business,
and significant technological transformation. Consequently, if the
group demonstrates sustainable progress toward these strategic
priorities within the next 12 months S&P could further raise its
ratings.

Intrum's improved financial position and sound competitive position
could support a higher rating in the near term. Intrum possesses a
significant scale advantage, a revenue mix heavily skewed toward a
stable and profitable servicing business, and a large competitive
moat compared to peers. No other rated peer has Intrum's servicing
breadth and scale, and S&P does not expect competitors to
materially dent its advantage--even as the group continues to
rebalance its platform. While leverage could remain above 5x during
2027, Intrum's relative strengths and improved financial position
could support a rating level in line with or ahead of smaller
peers, such as Sherwood (B/Negative) or Axactor (B-/CWPos). That
said, the group's leverage position and strategic execution track
record remain materially weaker than higher rated peers such as
B2Impact (BB/Stable), despite Intrum's vastly greater scale. This
remains an important relative rating constraint.

S&P said, "The positive outlook reflects our view that Intrum's
stabilizing financial performance and debt reduction agenda could
potentially be commensurate with a higher rating within the next 12
months. This view is underpinned by the group's capital raise,
commitment to prioritizing debt repayment, and its ongoing emphasis
on balance sheet-light servicing earnings.

"We could revise the outlook to stable if operating conditions
become significantly more adverse than we currently expect, testing
Intrum's financial performance and leading to sharp contractions in
earnings and asset quality.

"We could raise the ratings if Intrum demonstrates sustainable
progress on its strategic priorities within the next 12 months."
This would include clear steps to manage its 2027 maturities,
stabilized underlying earnings in its servicing business, and
continued progress in reducing gross indebtedness. This would
likely be in line with a full year S&P Global Ratings-adjusted
leverage position of about 5.5x for 2026. An upgrade would depend
on the group continuing to deliver predictable financial
performance throughout its balance sheet restructuring phase.


VERISURE MIDHOLDING: Fitch Rates EUR1-Billion Unsecured Notes 'BB+'
-------------------------------------------------------------------
Fitch Ratings has assigned Verisure Midholding AB (Verisure) a
first-time Long-Term Issuer Default Rating (IDR) of 'BBB-' with a
Stable Outlook. Fitch has also assigned a 'BB+' rating to
Verisure's EUR1,000 million unsecured notes and a 'BBB-' rating to
the EUR1,250 million term loan and EUR525 million senior secured
notes issued by its subsidiary, Verisure Holding AB.

The ratings reflect Verisure's highly recurrent subscription-based
revenue base, significant market position and scale, headroom for
further market expansion and improving free cash flow (FCF)
generation. High leverage constrains the rating, with
Fitch-adjusted EBITDA net leverage at 2.8x in 2026, alongside a
limited record as a listed entity and newly established capital
allocation policies.

The Stable Outlook reflects its expectation of continued strong
organic growth, structurally positive FCF and falling leverage,
concurrently with declining ownership concentration.

Key Rating Drivers

Market Leadership and Scale: Verisure is the global leader in
professionally monitored security services by customers served,
with a market-leading presence across Europe and Latin America. The
company is the market leader in 14 of the 18 geographies within its
footprint, with an estimated market share of 39% as of December
2025. Approximately 88% of its 6.3 million subscribers are based in
Europe, while the remaining 12% are in Latin America. Verisure's
scale in these core markets gives it a clear competitive advantage
over smaller, regional competitors, supporting its view of its
strong business profile.

Positioned for Organic Growth: Verisure estimates penetration of
less than 4% across its total addressable market of around 437
million properties, a level Fitch expects to rise structurally when
compared with the more mature US market, where penetration is
around 24%. Penetration of its serviceable addressable market, a
narrower subset of properties it can realistically reach excluding
occupancy and affordability constraints, is still a modest 12%.

Fitch expects the company to continue expanding its presence,
market penetration and share in existing markets, with around half
of the growth coming from its less-established European markets,
supported by strong brand awareness and marketing spend. Fitch
assumes annual average revenue per user growth of 2% in 2026-2027,
driven by innovation and upselling and broadly in line with the
average over the past 10 years.

Solid Contract Portfolio: The company reported LTM attrition of
7.4% as of end March 2026, in line with its historical 6%-8%
average, with average customer contract life of around 15 years.
Switching costs associated to customer upfront payments and
installed security equipment support high customer retention and a
solid portfolio services margin of 74% in 2025. Verisure funds
customer acquisition costs using cash flow generated from existing
customers. It spent EUR1,321 million on customer acquisitions in
2025, generating 873,000 new installations, of which approximately
84% are field sales.

Capex-Driven Growth; Steady FCF: Verisure's initial cash expense to
acquire a new customer, about 35% of which is capitalized, is about
3.7x annual adjusted EBITDA per subscriber, in line with the
historical average of 3.25x-4.00x. Roughly half of customer
acquisition cash was used to neutralise attrition in 2025, with the
remainder funding portfolio growth. Fitch expects FCF to remain
positive post dividends from 2026, in the low-to-mid single digits
(% of sales) as new installation growth moderates, in line with
company guidance. Positive and growing post-dividends FCF is an
important anchor for the group's investment grade rating.

Capital Allocation Policy Key: Verisure has committed to a capital
allocation policy targeting company-defined net leverage of
2.50x-2.75x by end-2026 and around 2.50x thereafter, excluding
holding-company payment-in-kind (PIK) in line with its Corporate
Ratings Criteria. This corresponds to about 2.8x Fitch-adjusted
EBITDA net leverage by end-2026 converging to 2.6x by 2028. The
company plans to pay out 30%-40% of adjusted net profit in ordinary
dividends, but Fitch still expects share buybacks and extraordinary
dividends while it stays within its net leverage target. Its
forecast assumes organic growth, though opportunistic M&A in new
markets remains possible.

