260723.mbx

260723.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, July 23, 2026, Vol. 27, No. 146 Headlines I R E L A N D AQUEDUCT EUROPEAN 5-2020: S&P Assigns B-(sf) Rating to F-R-R Notes GOLDENTREE LOAN 7: S&P Affirms B- (sf) Rating on Class F-R Notes MAN GLG III: S&P's 'CCC+' F Notes Rating Removed From Watch Neg. PROVIDUS CLO XI: S&P Assigns B- (sf) Rating to Class F-R Notes SOUND POINT 10: S&P Affirms B- (sf) Rating on Class F Notes K A Z A K H S T A N ALATAU CITY GARANT: S&P Ups Long-Term ICR to 'BB', Outlook Stable L U X E M B O U R G CONSTELLATION OIL: S&P Rates Proposed Senior Secured Notes 'B+' S P A I N AES ESPANA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Pos. U N I T E D K I N G D O M ALCHEMY EXCHANGE: FTS Recovery Appointed as Joint Administrators BEARDED FELLOWS: Cowgills Appointed as Joint Administrators DURHAM EDUCATION: FRP Advisory Appointed as Joint Administrators EDUCATION & CLINICAL: Opus Restructuring Appointed as Administrator ES BROADCAST: Begbies Traynor Appointed as Administrators ES MEDIA GROUP: Begbies Traynor Appointed as Administrators FLOWER & HAYES: Forvis Mazars Appointed as Administrators FRIARWOOD FINE: Antony Batty Appointed as Administrators MTF ENTERPRISES: FRP Advisory Appointed as Joint Administrators NOMAD FOODS: S&P Rates New EUR800MM Senior Secured Notes 'BB-' QUBE STRUCTURES: Hudson Weir Appointed as Administrator RUTHIN EDUCATION: FRP Advisory Appointed as Joint Administrators SKY FUTURES: Begbies Traynor Appointed as Joint Administrators TOTAL WASTE: FTS Recovery Appointed as Joint Administrators TRANS HAUL (EUROPE): CBA Business Appointed as Administrators TRINIT GROUP: Arafino Advisory Appointed as Joint Administrators VICTORIA PLC: Willkie Farr Advises Bondholder Group in Refinancing - - - - - ============= I R E L A N D ============= AQUEDUCT EUROPEAN 5-2020: S&P Assigns B-(sf) Rating to F-R-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Aqueduct European CLO 5-2020 DAC's class A-R-R, B-R-R, C-R-R, D-R-R, E-R-R, and F-R-R notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction and also issued additional subordinated notes equalling EUR56.1 million and unrated class Z-1, Z-2, and Z-3 notes. Subject to an extraordinary resolution from the existing subordinated noteholders, both the existing and the additional subordinated notes will be subject to an exchange for EUR33.60 million of new subordinated notes. This transaction is a reset of the already existing transaction, which S&P rates. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The reinvestment period will be approximately three years, while the noncall period will be one year after closing. Under the transaction documents, the rated notes will pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,841.15 Default rate dispersion 635.13 Weighted-average life (years) 4.29 Obligor diversity measure 161.81 Industry diversity measure 23.48 Regional diversity measure 1.41 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 192 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 2.70 Target 'AAA' weighted-average recovery (%) 36.05 Covenanted weighted-average spread net of floors (%) 3.72 Covenanted weighted-average coupon (%) 2.80 Rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR400.0 million target par amount, the target weighted-average spread of 3.72%, the target weighted-average coupon of 2.80%, and the target weighted-average recovery rate. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R-R to D-R-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes." The class A-R-R and E-R-R notes can withstand stresses commensurate with the assigned ratings. The class F-R-R notes; current break-even default rate cushion is negative at the assigned rating. S&P said, "Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several factors, including: -- The class F-R-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P said, "Our model-generated portfolio default risk, which is at the 'B-' rating level at 20.39% (for a portfolio with a weighted-average life of 4.29 years) versus 13.72% if we were to consider a long-term sustainable default rate of 3.2% for 4.29 years." -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If S&P envisions this tranche to default in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R-R notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all rated classes of notes. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-R-R to E-R-R notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R-R notes." Environmental, social, and governance S&P regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in its rating analysis to account for any ESG-related risks or opportunities. Aqueduct European CLO 5-2020 DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. HPS Investment Partners CLO (UK) LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate A-R-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.22% B-R-R AA (sf) 43.00 27.25 Three/six-month EURIBOR plus 1.83% C-R-R A (sf) 24.00 21.25 Three/six-month EURIBOR plus 2.10% D-R-R BBB- (sf) 29.00 14.00 Three/six-month EURIBOR plus 3.05% E-R-R BB- (sf) 19.00 9.25 Three/six-month EURIBOR plus 5.65% F-R-R B- (sf) 11.00 6.50 Three/six-month EURIBOR plus 9.12% Z-1 NR 0.10 N/A N/A Z-2 NR 0.10 N/A N/A Z-3 NR 0.10 N/A N/A Sub notes NR 33.60 N/A N/A *The ratings assigned to the class A-R-R, B-R-R, and B-R-R notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the other rated notes. The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. GOLDENTREE LOAN 7: S&P Affirms B- (sf) Rating on Class F-R Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit rating to GoldenTree Loan Management EUR CLO 7 DAC's class A-1-R notes. At the same time, S&P affirmed its ratings on the existing class X, A-2-R, B-R, C-R, D-R, E-R, and F-R notes and withdrew its rating on the original class A-1 notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,613.96 Default rate dispersion 588.14 Weighted-average life (years) 4.81 Obligor diversity measure 140.68 Industry diversity measure 24.01 Regional diversity measure 1.44 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.89 Actual 'AAA' weighted-average recovery (%) 37.73 Actual weighted-average spread (net of floors; %) 3.42 Actual weighted-average coupon (%) 4.52 Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end on Jan. 20, 