Holdco PIK Excluded; Easing Ownership Concentration: Fitch excludes
the 2031 PIK toggle raised by the parent, Hellman & Friedman (H&F)
through its shareholding entity, Aegis Lux 1A, from its debt
metrics, as an acceleration at the Aegis level will not trigger
prepayment or raise default probability at Verisure group entities.
This instrument has no recourse to Verisure Midholding AB. Fitch
expects ownership concentration to reduce in parallel with stronger
board independence and a smaller PIK toggle. However, H&F retains
sole discretion over whether distributions fund PIK toggle
repayments or shareholder returns, as long as its stake remains
above 20%.

Limited Market and Service Diversification: The company's focus on
residential alarm services exposes it to concentration risk, as
customer affordability can drive cancellations during economic
downturns. Evolving local and regional regulatory requirements for
professionally monitored alarms add further risk, as breaches or
changes can cause business disruption, reputational damage or
weaken unit economics.

Peer Analysis

Fitch compares Verisure with large-scale global services providers,
such as pest control peers Rentokil Initial Plc (BBB/Stable) and
Rollins, Inc. (BBB+/Stable) and catering and facility services
group Sodexo SA (BBB+/Negative). All three have higher debt
capacity than Verisure. Verisure has strong underlying organic
growth, similar to the pest control peers, but weaker FCF
generation and cash flow leverage, as its capex-driven revenue
growth impairs FCF metrics during times of strong growth. Fitch
views switching costs and revenue visibility as higher for Verisure
than for the pest control peers, supported by higher retention
rates, upfront customer payments and the cost of de-installing
equipment.

Belron Group SCA (BB/Stable) has a similar market position, with a
presence in the US and Europe, but mainly serving insurance
companies under framework agreements. Belron operates with
significantly higher leverage, justifying the rating differential
with Verisure.

Fitch’s Key Rating-Case Assumptions

- Revenue growth easing to 6.9% by 2029 (2025: 9.9%)

- EBITDA margin reaching 44.8% by 2029 (2025: 43%)

- Working capital outflow of 1.5% to 1.9% of revenue over
2026-2029

- Capex decreasing to 24% of revenue by 2029 (2025: 26.2%)

- Dividends in line with capital allocation policy and buybacks or
extraordinary dividends when there is headroom under the 2.5x
company-defined net leverage target

- Holding company PIK toggle notes excluded from Fitch-defined
debt

Corporate Rating Tool Inputs and Scores

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

Business and financial profile factors (assessment, relative
importance): management ('bbb', Moderate), sector characteristics
('bbb', Lower), market and competitive positioning ('bbb', Higher),
diversification and asset quality ('bbb-', Moderate), company
operational characteristics ('bbb', Moderate), profitability
('bbb', Lower), financial structure ('bb+', Higher), and financial
flexibility ('bbb-', Moderate). The quantitative financial
subfactors are based on standard CRT financial period parameters:
20% weight for the latest historical year 2025, 40% for the
forecast year 2026 and 40% for the forecast year 2027.

The governance assessment of 'good' has no impact.

The operating environment assessment of 'a+' has no impact.

The SCP is 'bbb-'.

To derive the Long-Term IDR:

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

Recovery Analysis

Fitch rates Verisure's EUR1,250 million term loan and EUR525
million senior secured notes in line with its IDR, at 'BBB-' and
its EUR1,000 million senior unsecured notes at 'BB+', one notch
below the IDR. Security release mechanisms on the senior secured
debt instruments limit any uplift from the IDR. The senior
unsecured notes rank after the senior secured debt, structurally
and contractually, and are therefore rated one notch below the
prior-ranking debt.

RATING SENSITIVITIES

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

- Weakening of the business profile, such as poor operating
performance with deteriorating retention rates, intensified
competition, including disruptive technology, or signs of a more
aggressive financial policy resulting in the following metrics (all
on a sustained basis):

- EBITDA net leverage of above 2.8x;

- CFO-capex/total debt below 7.5%;

- Neutral or negative post-dividend FCF margin.

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

- Market expansion through share gains and diversification by
service line, geography or market, with sustained profitability and
retention rates;

- EBITDA net leverage below 2.0x, supported by the implementation
of a financial policy to preserve the metric at this level;

- CFO-capex/total debt moving towards 12.5%;

- Post-dividend FCF margin sustained in the mid-single digits

Liquidity and Debt Structure

Verisure had about EUR32 million of cash and access to a EUR950
million revolving credit facility (EUR896 million undrawn) as of
end-March 2026. Fitch expects the company to generate positive FCF,
pro forma for ordinary dividends in line with the group's capital
allocation policy, from 2026. There are no major maturities coming
due before 2029, when the senior unsecured notes mature. The senior
secured notes and term loans mature in May 2030, October 2030 and
November 2032.

Issuer Profile

Verisure is a leading provider of professionally monitored security
alarms for residential properties as well as small businesses.
Founded in Sweden in 1988 as Securitas Direct, the company has
expanded across Europe and Latin America. It generated EUR3,745
million of revenue in 2025 and a company-adjusted EBIT of EUR953
million.

Date of Relevant Committee

12-Jun-2026

MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS

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

Climate Vulnerability Signals

The results of its Climate.VS screener did not indicate an elevated
risk for Verisure Midholding AB.