2029. The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used a EUR398.95 million adjusted target par collateral principal amount, which is lower than the target par amount of EUR400.0 million. This takes into account the total principal balance and the principal proceeds as of the June 2026 trustee report. "We used the portfolio's actual weighted-average spread (3.42%), actual weighted-average coupon (4.52%), and the actual portfolio weighted-average recovery rates for all rated notes. "We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R, C-R, D-R, E-R, and F-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class X, A-1-R, and A-2-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with the assigned rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class X to F-R notes. "In addition to our standard analysis, to provide an indication of how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class X to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Rating assigned Replacement Original Notes notes Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate enhancement (%) A-1-R AAA (sf) 244.00 Three-month Three-month EURIBOR EURIBOR + 1.21% + 1.45% 38.84 Ratings affirmed Amount Class Rating* (mil. EUR) Notes interest rate§ X AAA (sf) 0.25 Three-month EURIBOR + 0.50% A-2-R AAA (sf) 6.00 Three-month EURIBOR + 1.40% B-R AA (sf) 44.00 Three-month EURIBOR + 1.60% C-R A (sf) 23.60 Three-month EURIBOR + 1.80% D-R BBB- (sf) 26.40 Three-month EURIBOR + 2.60% E-R BB- (sf) 18.00 Three-month EURIBOR + 4.50% F-R B- (sf) 11.00 Three-month EURIBOR + 7.25% *The ratings assigned to the class X, A-1-R, A-2-R, and B-R notes address timely interest and ultimate principal payments. The ratings on the class C-R, D-R, E-R, and F-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. MAN GLG III: S&P's 'CCC+' F Notes Rating Removed From Watch Neg. ---------------------------------------------------------------- S&P Global Ratings removed from CreditWatch negative its 'CCC+ (sf)' credit rating on MAN GLG Euro CLO III DAC's class F notes. The CreditWatch removal follows S&P's June 29, 2026 CreditWatch negative placement of its rating on the class F notes. This followed an extraordinary resolution, for which the required minimum two thirds of the outstanding noteholders voted in favor of receiving a reduction in the outstanding principal amount and interest and any deferred interest that would be due, with a proposed redemption date on July 15, 2026. On the redemption date, the class F notes were paid the full redemption price. As such, the class F extraordinary resolution was not applied and was there to provide optionality in the event of any shortfall, which did not happen. S&P therefore removed from CreditWatch negative its 'CCC+ (sf)' rating on MAN GLG Euro CLO III DAC's class F notes as the original payment terms were met. Most CLO transactions provide noteholders with the ability to accept less than the outstanding amount due to them in an optional redemption, and this may not trigger an event of default as defined in the transaction documentation. However, exercising this option would generally constitute a default under S&P's ratings definitions. S&P lowered its rating on the class F notes to 'CCC+ (sf)' on Nov. 5, 2025, on the basis of the increasing cost of debt, a loss of par, the portfolio's lower than average credit quality, the higher concentration of 'CCC' assets, portfolio concentration, and macroeconomic conditions. Man GLG Euro CLO III is a European cash flow CLO transaction securitizing leveraged loans that is managed by GLG Partners LP. PROVIDUS CLO XI: S&P Assigns B- (sf) Rating to Class F-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Providus CLO XI DAC's class A-R, B-R, C-R, D-R, E-R, and F-R reset notes and A Loan. At closing, the issuer has unrated subordinated notes outstanding from the existing transaction and also issued additional subordinated notes. This transaction is a reset of the already existing transaction, which S&P rates. The existing classes of notes were fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The ratings on the original notes have been withdrawn. The reinvestment period will be approximately 4.5 years, while the noncall period will be 1.5 years after closing. Under the transaction documents, the rated notes and loan will pay quarterly interest unless there is a frequency switch event. Following this, the notes and loan will switch to semiannual payment. The ratings assigned to the notes and loan reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes and loan through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with our counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,878.87 Default rate dispersion 485.35 Weighted-average life (years) 4.49 Obligor diversity measure 175.79 Industry diversity measure 18.39 Regional diversity measure 1.41 Weighted-average life (years) extended to cover the length of the reinvestment period 4.5 Transaction key metrics Total par amount (mil. EUR) 425 Defaulted assets (mil. EUR) 0 Number of performing obligors 206 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 3.10 Actual 'AAA' weighted-average recovery (%) 36.10 Actual weighted-average spread net of floors (%) 3.53 Actual weighted-average coupon (%) 3.94 Rationale S&P said, "Our ratings reflect our assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. "The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, we conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we used the EUR425.00 million target par amount, the covenanted weighted-average spread of 3.42%, the actual weighted-average coupon of 3.94%, and the actual weighted-average recovery rate. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "Under our structured finance sovereign risk criteria, the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R to D-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we have capped our ratings assigned to the notes." The class A-R and E-R notes and A Loan can withstand stresses commensurate with the assigned ratings. The class F-R notes' current break-even default cushion is negative at the assigned rating. S&P said, "Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several factors, including: -- The class F-R notes' available credit enhancement, which is in the same range as that of other CLOs we have rated and that have recently been issued in Europe. -- S&P's model-generated portfolio default risk, which is at the 'B-' rating level at 24.21% (for a portfolio with a weighted-average life of 4.49 years) versus 14.40% if it was to consider a long-term sustainable default rate of 3.2% for 4.49 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance for this note to default. -- If S&P envisions this tranche to default in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R notes is commensurate with the assigned 'B- (sf)' rating. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for all rated classes of notes and loan. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-R to E-R notes and A Loan based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R notes." Environmental, social, and governance S&P regards the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with its benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and S&P's ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities. Providus CLO XI DAC is a European cash flow CLO securitization of a revolving pool, comprising euro-denominated senior secured loans and bonds issued mainly by speculative-grade borrowers. Permira European CLO Manager LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) enhancement (%) Interest rate A-R AAA (sf) 178.500 38.00 Three/six-month EURIBOR plus 1.27% A Loan AAA (sf) 85.000 38.00 Three/six-month EURIBOR plus 1.27% B-R AA (sf) 46.750 27.00 Three/six-month EURIBOR plus 1.80% C-R A (sf) 25.500 21.00 Three/six-month EURIBOR plus 2.00% D-R BBB- (sf) 29.750 14.00 Three/six-month EURIBOR plus 3.00% E-R BB- (sf) 19.125 9.50 Three/six-month EURIBOR plus 5.50% F-R B- (sf) 12.750 6.50 Three/six-month EURIBOR plus 8.84% Sub notes NR 40.300 N/A N/A *The ratings assigned to the A Loan and class A-R and B-R notes address timely interest and ultimate principal payments. S&P's ratings address ultimate interest and principal payments on the other rated notes. The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. NR--Not rated. N/A--Not applicable. SOUND POINT 10: S&P Affirms B- (sf) Rating on Class F Notes ----------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Sound Point Euro CLO 10 Funding DAC's class A-R, B-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its rating on the existing class F notes and withdrew its ratings on the original class A, B, C, D, and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. The replacement notes are largely subject to the same terms and conditions as the original notes, except that the replacement notes will have a lower spread over the Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,790.72 Default rate dispersion 590.76 Weighted-average life (years) 4.69 Obligor diversity measure 168.58 Industry diversity measure 23.75 Regional diversity measure 1.35 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 5.02 Actual 'AAA' weighted-average recovery (%) 36.47 Actual weighted-average spread (net of floors; %) 3.50 Actual weighted-average coupon (%) 4.25 Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes will switch to semiannual payments. The portfolio's reinvestment period will end on April 20, 2029. The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR450.00 million target par amount. "We used the portfolio's actual weighted-average spread (3.50%), the actual weighted-average coupon (4.25%), and the actual portfolio weighted-average recovery rates for all rated notes. "We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R, C-R, D-R, and E-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our assigned ratings on these refinanced notes. "For the class A-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with the assigned rating. "The class F notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class can sustain a steady-state scenario, in accordance with our criteria." S&P's analysis reflects several factors, including: -- Their available credit enhancement is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P's BDR at the 'B-' rating level is 17.66% versus a portfolio default rate of 15.01% if it was to consider a long-term sustainable default rate of 3.2% for a portfolio with a weighted-average life of 4.69 years. -- Whether the tranche is vulnerable to nonpayment. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P envisions this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Considering our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F notes. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Sound Point Euro CLO 10 Funding DAC is a cash flow CLO securitizing a portfolio of primarily senior secured leveraged loans and bonds. Sound Point CLO C-MOA, LLC manages the transaction. Ratings assigned Replacement Original Notes notes Credit Amount interest interest enhancement Class Rating* (mil. EUR) rate§ rate (%)† A-R AAA (sf) 279.00 Three-month Three-month EURIBOR EURIBOR + 1.22% + 1.50% 38.00 B-R AA (sf) 47.20 Three-month Three-month EURIBOR EURIBOR + 1.78% 2.15% 27.51 C-R A (sf) 27.40 Three-month Three-month EURIBOR EURIBOR + 2.05% + 2.65% 21.42 D-R BBB- (sf) 31.10 Three-month Three-month EURIBOR EURIBOR + 3.00% + 4.00% 14.51 E-R BB- (sf) 20.30 Three-month Three-month EURIBOR EURIBOR + 5.90% + 6.52% 10.00 Rating affirmed Class Rating* Amount (mil. EUR) Notes interest rate§ F B- (sf) 15.70 Three-month EURIBOR + 8.51% *The ratings assigned to the class A-R and B-R notes address timely interest and ultimate principal payments. The ratings on the class C-R, D-R, E-R, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. †Based on a target par collateral principal amount of EUR498.14 million. EURIBOR--Euro Interbank Offered Rate. =================== K A Z A K H S T A N =================== ALATAU CITY GARANT: S&P Ups Long-Term ICR to 'BB', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit and insurer financial strength ratings on Kazakhstan-based insurance company JSC Insurance Company Alatau City Garant to 'BB' from 'BB-'. The outlook is Stable. At the same time, S&P raised its Kazakhstan national scale rating on JSC Insurance Company Alatau City Garant to 'kzA+' from 'kzA-'. JSC Insurance Company Alatau City Garant (ACG) returned to profitable operating performance in 2025 and maintained this momentum through the first five months of 2026. Following the optimization of its insurance portfolio and underwriting practices, the return on equity (ROE) improved to approximately 19% over the first five months of 2026 on an annualized basis. The company has maintained a prudent investment policy over the last five years, with its weighted average credit quality remaining stable in the 'BBB' category. ACG has returned to underwriting profitability after insurance portfolio optimization and underwriting policy enhancement. As part of its strategic focus on portfolio diversification, ACG successfully reduced its concentration in motor third-party liability insurance from 49% of total gross written premiums in 2024 to approximately 30% in 2025. Additionally, the company has lowered its exposure to financial risks insurance from historically high levels by strengthening its underwriting framework. This enhanced policy includes more rigorous counterparty and client screening, comprehensive financial and operational due diligence, and the implementation of single-name concentration limits. Consequently, ACG's net combined ratio improved significantly to 94.3% in 2025, down from 117.8% in 2024. S&P expects these disciplined underwriting practices to drive further improvements, with a forecast combined ratio of 87%-92% and an ROE of approximately 15%-20% over the 2026-2028 period. S&P said, "We anticipate that ACG will adhere to its relatively prudent investment allocation. ACG maintains a high-quality investment portfolio, with over 90% of assets rated 'BBB' or above. The portfolio consists mainly of Kazakh sovereign and quasi-sovereign bonds, alongside 'AA'-rated foreign fixed-income instruments. While the company has demonstrated a consistent and conservative investment strategy over the last five years, its significant U.S. dollar exposure (approximately 40% of the portfolio) presents a risk of investment income volatility. As a result, we consider its risk exposure to be moderately high. "We consider ACG's capital sufficient to support its current and forecast business growth. The company's capital adequacy strengthened on the back of improved retained earnings, and we expect that over the next two years it will remain sound at the 99.99% confidence level, according to our capital model. This compares well with some of its midsize peers in Kazakhstan. We expect that the company will grow by 10%-15% annually in terms of insurance revenue. We also anticipate that the company will not pay out dividends in 2026-2028. That said, ACG's capital base is still relatively small in absolute terms, with forecast shareholder equity to remain well below $100 million over the forecast period. Therefore, we think that the capital base could be sensitive to a single major event, and therefore cap our capital assessment at strong. "The stable outlook indicates that we expect ACG to maintain its competitive position, profitable operating performance, and capital adequacy, while adhering to its conservative investment policy over the next 12 months." S&P could lower the ratings over the next 12 months if ACG's: -- Capital adequacy deteriorates for an extended period below the 99.8% benchmark, which could occur as a result of aggressive growth, high underwriting or investment losses, or lower-than-expected retained earnings. -- The insurer's risk profile deteriorates in terms of product and investment risks, with the average credit quality of invested assets falling below the 'BBB' category. -- S&P could also lower the ratings if it no longer view ACG as an insulated subsidiary from its parent, Alatau City Bank, although we consider this scenario as remote. -- S&P could upgrade ACG over the next 12 months if it continues to improve its operating performance to levels in line with those of higher rated peers, while maintaining strong capital buffers and adhering to its conservative investment policy. This could make ACG more comparable with higher-rated local and international peers. A positive rating action also hinges on S&P's view of potential constraints on ACG's overall financial strength stemming from the wider group's creditworthiness. =================== L U X E M B O U R G =================== CONSTELLATION OIL: S&P Rates Proposed Senior Secured Notes 'B+' --------------------------------------------------------------- S&P Global Ratings assigned its 'B+' issue rating to Constellation Oil Services Holding S.A.'s proposed 7NC3 amortizing senior secured notes of up to US$625 million with final maturity in 2033. S&P also assigned its '2' (rounded estimate: 85%) recovery rating to the proposed notes. The company will use the cash proceeds to refinance its existing US$650 million 9.375% senior secured notes due November 2029. The issue rating is one notch above the issuer credit rating on Constellation (B/Stable/--), given the collateral package and our expectation of substantial recovery. The notes are guaranteed jointly and severally by all of Constellation's subsidiaries and with a first-priority lien on substantially all of the material assets of the issuer and guarantors. The collateral includes: -- Each collateral drilling rig, pursuant to a mortgage; -- All rights, title, interest and benefits in all insurance policies relating to each collateral drilling rig, including, all rights to receive payments with respect to any claim under each such insurance policies; and -- The equity interests of each of the collateral drilling rig subsidiaries S&P acknowledges a few changes to the collateral package under the proposed notes, relative to the existing notes: -- The exclusion of all rights, title, interest, and benefits (including, without limitation, receivables) in all onshore and offshore agreements related to any collateral drilling rig; -- The exclusion of all rights, title, interest, and benefits in all deposit accounts and securities accounts with respect to the above; -- The exclusion of the asset Atlantic Star as part of the material subsidiaries definition; and -- Priority claims (first-out obligations) including hedge obligations and a new revolving facility of up to $100 million. In S&P's view, the collateral package still maintains the most relevant first lien on the assets, which would allow for substantial recovery compared with the amount of debt. Indeed, after Constellation emerged from judicial reorganization (equivalent to Chapter 11 bankruptcy protection in the U.S.) in 2022, the original lenders took possession of the assets and have been able to secure new