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           
   -----------                   ------           
Verisure Midholding AB

                          LT IDR  BBB-   New Rating
   senior unsecured       LT      BB+    New Rating

Verisure Holding AB

   senior secured         LT      BBB-   New Rating



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T U R K E Y
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PEGASUS HAVA: S&P Affirms 'B+' LT ICR & Alters Outlook to Negative
------------------------------------------------------------------
S&P Global Ratings revised its outlook on its long-term issuer
credit rating on Pegasus Hava Tasimaciligi A.S. (Pegasus Airlines)
to negative from stable and affirmed the long-term issuer credit
rating on Pegasus Airlines and its issue rating on its senior
unsecured debt at 'B+'.

The negative outlook reflects the risks that the impacts of the
Middle East war do not subside and continue to depress the
company's performance through lower traffic as well as persistently
high fuel costs, resulting in FFO to debt sustainably below 12%
while EBITDA interest coverage remains at or below 2x.

S&P said, "The Middle East war will hit Pegasus Airlines'
performance this year through higher fuel costs and
lower-than-expected international passenger traffic, resulting in
an EBITDA decline and a spike in leverage, but we expect a rebound
in 2027. We forecast Pegasus Airlines' EBITDA will fall to EUR350
million-EUR450 million this year, compared with EUR684 million in
2025. This will result in the company's FFO to debt falling toward
3%-8% this year from 11.9% in 2025, which is below our 12%
threshold for the current rating level. Still, as the situation in
the Middle East normalizes and the Strait of Hormuz reopens, we
expect jet fuel prices to fall and traffic flows to rebound,
leading to a recovery in EBITDA toward EUR750 million-EUR800
million in 2027 and about EUR1 billion in 2028. This should result
in FFO to debt exceeding 12% in 2027 and approaching 17% by 2028,
under our base-case assumptions."

Higher fuel costs will be a key contributor to weaker performance
in 2026. Disruptions in the global oil and refined products
markets, resulting from the effective closure of the Strait of
Hormuz, resulted in our expectation of average Brent crude oil
prices of about $100 per barrel [/bbl] and jet fuel crack spread
(refining margins) of about $60/bbl in 2026, compared with $69/bbl
for Brent and $22/bbl of jet crack spread in 2025. This spike of
fuel price will lead the cost per available seat kilometer (CASK)
to increase by up to 10% in 2026.

Pegasus Airlines' fuel cost hedging strategy focuses on Brent crude
oil rather than jet fuel, as both typically highly correlated when
the jet crack spread is in a normal range of between
$20/bbl-$30/bbl. However, the exceptional circumstances this year
amid supply concerns have led to jet crack spreads exceeding
$100/bbl in Europe in March this year. Although the spreads have
come down since then, S&P expects them to average around $60/bbl
this year. This means that Pegasus Airlines' hedges will not be
able to capture the crack spread component of the jet fuel, leading
to materially higher fuel costs.

Being geographically close to the Middle East, Türkiye's
international passenger traffic is sensitive to geopolitical
tensions in the region. With up to 15% of its passengers coming
directly from the Middle East before the start of hostilities, the
traffic numbers have responded rapidly as the airspace was closed
in many countries in the Middle East in March and April. Equally,
Türkiye's international traffic is also sensitive to Middle East
instability as the country is considered by many travelers to be
part of the region. S&P said, "We understand the traffic has begun
to recover and, therefore, expect only modest full-year traffic
growth of 2%, which is materially lower than in previous years and
below forecast available seat kilometers (ASK) growth of up to 6%
this year. We understand that traveler volumes recovered relatively
quickly in May and could continue to do so if there are no further
hostilities. As a result, we expect revenue per available seat
kilometer (RASK) will decline by up to 5% this year."

Pegasus Airlines' focus on short-term flights and its operating
environment in Türkiye present additional constraints to its
operating and financial performance this year, but fundamentally
its business model remains solid. S&P expects that many rated
European airline peers will post a more resilient operating
performance this year, reflecting strong hedging strategies and the
ability to pass through part (and in some cases much) of the higher
fuel costs to their customers, particularly for long-haul flights.
As Pegasus Airlines suffered from weaker passenger traffic, passing
the costs onto customers has been more difficult this year,
reflecting the regional situation. Equally, Pegasus Airlines does
not operate long-haul flights, which have seen higher yields for
some European airlines (such as Lufthansa) as the Europe-Asia
traffic through middle eastern hubs was disrupted, albeit we expect
gains to be temporary.

Finally, high inflation in Türkiye is adding pressure to the
operating costs of the company, with higher energy costs
contributing to it. S&P said, "That said, we believe the company's
business model remains solid, which posts leading EBITDA margins in
more "normal" years. With the EBITDA margin returning toward 20% in
2027, we believe the company can regain its above-average
profitability levels, should the impacts of the Middle East war
subside."

S&P said, "The Strait of Hormuz reopening framework announced on
June 14 generally aligns with our previous assumptions that
disruptions would begin easing in the second half of 2026, with no
immediate impact on our baseline forecasts. A framework for a
memorandum of understanding between Iran and the U.S., due to be
signed on June 19, marks the first concrete step toward resolving
an energy chokepoint that has been effectively closed for several
months. Even after a preliminary deal, our base case assumes only a
gradual recovery in shipping and energy flows through the strait.
We believe there is potential for ongoing operational challenges
and uncertainty until a comprehensive agreement is finalized.

"Therefore, our current base case still assumes elevated energy
prices and strong crack spreads in 2026, but a halt of the Middle
East conflict could allow credit metrics to recover more rapidly
than we currently assume, in particular, lower fuel costs would
boost the company's profitability (Brent prices have already
declined to just over $80/bbl). Recovery in passenger traffic could
take more time and it remains to be seen whether number of tourist
arrivals in Türkiye immediately rebounds (year-to-date bookings
are significantly lower than usual for this time of the year).
Lastly, the resolution of the conflict should buttress Türkiye's
economic situation, but we expect it would take time for inflation
to reduce and for the country's competitiveness as tourist
destination to restore."