charter agreements. Similar to the existing notes, the proposed senior secured notes have financial covenants of incurrence (not acceleration). To raise new unsecured debt, the company would need to maintain a fixed-charge coverage ratio above 2x (with the new debt). And to raise new secured debt, it would need to maintain net secured debt to EBITDA below 1.5x. The existing notes have restrictive covenants limiting dividend payments if net leverage is above 1.25x. For the proposed notes, the net leverage thresholds are 2.25x (measured from April 1, 2006, through the first quarter of 2027) and 1.5x (from the second quarter of 2027 until the proposed notes mature). Issue Ratings--Recovery Analysis Key analytical factors -- S&P's hypothetical default scenario contemplates a prolonged deterioration in cash flows stemming from a significant decline in capital spending for offshore oil and gas exploration and development. This would decrease demand for offshore drilling service providers. -- S&P evaluates the company on a discrete asset value basis, which is consistent with its treatment of other contract drilling companies. -- S&P assumes a 5% annual depreciation rate and a 50% realization rate on the company's drilling equipment. Simulated default assumptions -- Simulated default year: 2029 -- Jurisdiction: Brazil Simplified waterfall -- Net enterprise value (after 5% administrative adjustment): $885 million -- Priority claims: $102 million (revolving credit facility and hedge) -- Secured debt: $545 million (proposed senior secured notes, net of prescheduled principal amortizations) -- Recovery expectation for the proposed senior secured notes: 85% (rounded estimate) ========= S P A I N ========= AES ESPANA: S&P Affirms 'B+' Issuer Credit Rating, Outlook Pos. --------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' issuer credit rating on AES Espana B.V. and assigned its 'B+' issue rating to the proposed senior unsecured notes. The positive outlook indicates that S&P could raise the rating in the next six to 12 months if AES España maintains funds from operations (FFO) to debt above 20% while operating margins strengthen, working capital needs remain stable, and EBITDA interest coverage remains above 3x. On July 20, 2026, AES España B.V., part of the group encompassing AES Andres and Dominican Power Partners (DPP), announced a proposed US$500 million senior unsecured notes issuance maturing in seven to eight years, alongside a proposed US$60 million credit facility (not rated), which will rank pari passu with the overall group's debt. The proceeds will primarily go toward the early redemption of the US$300 million international bullet bond (maturing May 2028) and the US$260 million DPP local bond (fully amortizing by December 2027), as well as associated transaction costs. S&P expects the proposed issuance to significantly extend AES España B.V.'s debt maturity schedule, resulting in FFO to debt of about 25%. Because both AES Andres and DPP will guarantee the proposed senior unsecured notes, the issue rating reflects the combined operational strength and creditworthiness of these entities. Given their integrated business activities, shared management, and aligned financial strategies, our ratings analysis and credit metrics for these entities are consolidated at the level of AES Hispanola Holdings II B.V., which are their core subsidiaries (AES Andres and DPP) for the power generation sector. S&P expects the transaction to be leverage neutral, given the proceeds will be dedicated to refinancing existing obligations (the 2027 and 2028 maturities) and covering transaction costs. The new debt structure will comprise a proposed $500 million senior unsecured notes issuance maturing in seven to eight years with an expected fixed rate to be determined, complemented by a US$60 million, fully amortizing five-year credit facility (floating rate; SOFR plus a spread to be determined). Consequently, the new capital structure extends the maturity schedule by replacing 2027 and 2028 obligations with a longer tenor, while maintaining our projection for FFO to debt. S&P said, "Our positive outlook is supported by the expected stabilization of operating margins and the improvement in the company's receivables management. Following the June 2026 transition to the Henry Hub index in the company's liquefied natural gas (LNG) supply agreement with TotalEnergies, we expect more predictable and stabilized operating margins in the coming years. Furthermore, collection efficiency has improved, particularly regarding receivables from distribution companies, where months sales outstanding (MSO) fell to an average of approximately 0.5 month in 2025, compared with approximately 2.0 months in 2024. Collectively, these factors support our expectation of weighted average FFO to debt of approximately 25% and EBITDA interest coverage exceeding 3x over the next six to 12 months. "While we anticipate planned major maintenance cycles for both AES Andres' and DPP's plants, we expect high availability factors at an average of approximately 85% through 2026 and 90%-95% from 2027 onward. We continue to monitor the impact of maintenance schedules on plant availability; however, we expect temporary fluctuations to be offset by a long-term shift toward higher efficiency." AES Andres recorded an equivalent availability factor (EAF) of 94% in 2025, supported by a low equivalent forced outage factor (EFOF) of 1.7%. Although the first-quarter 2026 EAF declined to 63% due to scheduled maintenance and the identification of foreign objects within the generator, management has implemented a temporary mitigation strategy and is executing a long-term remediation plan, including a comprehensive root-cause analysis. S&P said, "We have incorporated an estimated US$20 million component replacement cost (projected for 2029) into our long-term capital expenditure forecasts. We expect AES Andres' EAF to stabilize at 85%-90% for the remainder of 2026 and recover to approximately 96% from 2028 onward." DPP demonstrated significant operational improvement in 2025, with its EAF rising to 99.2% (from 92.9% in 2024) and a minimal EFOF of 0.5%. While S&P expects a heavy maintenance schedule in 2026 to result in an average EAF of approximately 80%, S&P anticipates stabilization at approximately 95% from 2027 onward. S&P said, "The positive outlook indicates that we