Depending on the pace of reopening of the strait, and the recovery
of international passenger traffic in the region, including
Türkiye, the pace of the credit metric rebound could vary. S&P
will therefore closely monitor the situation.

S&P said, "We assume that fuel cost and passenger traffic normalize
in 2027 and 2028. Lower fuel cost should become a major source of
performance recovery, as we expect both oil prices and jet fuel
crack spreads to be lower in 2027, at about $80/bbl and $30/bbl,
respectively. This will help support performance, with improvements
continuing into 2028, with an up to 10% cumulative CASK decline
over 2026-2027. Equally, assuming fewer security concerns, we
expect travel to rebound in the region with international traffic
stabilizing. Also, we expect the booking curve to start improving
from the currently low levels in the second half of 2026 and into
2027, providing a positive working capital inflow for the
company."

Liquidity and interest coverage metrics remain supportive of
Pegasus Airlines' credit profile. S&P said, "Pegasus Airlines
maintains around EUR1.5 billion of cash on balance sheet (which we
do not deduct from its debt for ratio calculations under our
criteria, due to our weak business risk profile assessment), which
supports the company's liquidity at a time of weaker cash flow
generation. Additionally, we note that the company's FFO cash
interest coverage ratio will remain at about 2x in 2026, despite
weaker performance, but will rebound toward materially stronger
4.0x in 2027. These ratios underpin the company's current rating
level, unless there is a material downward revision of our base
case, as a result of prolonged hostilities in the region."

S&P said, "The negative outlook on Pegasus Airlines reflects that
we would lower the rating in the next 12 months if the company's
EBITDA remains depressed and leverage elevated, with FFO to debt
consistently below 12% and FFO cash interest coverage below 2x.
This could occur if the impacts of the Middle East war do not
subside, leading to persistently high fuel costs and lower
traffic.

"Less likely, a fundamental weakening in our view of the Turkish
market in terms of its support of the company's business model
(including the country's cost competitiveness as a tourist
destination), could also lead us to lower rating."

S&P could lower its rating on Pegasus Airlines in the event that:

-- Pegasus Airlines' EBITDA remains under significant pressure in
2027, with limited prospects of improvement, due to ongoing
hostilities in the Middle East, resulting in consistently high fuel
prices and disrupted passenger flows in the regions, including in
Türkiye;

-- Its adjusted FFO to debt stays below 12% and FFO cash interest
coverage stays below 2x consistently over the forecast horizon;
and

-- The company starts to burn cash leading to liquidity
pressures.

S&P would revise the outlook to stable if Pegasus Airlines'
performance and leverage were to rebound, with FFO to debt
returning to above 12% and FFO cash interest coverage being
sustainably above 2x. This could happen if sustained peace is
achieved in the Middle East, resulting in the opening of the Strait
of Hormuz, leading to a significant decline in jet fuel prices and
normalization of the passenger flows in the region.




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

CASTELL 2023-1: S&P Raises Class F-Dfrd Notes Rating to 'BB (sf)'
-----------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive its
credit ratings on Castell 2023-1 PLC's class D-Dfrd notes to 'AA-
(sf)' from 'A- (sf)', class E-Dfrd notes to 'A (sf)' from 'BBB
(sf)', and class F-Dfrd notes to 'BB (sf)' from 'BB- (sf)'. At the
same time, S&P affirmed its 'AAA (sf)' rating on the class A notes,
'AA+ (sf)' rating on the class B-Dfrd notes, and 'AA (sf)' rating
on the class C-Dfrd notes.

S&P said, "The rating actions follow our May 5, 2026, placement of
our ratings on the class D-Dfrd to F-Dfrd notes on CreditWatch due
to the implementation of updates to our U.K. sector and industry
variables under our global RMBS criteria. They also reflect our
full analysis of the most recent transaction information and the
transaction's current structural features.

"The performance of the loans in the collateral pool has slightly
deteriorated since October 2025. Based on our calculation
methodology, total arrears increased to 9.77% in April 2026, of
which 6.03% is in 90+ days arrears, as compared with 8.94% total
arrears and 90+ days arrears of 6.04% in October 2025. Cumulative
losses remain relatively stable at 1.93%. The three-month
prepayment rate slightly decreased to 18.65% in April 2026, as
compared with 23.41% as at October 2025 and our U.K. prime index
that stood at 22.9% in the first quarter of 2026. Credit
enhancement has increased significantly for all classes of notes
and has more than doubled since closing.

"After applying our updated sector and industry variables, the
overall effect in our credit analysis resulted in a decrease in the
weighted-average foreclosure frequency (WAFF) at all rating levels
due to lower anchor default probabilities, a lower loan-to-value
ratio adjustment, a lower income adjustment, a lower payment shock
adjustment, and a lower second-lien adjustment. These factors have
been slightly offset by the increase in arrears.

"Our weighted-average loss severities (WALS) have decreased at the
'AAA' and 'AA' rating levels, primarily driven by our lower
overvaluation assessment for London and the southeast. At the 'A'
to 'B' rating levels, the WALS have increased slightly due to an
increase in our loss severity floors."

  Credit analysis results

  Rating level   WAFF (%)   WALS (%)   Credit coverage (%)

   AAA           23.40      80.51      18.84
   AA            18.08      74.48      13.46
   A             15.31      61.65       9.44
   BBB           12.64      52.31       6.61
   BB             9.77      44.69       4.37
   B              9.10      37.17       3.38

   WAFF--Weighted-average foreclosure frequency.
   WALS--Weighted-average loss severity.

The liquidity reserve is at its target level of £575,496. Excess
spread is 0.85% based on S&P's calculation, which factors stressed
servicing fees.

The transaction's sequential priority of payments and the notes'
amortization have increased the available credit enhancement for
the class A to F-Dfrd notes, with the pool factor falling to
41.33%.

S&P said, "We affirmed our rating on the class A notes because our
credit and cash flow results indicate their available credit
enhancement remains commensurate with the assigned rating.

"Although the class B-Dfrd and C-Dfrd notes passed cash flow
stresses at higher rating levels than those assigned, we considered
the deferrable nature of the notes and the relative levels credit
enhancement and subordination. We therefore affirmed our ratings on
these classes of notes.

"Under our credit and cash flow analysis, the available credit
enhancement for the class E-Dfrd notes is commensurate with a
higher rating. We therefore raised and removed from CreditWatch
positive our rating on the class E-Dfrd notes.

"Although the class D-Dfrd and F-Dfrd notes passed cash flow
stresses at higher rating levels than those assigned, we considered
their available credit enhancement and the relative position of the
notes in the capital structure. Additionally, we considered the
elevated arrears and current uncertain macroeconomic environment.
We therefore limited our upgrades of the class D-Dfrd and F-Dfrd
notes and removed the ratings from CreditWatch positive.

"Counterparty risk does not constrain the ratings as we consider
the transaction to be in line with our counterparty criteria."

Macroeconomic forecasts and forward-looking analysis

S&P said, "We expect U.K. inflation to remain above the Bank of
England's 2% target in 2026, and we forecast a 2.6% year-on-year
change in house prices in the fourth quarter of 2026. Given our
current macroeconomic forecasts and forward-looking view of the
U.K. residential mortgage market, we performed additional
sensitivities relating to higher default levels due to increased
arrears and extended recovery timings. The sensitivity analysis
results indicate a deterioration consistent with our credit
stability considerations in our rating definitions."

The transaction is backed by a pool of second-lien, owner-occupied
mortgage loans secured on properties in England, Scotland, and
Wales. The originator is UK Mortgage Lending Ltd. (wholly owned by
Pepper Money Ltd.).


CLARA.NET HOLDINGS: Moody's Lowers CFR to Caa1, Outlook Stable
--------------------------------------------------------------
Moody's Ratings has downgraded the corporate family rating of
Clara.net Holdings Limited (Claranet or the company) to Caa1 from
B3 and the probability of default rating to Caa1-PD from B3-PD.
Concurrently, Moody's have also downgraded to Caa1 from B3 the
backed senior secured bank credit facilities ratings of Claranet
Group Limited. The outlook on both entities remains stable.

RATINGS RATIONALE

The downgrade of Claranet's CFR to Caa1 from B3 reflects the
continued materially weaker-than-expected operating performance in
the first nine months of the fiscal year ending in June 2026
(fiscal 2026), which resulted in significant negative free cash
generation and Moody's-adjusted EBITA/Interest Expense below 1.0x.
The downgrade also reflects the increasing refinancing risk in
respect of the approaching maturities of the EUR69.2 million backed
senior secured revolving credit facility (RCF), which was drawn by
EUR26 million at the end of March 2026, in January 2028 and the
EUR290 million backed senior secured term loan B1 in July 2028.

Although Moody's forecasts the company's operating performance to
improve in the fiscal 2027 as a result of cost saving initiatives
and revenue growth, significant uncertainty remains around the
magnitude and pace of the operating performance recovery
trajectory. Additionally, Moody's expects that Moody's-adjusted
free cash flow will remain negative in fiscal 2027. As a result,
although the company's management is currently planning to
refinance the current capital structure during fiscal 2027, Moody's
views that the refinancing of the senior secured facilities in a
timely and cost-effective manner is uncertain at this point in
time.

At the end of March 2026, Moody's estimates that Moody's-adjusted
leverage for Claranet stood at 7.6x, increasing from 6.9x at the
end of fiscal 2025. This increase in leverage was driven by both a
deterioration in operating performance caused by a challenging
macroeconomic environment, slower-than-expected pipeline conversion
and work-in-progress delivery, higher churn in the prior year, and
an increase in outstanding debt as the revolving credit facility
(RCF) was drawn by around EUR8 million (to a total of EUR26
million) to minimize the impact of the negative free cash flow
generation during the period. Although Moody's forecasts that
EBITDA generation will improve during the last quarter of fiscal
2026 relative to the previous year due to increased sales activity
and work-in-progress delivery, resulting in a Moody's-adjusted
leverage of 7.4x at the end of fiscal 2026, this figure will still
be significantly below Moody's original expectations of 5.8x. At
the same time, Moody's expects that Moody's-adjusted free cash flow
for the current fiscal year will be - EUR18 million, which is below
Moody's original expectations at the end of the previous fiscal
year. More positively, certain indicators such as lower churn and
stronger pipeline have evolved favorably in recent quarters when
compared to 2025 levels.

Besides the continued subdued operating performance, the Caa1
rating reflects the company's small scale and exposure to the
competitive IT services market, and its high customer churn rates
(although showing a degree of improvement over the last four
quarters) and slow pipeline conversion partially due to a
challenging macroeconomic environment.

More positively, the Caa1 CFR also reflects the company's good
geographical diversification across Europe and Brazil, long term
customers relationships with a diversified customer base of
blue-chip operators, and the material proportion of recurring and
repeatable revenues which provide a certain degree of top-line
visibility.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that Claranet's
revenue and EBITDA generation will improve in the next 12-18
months, while liquidity remains constrained by the expected
negative free cash flow generation and the maturity of the
partially drawn RCF in January 2028.