could raise the rating in the next six to 12 months if AES España maintains FFO to debt above 20% while operating margins strengthen as the gas supply agreement returns to the Henry Hub index, working capital needs and accounts receivable remain stable, and EBITDA interest coverage remains above 3x. "In the next 12 months, we could lower the ratings if the group's key credit metrics fall below our expectations. This could result from higher-than-expected spot energy sales or unexpected periods of downtime for the generation assets required with dispatch. These factors could reduce the group's operating margins and result in FFO to debt consistently below 20%. "Additionally, if working capital needs rise because of higher accounts receivable, or if the government fails to support the sector through subsidies, we could lower the ratings. We could also lower the ratings if liquidity tightens, with sources exceeding uses by less than 20% in a scenario of high dividend payments." =========================== U N I T E D K I N G D O M =========================== ALCHEMY EXCHANGE: FTS Recovery Appointed as Joint Administrators ---------------------------------------------------------------- Alchemy Exchange Ltd was placed into administration in the High Court of Justice, Business and Property Courts in England and Wales, Insolvency and Companies List, No CR-2026-005228 of 2026. Rachel Elizabeth Ennis and Marco Piacquadio of FTS Recovery Limited were appointed as Joint Administrators on July 2, 2026. The company specialized in data processing, hosting and related activities. Its registered office and principal trading address is 19 Willow Street, London, EC2A 4BH. The Joint Administrators can be contacted at: Rachel Elizabeth Ennis FTS Recovery Limited Alma Park Woodway Lane Lutterworth Leicestershire LE17 5FB Tel: 01908 754 666 -- and -- Marco Piacquadio FTS Recovery Limited Ground Floor, Baird House Seebeck Place Knowlhill Milton Keynes MK5 8FR Tel: 01908 754 666 For further details, contact: Mark Jones Tel: 01908 754 666 Email: mark.jones@ftsrecovery.co.uk BEARDED FELLOWS: Cowgills Appointed as Joint Administrators ----------------------------------------------------------- Bearded Fellows Ltd was placed into administration in the High Court of Justice, Business & Property Courts in Manchester, Insolvency & Companies List, No 001011 of 2026. James Fish and Keeley Lord of Cowgills Limited were appointed as Joint Administrators on July 2, 2026. Its registered office and principal trading address is 4 Naval Street, Ancoats, Manchester, M4 6EW. The Joint Administrators can be contacted at: James Fish Keeley Lord Cowgills Limited Fourth Floor Unit 5B The Parklands Bolton BL6 4SD Telephone: 0161 827 1200 For further details, contact: Steve Marshall Tel: 0161 827 1200 Email: Steve.Marshall@cowgills.co.uk DURHAM EDUCATION: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Durham Education Limited, trading as Durham High School, was placed into administration in the High Court of Justice, Case Number CR-2026-005269. Mark Hodgett and Philip James Watkins of FRP Advisory Trading Limited were appointed as Joint Administrators on July 6, 2026. The company specialized in private education. Its registered office is at 124 Finchley Road, London, NW3 5JS and is to be changed to Minerva, 29 East Parade, Leeds, LS1 5PS. The principal trading address is Farewell Hall, South Road, Durham, DH1 3TB. The Joint Administrators can be contacted at: Mark Hodgett Philip James Watkins FRP Advisory Trading Limited Minerva 29 East Parade Leeds LS1 5PS Further details contact: The Joint Administrators Tel: 0113 831 3555 Alternative contact: Jeff Da Costa Email: cp.leeds@frpadvisory.com EDUCATION & CLINICAL: Opus Restructuring Appointed as Administrator ------------------------------------------------------------------- Education & Clinical Research & Innovation Group Limited, trading as Garden Vets, was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-001016. Frank Ofonagoro and Gary Norton Lee of Opus Restructuring LLP were appointed as Joint Administrators on July 3, 2026. The company specialized in veterinary-related education, clinical research, and innovation services. Its registered office is at 105 High Street, Worcester, Worcestershire, WR1 2HW. Its principal trading address is Keele University Veterinary School/Facility, Plot 3A, Keele University Science and Innovation Park, Keele University, Keele, Staffordshire, ST5 5SP. The Joint Administrators can be contacted at: Frank Ofonagoro Gary Norton Lee Opus Restructuring LLP 2nd Floor, 3 Hardman Square Spinningfields Manchester M3 3EB Further details contact: The Joint Administrators Tel: 0161 383 8410 Alternative contact: Cameron McArthur Email: cameron.mcarthur@opusllp.com ES BROADCAST: Begbies Traynor Appointed as Administrators --------------------------------------------------------- ES Broadcast Limited was placed into administration in the High Court of Justice, Business and Property Courts, Court Number CR-2026-003749. David Birne and Stephen Katz of BTG Begbies Traynor (London) LLP were appointed as Administrators on July 6, 2026. The company specialized in other business support service activities not elsewhere classified. Its registered office is at Pearl Assurance House, 319 Ballards Lane, Finchley, London, N12 8LY. The Administrators can be contacted at: David Birne Stephen Katz BTG Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London N12 8LY For further details, contact: William Jackson BTG Begbies Traynor (London) LLP Tel: 020 8343 5900 Email: MH-Team@btguk.com ES MEDIA GROUP: Begbies Traynor Appointed as Administrators ----------------------------------------------------------- ES Media Group Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-003750. David Birne and Stephen Katz of BTG Begbies Traynor (London) LLP were appointed as Administrators on July 6, 2026. The company specialized in other business support service activities not elsewhere classified. Its registered office is at Pearl Assurance House, 319 Ballards Lane, Finchley, London, N12 8LY. The Administrators can be contacted at: David Birne Stephen Katz BTG Begbies Traynor (London) LLP Pearl Assurance House 319 Ballards Lane London N12 8LY For further details, contact: William Jackson Tel: 020 8343 5900 Email: MH-Team@btguk.com FLOWER & HAYES: Forvis Mazars Appointed as Administrators --------------------------------------------------------- Flower & Hayes Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-004695. Mark Guy Boughey and Nicholas John Clarke of Forvis Mazars LLP were appointed as Administrators on July 2, 2026. The company specialized in the construction of commercial buildings. Its registered office is at C/P Forvis Mazars, 30 Old Bailey, London, EC4M 7AU. Its principal trading address is Old Mills House, Old Mills, Paulton, Bristol, BS39 7SU. The Administrators can be contacted at: Mark Guy Boughey Nicholas John Clarke Forvis Mazars LLP Floor 8, Assembly Building C Cheese Lane Bristol BS2 0JJ Tel: 0117 235 9072 Alternative contact: Steve Fairholm FRIARWOOD FINE: Antony Batty Appointed as Administrators -------------------------------------------------------- Friarwood Fine Wines Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-004907. William Antony Batty and Hugh Francis Jesseman of Antony Batty & Company Ltd were appointed as Administrators on July 3, 2026. The company specialized in the wholesale of wine, beer, spirits and other alcoholic beverages. Its registered office is at Ground Floor, 26 New Kings Road, London, SW6 4ST. The Administrators can be contacted at: William Antony Batty Hugh Francis Jesseman Antony Batty & Company Ltd 3 Field Court Gray’s Inn London WC1R 5EF For further details, contact: Sushmita Adhikari Tel: 020 7831 1234 Email: sushmita@antonybatty.com MTF ENTERPRISES: FRP Advisory Appointed as Joint Administrators --------------------------------------------------------------- MTF Enterprises Ltd, trading as E-Bikes Direct, was placed into administration in the High Court of Justice, Court Number CR-2026-004903. Glyn Mummery and Julie Humphrey of FRP Advisory Trading Limited were appointed as Joint Administrators on July 6, 2026. The company specialized in retail sale via mail order houses or via the internet. Its registered office is at Unit A & B Midicy Oast, Bodiam Business Park, Green Lane, Bodiam, Robertsbridge, East Sussex, England, TN32 5FQ and is to be changed to Jupiter House, Warley Hill Business Park, The Drive, Brentwood, Essex, CM13 3BE. Its principal trading address is Unit A & B Midicy Oast, Bodiam Business Park, Green Lane, Bodiam, Robertsbridge, East Sussex, England, TN32 5FQ. The Joint Administrators can be contacted at: Glyn Mummery Julie Humphrey FRP Advisory Trading Limited Jupiter House Warley Hill Business Park The Drive Brentwood Essex CM13 3BE For further details, contact: The Joint Administrators Tel: 01277 503333 Alternative contact: Alia Howland Email: cp.brentwood@frpadvisory.com NOMAD FOODS: S&P Rates New EUR800MM Senior Secured Notes 'BB-' -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issue rating to the proposed EUR800 million senior secured notes to be issued by Nomad Foods BondCo PLC. The proposed senior secured notes will be guaranteed by Nomad Foods Ltd. (Nomad Foods; BB-/Negative/--) and are expected to have a seven-year maturity. The group intends to use the proceeds to fully refinance its existing senior secured notes due in June 2028. As part of this transaction, Nomad Foods also intends to increase the existing revolving credit facility (RCF) to EUR280 million from EUR175 million. The RCF matures in May 2032 and is expected to be fully undrawn at transaction close. The recovery rating on the total senior secured debt--comprising the new EUR800 million senior secured notes due 2033, EUR880 million senior secured term loan B (TLB), and $620 million senior secured TLB due 2032--remains at '3', reflecting S&P's expectation of meaningful recovery prospects (50%-70%; rounded estimate: 65%) for debtholders in the event of a default. The issue and recovery ratings are subject to S&P's review of the final documentation. The transaction is leverage neutral, lengthens debt maturities, and strengthens the liquidity profile, but also moderately increases annual interest expenses as the existing EUR800 million notes due 2028 were paying low fixed interest of 2.5%. S&P said, "Our base-case assumptions for Nomad Foods are broadly unchanged from our publication in March (Nomad Foods Outlook Revised To Negative On Weak 2026 Guidance And Tight Rating Headroom; 'BB-' Rating Affirmed, March 10, 2026).We continue to expect the headroom under the current rating to be tight, as we forecast S&P Global Ratings-adjusted debt to EBITDA at about 5.0x in 2026, given pressure on volumes from continued weak consumer sentiment, along with short-term price elasticity following the price increase negotiations. However, we forecast slow deleveraging to below 5.0x from 2027, supported by an expected return to topline growth, EBITDA expansion, and free operating cash flow (FOCF) of about EUR200 million." Issue Ratings--Recovery Analysis Key analytical factors -- The secured debt, including the proposed EUR800 million senior secured notes, is rated 'BB-', in line with the issuer credit rating, with the recovery rating unchanged at '3'. The recovery rating indicates its expectation of meaningful recovery prospects (50%-70%; rounded estimated 65%) in the event of a payment default. -- The rated senior secured debt includes: the EUR800 million proposed senior secured notes due in 2033, the EUR880 million senior secured TLB, and the $620 million senior secured TLB due 2032. The group's senior secured debt also includes a fully undrawn RCF that is expected to increase to EUR280 million as part of the transaction, and it is due April 2032. -- The issue and recovery ratings are supported by a fairly comprehensive security package, including certain fixed assets, bank accounts, and intellectual property rights. However, the rating is constrained by the significant amount of senior secured debt in the capital structure. -- Under S&P's hypothetical default scenario, it assumes severely increasing competitive pressures from large retailers and private labels, large sourcing disruptions, reputational damage as well as adverse macroeconomic development in the U.K. and the rest of Europe. -- S&P values Nomad Foods as a going concern, given its well-known brands and leading market positions in Western Europe. Simulated default assumptions -- Year of default: 2030 -- Jurisdiction: U.K. -- Emergence EBITDA: EUR302.7 million -- EBITDA multiple: 6.0x Simplified waterfall -- Gross enterprise value: EUR1,816.1 million -- Net recovery value for waterfall