ESG CONSIDERATIONS

Governance factors were a key consideration in this rating action,
reflecting the track record of operating underperformance and
material negative free cash flow generation, and the aggressive
financial policy, which resulted in a stretched capital structure
and the weakening of the liquidity profile. Furthermore, the
refinancing risk tied to the debt maturing in early 2028
intensifies these issues. The CIS-5 Credit Impact Score (CIS)
indicates that the rating is lower than it would have been if ESG
risk exposures did not exist and that the negative impact is more
pronounced than for issuers scored CIS-4.

LIQUIDITY

Claranet's liquidity is weak. The company had EUR6.4 million of
cash on the balance as of the end of March 2026, as well as,
according to the company's management, access to around EUR14
million of cash sitting at its immediate parent company Claranet
International Limited (CIL). Moody's also expects that free cash
flow generation will remain negative in fiscal 2027. Claranet's
EUR69.2 million RCF, which was drawn by EUR26 million at the end of
March, matures in January 2028.

The company's term loan and RCF are subject to a senior secured
maintenance net leverage covenant set at 6.6x, with the March 2026
figure being at 5.4x.

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

The ratings could be upgraded if Claranet successfully refinances
its upcoming maturities, alongside a track record of solid
like-for-like revenue and EBITDA growth on a sustained basis, so
that (i) Moody's-adjusted debt/EBITDA leverage sustainably declines
below 6.25x, (ii) Moody's-adjusted EBITA / interest expense rises
sustainably well above 1.0x, (iii) FCF/Debt becomes sustainable
positive, and (iv) the company's liquidity is at least adequate.

Any further deterioration in liquidity or rising risks around the
company's ability to fully and timely refinance its upcoming
maturities could lead to a downgrade.

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.

COMPANY PROFILE

Founded in 1996 and headquartered in London, United Kingdom (Aa3
stable), Claranet is a global IT services company supporting its
client base in digital transformation projects. The company is a
managed service provider (MSP) offering mainly cloud, network,
cybersecurity and workplace solutions. Focusing on the mid-market
and the sub-enterprise segments, the group operates across Europe
and Brazil and holds a leading position in its core countries,
namely the UK and France.

In fiscal 2025, ended June 2025, Claranet reported revenue of
EUR362 million and company-adjusted EBITDA of EUR68.1 million. The
founder, along with his family members and other private investors,
represents the key shareholder in the group with an equity stake of
72%. Minority shareholders in the business include private equity
funds Abry Partners, Tikehau Capital and Partners Group.


KANE BIDCO: Moody's Affirms 'B1' CFR, Outlook Remains Stable
------------------------------------------------------------
Moody's Ratings has affirmed the B1 corporate family rating and
B1-PD probability of default rating of Kane Bidco Limited (Kane
Bidco), as well as the senior secured debt ratings of B1. The
outlook on the entity remains stable. The issuer is an intermediate
holding company of True Potential Group Limited (True Potential), a
UK-domiciled vertically integrated wealth manager.

RATINGS RATIONALE

Kane Bidco's B1 CFR reflects True Potential's growing presence in
the wealth platform advisory space, its strong assets under
management (AUM) resilience and the group's solid profitability.
These strengths are offset by its moderate scale and very limited
geographic diversification as a mid-tier UK wealth manager, with
all assets sourced in the UK, and relatively high financial
leverage.

True Potential has demonstrated consistent AUM growth and unbroken
net inflows, albeit at a slower rate recently. This growth has been
supported by ongoing investment in the recruitment of financial
advisers. Slower growth was in part driven by changes to the
adviser onboarding process in 2024, which reduced cash strain and
regulatory risk but also deferred the economics of client
acquisition. Moody's expects True Potential's growth to accelerate
from 2025 levels onward. While net revenue reached GBP357 million
in 2025, True Potential still has a modest scale compared to more
diversified asset managers.

True Potential's vertically integrated model combines an in-house
platform and advice proposition which allows the group to earn fees
across the value chain, including investment management fees,
wealth management advice, platform fees and adviser services.
Moody's expects profitability to remain a credit strength, driven
by this model. The group's EBITDA margin is solid and Moody's
expects further improvement as growth supports margin expansion.
Pre-tax income margins are robust for the rating level despite
relatively high interest costs and volatility from provision
bookings and goodwill impairments, which Moody's considers to be
exceptional.

Moody's expects the group to resume deleveraging as the business
grows, driven by EBITDA growth. Moody's expects borrowings to
remain stable as new business acquisition is supported by internal
cash generation rather than external funding. The group's leverage
was 4.5x at year-end 2025, consistent with a B-rated company, and
remains an offsetting factor in Moody's credit assessment.

-- DEBT RATINGS

The B1 ratings of the group's senior secured notes are in line with
the CFR reflecting the relatively low level of super senior
obligations (the group's revolving credit facility), their pari
passu ranking with the group's other senior secured debt, and
minimal operating company obligations.

-- OUTLOOK

The stable outlook reflects Moody's expectations that True
Potential will continue to improve its market position and scale
while maintaining healthy profitability metrics, gradually reducing
leverage.

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

The following factors could lead to an upgrade of the ratings: (1)
Reducing debt-to-EBITDA to below 4x consistently; (2) Increased
scale, as measured by net revenue, to above $400 million; and (3)
Pre-tax income margins rising above 10% on a consistent basis.

Conversely, the following factors could lead to a downgrade of the
ratings: (1) Debt-to-EBITDA above 5.5x for a sustained period; (2)
A significant drop in profitability with pre-tax income margins
consistently below 5%; and (3) A material deterioration of AUM
resilience metrics.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Asset Managers
published in May 2024.

Kane Bidco Limited's "Standalone Credit Profile" score of B1 is set
two notches below its "Standalone Credit Profile Before Qualitative
Notching Factors" score of Ba2 to reflect the group's moderate
scale, limited diversification, and relatively high financial
leverage.


NS AND PS DEVELOPMENTS: FRP Advisory Named as Joint Administrators
------------------------------------------------------------------
NS And PS Developments Limited was placed into administration in
the High Court of Justice, Court Number CR-2026-004278.  Nathan
Jones and John Anthony Lowe, both of FRP Advisory Trading Limited,
were appointed as Joint Administrators on June 1, 2026.

The company was into public houses and bars.  Its principal trading
address is Unit 7, Salisbury House, Wheatfield Way, Hinckley, LE10
1YG.

Its registered office is Unit 7, Salisbury House, Wheatfield Way,
Hinckley, LE10 1YG (to be changed to c/o FRP Advisory Trading
Limited, Ashcroft House, Ervington Court, Harcourt Way, Meridian
Business Park, Leicester, LE19 1WL).

The Joint Administrators can be contacted at:

   Nathan Jones  
   John Anthony Lowe  
   FRP Advisory Trading Limited  
   Ashcroft House  
   Ervington Court  
   Meridian Business Park  
   Leicester LE19 1WL  

Further information:

   Contact: Keeley McCahill-Brown  
   Email: cp.leicester@frpadvisory.com  
   Contact: Keeley McCahill-Brown  
   FRP Advisory Trading Limited  


OEC (ELECTRICAL): Moorfields Appointed as Joint Administrators
--------------------------------------------------------------
OEC (Electrical) Ltd was placed into administration in the High
Court of Justice, Court Number 004103 of 2026. Andrew Pear and
Richard Keley, both of Moorfields, were appointed as Joint
Administrators on June 4, 2026.

The company engaged in electrical installation.  Its registered
office and principal trading address is Unit 1 Long Barn Frogmill
Track, Wangfield Lane, Curdridge, Southampton, SO32 2DA.

The Joint Administrators can be contacted at:

   Andrew Pear   
   Richard Keley  
   Moorfields  
   Arundel House  
   1 Amberley Court  
   Whitworth Road, Crawley  
   West Sussex RH11 7XL  

Further information:

   Contact: Jill King  
   Email: jill.king@moorfieldscr.com  
   Tel: 01293 410333  
   Moorfields  


PYM & WILDSMITH: KR8 Advisory Appointed as Joint Administrators
---------------------------------------------------------------
Pym & Wildsmith (Metal Finishers) Limited was placed into
administration in the High Court of Justice, Court Number
CR-2026-000813.  Mark Blackman and James Saunders, both of KR8
Advisory, were appointed as Joint Administrators on June 3, 2026.

The company engaged in the treatment and coating of metals.  Its
registered office is The Glades, Festival Way, Festival Park, Stoke
On Trent, Staffordshire, ST1 5SQ (in the process of being changed
to c/o KR8 Advisory Limited, The Lexicon, 10–12 Mount Street,
Manchester, M2 5NT).  Its principal trading address is Bramshall
Industrial Estate, Bramshall, Uttoxeter, ST14 8TD.

The Joint Administrators can be contacted at:

   Mark Blackman  
   James Saunders  
   KR8 Advisory  
   The Lexicon  
   10–12 Mount Street  
   Manchester M2 5NT  

Further information:

   Email: caseenquiries@kr8.co.uk  
   KR8 Advisory  



UKRAINIAN RAILWAYS: Fitch Affirms 'RD' LongTerm IDRs
----------------------------------------------------
Fitch Ratings has affirmed JSC Ukrainian Railways' (UR) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'RD'
(Restricted Default). Fitch has also affirmed the senior unsecured
USD1,055.1 million loan participation notes (LPNs) issued by Rail
Capital Markets Plc, UR's wholly owned UK-based financial special
purpose vehicle (SPV), at 'D'.

The affirmation reflects that UR remains in 'RD' since January 2026
after it suspended coupon payments on the LPNs. Fitch does not
expect UR to be able to repay the USD703.2 million 8.25% LPNs due
on 9 July 2026, given its weak liquidity and deteriorating
financial performance. UR is discussing the restructuring with the
holders of the 2026 LPNs and the USD351.9 million 7.875% LPNs due
15 July 2028.

Once completed, Fitch would likely treat the transaction as a
distressed debt exchange (DDE). Fitch would then review the
company's ratings based on its new debt profile, withdraw the
ratings of current LPNs and assign ratings to the new instruments.

Key Rating Drivers

Default on LPNs: In January 2026, UR announced that it will
temporarily suspend the coupon payments on its LPNs to preserve
liquidity for operations. UR defaulted on its notes after it failed
to make the payments within the applicable grace periods for both
LPNs. Fitch considers failure to pay interest or principal when due
and payable according to the terms and conditions of the rated
obligation, including any applicable grace period, to be a default
(denoted by a 'RD' or 'D' rating).

2026 LPNs Redemption Unlikely: Fitch believes UR will not be able
to redeem the 2026 LPNs on their maturity of 9 July 2026. The
outstanding amount of USD703.2 million (almost UAH32 billion) is
several times higher than the company's unrestricted cash at
end-May 2026. The company also has no refinancing alternatives.
Available financing from international financial institutions is
earmarked mainly to development capex.

LPNs Restructuring Sought: UR has hired financial and legal
advisers to pursue a broader LPNs restructuring. It held initial
talks with a group of noteholders in April 2026. The proposal
included a 20% principal haircut, an extension of final maturity to
June 2033, six semi-annual amortisation payments of USD150 million
from December 2030 to June 2033, with a cargo-volume adjustment
mechanism. Noteholders rejected the proposal due to limited
confidence in a near-term improvement in UR's financial profile
given current tariff levels.

Other Debt Serviced: UR continues to service other debt
instruments, notably loans from the European Bank for
Reconstruction and Development (EBRD, AAA/Stable) and European
Investment Bank (EIB, AAA/Stable). Noteholders have objected to the
continued servicing of these obligations, arguing it is
inconsistent with the equal treatment of creditors of the same
seniority. The default on the LPNs constitutes a cross-default
under loan agreements with two development finance institutions,
but the company has obtained waivers or partial waivers on these
clauses.

Deteriorating Financial Performance: UR reported negative UAH141
million EBITDA for 2025, as calculated by Fitch (excluding non-cash
and non-recurring items), versus UAH16.3 billion in 2024. The
company reported a net loss of UAH7.6 billion, but this included
UAH12 billions of state budget support, which Fitch does not
include in EBITDA. The weaker result reflects continued declines in
cargo volumes of 8% and passenger volumes of 7%, while costs,
mainly electricity and salaries, rose.

Weak Liquidity: UR's liquidity remains weak. Non-earmarked cash is
slightly higher than at end-2025 but barely covers monthly
operating costs and maintenance capex. Remaining scheduled debt
service in 2026 exceeds UAH2.5 billion, excluding the LPNs.
Projected negative cash flow, barring tariff increases, would
further weaken liquidity. The 2026 LPNs total over UAH31.6 billion
and suspended coupons are about UAH3.7 billion in 2026. These
obligations together are about 10x as large as available
unrestricted cash after other debt service. Available credit lines
and international support are mostly designated for specific
development capex rather than general liquidity.

Limited Improvement Possibilities: The ongoing war on Ukrainian
territory and intensification of attacks on railway infrastructure
and rolling stock over the last 12 months have increased operating
uncertainty. Fitch does not expect a near-term easing of
hostilities, which will continue to weigh on UR's weak financial
position. The company continues to optimise costs. However, without
an improvement in demand and pricing, these measures are unlikely
to restore sustainable operations.

Tariffs Adjustments: An important factor in any LPNs restructuring
is the potential for stronger cash generation. UR recently
requested that the central government raise cargo tariffs in 2026
to offset sharply rising costs. Industry groups oppose the
increase, and higher tariffs could weaken demand. Nevertheless, UR
expects a net positive effect of about UAH13 billion on cash flow.
Discussions are ongoing at the central government level, and it
remains uncertain whether and when tariffs would be updated.

State Support: The passenger segment has consistently generated
losses for UR, which were historically offset by the cargo
business. However, weaker cargo profitability means this
cross-subsidy is no longer sufficient. The central government has
launched an experimental mechanism to address the gap between fares
and the passenger transport cost. UR will receive UAH16 billion
from the central budget in 2026. In May, the government started
working on a law to implement the public service obligation (PSO)
remuneration framework to regulate compensation for losses in
passenger transportation. If introduced, the framework could
support UR's financial position.

ESG - Governance Structure: UR's close links to the Ukrainian
government mean the latter has strong influence over the rail
operator. The sovereign's weak rating implies that distressed
public finances may weigh on UR's debt policy, plus its willingness
and ability to service and repay debt, as reflected by its
suspension of LPNs servicing.

Issuer Profile

UR is the national integrated railway company with a natural
monopoly in the rail sector in Ukraine. It is the largest employer
in the country and plays a vital role in Ukraine's economy and
labour market.

RATING SENSITIVITIES

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

- UR entering into bankruptcy filings, administration,
receivership, liquidation or other formal winding-up procedure or
otherwise ceasing business with debt is still outstanding, would
lead to a downgrade to 'D'

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

- The completion of LPNs restructuring, following which Fitch will
re-rates UR to reflect the appropriate IDR for its capital
structure after restructuring, risk profile and linkage with the
sovereign, in line with Fitch's criteria

Climate Vulnerability Signals

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

ESG Considerations

UR has an ESG Relevance Score of '5' for Governance Structure due
to the close links with the Ukrainian government, underscored by
the sovereign remaining in the lower speculative grade of 'CCC',
indicating substantial credit risk for UR, as per Fitch's ratings
definitions. This has a negative impact on the credit profile, and
is highly relevant to the rating, resulting in downgrades on 29
July 2022 and 24 July 2024.

UR has an ESG Relevance Score of '4' for Employee Wellbeing due to
employees' heightened safety risks in conducting railway services,
especially in areas of protracted war operations, as well as
increased spending for personal protection equipment. This has a
negative impact on the credit profile and is relevant to the
ratings in conjunction with other factors.

UR has an ESG Relevance Score of '4' for Customer Welfare - Fair
Messaging, Privacy & Data Security due to increasing data
protection needs related to its strategies, investments and
policies, including critical logistic and infrastructure data, as
well IT infrastructure and financial information, following
intensified cyberattacks in the Russia-Ukraine war. 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            Prior
   -----------             ------            -----
JSC Ukrainian
Railways          LT IDR     RD       Affirmed   RD
                  ST IDR     RD       Affirmed   RD
                  LC LT IDR  RD       Affirmed   RD
                  Natl LT    RD(ukr)  Affirmed   RD(ukr)

Rail Capital
Markets Plc

   senior
   unsecured      LT         D       Affirmed    D



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

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