after admin expenses (5%): EUR1,725.3 million -- Estimated first-lien debt claims: EUR2,488.7 million* -- Recovery rating: 3 -- Recovery range: 50%-70% (rounded estimate 65%) *All debt amounts include six months' prepetition interest. S&P assumes the RCF will be 85% drawn at the time of default. QUBE STRUCTURES: Hudson Weir Appointed as Administrator ------------------------------------------------------- Qube Structures Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-005123. Kevin Weir of Hudson Weir Ltd was appointed as Administrator on June 30, 2026. The company specialized in modular building solutions. Its registered office is at Seven Grange Lane, Pitsford, Northampton, England, NN6 9AP. Its principal trading address is Unit 1 Manor Farm, Creaton Road, Teeton, Northampton, NN6 8LH. The Administrator can be contacted at: Kevin Weir Hudson Weir Ltd 56 Leman Street London E1 8EU For further details, contact: Tiffany Truter Tel: 020 7099 6086 Email: tiffany@hudsonweir.co.uk RUTHIN EDUCATION: FRP Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Ruthin Education Limited, trading as Ruthin School, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-005267. Philip James Watkins and Simon Farr of FRP Advisory Trading Limited were appointed as Joint Administrators on July 6, 2026. The company specialized in general secondary education. Its registered office is at 124 Finchley Road, London, NW3 5JS and is to be changed to c/o FRP Advisory Trading Limited, 2nd Floor, Abbey House, 32 Booth Street, Manchester, M2 4AB. Its principal trading address is Mold Road, Ruthin, Denbighshire, LL15 1EE. The Joint Administrators can be contacted at: Philip James Watkins Simon Farr FRP Advisory Trading Limited 2nd Floor, Abbey House 32 Booth Street Manchester M2 4AB For further details, contact: The Joint Administrators Tel: 0161 833 3344 Alternative contact: Ben Smith Email: ruthinschool@frpadvisory.com SKY FUTURES: Begbies Traynor Appointed as Joint Administrators -------------------------------------------------------------- Sky Futures Partners Limited was placed into administration in the High Court of Justice, Business & Property Courts of England & Wales, Insolvency and Companies List (ChD), Court Number CR-2026-005397. Katrina Orum and Huw Powell of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on July 9, 2026. The company specialized in security systems service activities. Its registered office and principal trading address is Unit 1 Feltimores Park, Chalk Lane, Harlow, CM17 0PF. The Joint Administrators can be contacted at: Katrina Orum Huw Powell BTG Begbies Traynor (Central) LLP Ground Floor, 16 Columbus Walk Brigantine Place Cardiff CF10 4BY For further details, contact: Nadine Romanick Tel: 029 2089 4270 Email: Nadine.romanick@btguk.com TOTAL WASTE: FTS Recovery Appointed as Joint Administrators ----------------------------------------------------------- Total Waste Management Limited (formerly G D Metals Limited) was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies, Case Number CR-2026-004924 of 2026. Rachel Elizabeth Ennis and Marco Piacquadio of FTS Recovery Limited were appointed as Joint Administrators on July 3, 2026. The company specialized in waste management activities. Its registered office and principal trading address is Hovefields Avenue, Basildon, Essex, SS13 1EB. The Joint Administrators can be contacted at: Rachel Elizabeth Ennis FTS Recovery Limited Alma Park Woodway Lane Lutterworth Leicestershire LE17 5FB Telephone: 01908 754 666 -- and -- Marco Piacquadio FTS Recovery Limited Ground Floor, Baird House Seebeck Place Knowlhill Milton Keynes MK5 8FR Telephone: 01908 754 666 For further details, contact: Dwani Patel FTS Recovery Limited Tel: 01908 754 666 Email: dwani.patel@ftsrecovery.co.uk TRANS HAUL (EUROPE): CBA Business Appointed as Administrators ------------------------------------------------------------- Trans Haul (Europe) Limited was placed into administration in the High Court of Justice, Business & Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-000945. Neil Charles Money and Steven Glanvill of CBA Business Solutions Limited were appointed as Joint Administrators on July 3, 2026. The company specialized in freight transport by road. Its registered office and principal trading address is Unit 37 Verey Road, Woodside Estate, Dunstable, Bedfordshire, LU5 4TT. The Joint Administrators can be contacted at: Neil Charles Money Steven Glanvill CBA Business Solutions Limited 126 New Walk Leicester LE1 7JA For further details, contact: Craig Warsop Tel: 0116 262 6804 Email: craig.warsop@cba-insolvency.co.uk TRINIT GROUP: Arafino Advisory Appointed as Joint Administrators ---------------------------------------------------------------- Trinit Group Limited was placed into administration in the High Court of Justice, Business and Property Courts in England and Wales, Insolvency and Companies List, No CR-2026-004887 of 2026. Simon Bonney and James Varney of Arafino Advisory Limited were appointed as Joint Administrators on July 6, 2026. Its registered office is at c/o Arafino Advisory Limited, 25 Southampton Buildings, London, WC2A 1AL. Its principal trading address is 29A Station Lane, Hornchurch, RM12 6JL. The Joint Administrators can be contacted at: Simon Bonney James Varney Arafino Advisory Limited Central Court 25 Southampton Buildings London WC2A 1AL For further details, contact: Archie Edmonds Email: archie.edmonds@arafino.com VICTORIA PLC: Willkie Farr Advises Bondholder Group in Refinancing ------------------------------------------------------------------ Willkie Farr & Gallagher LLP is advising an ad hoc group of bondholders in connection with a refinancing transaction of senior secured notes issued by Victoria PLC ("Victoria" or the "Company") maturing in 2028 (the "Notes"). The Willkie team is led by London-based restructuring partner Ed Downer and includes partners Jennifer Tait, Mark Stancil and Jeffrey Pawlitz and associates Antonia Pegg and Dina Grego. Refinancing Victoria on July 21 announced that holders representing over 75% of its outstanding EUR166.6 million 3.75% senior secured notes due March 2028 (the "2028 SSNs") have acceded to the Transaction Support Agreement, meeting the necessary threshold required to implement it by way of a scheme of arrangement under Part 26 of the Companies Act 2006. Geoff Wilding, Victoria Executive Chairman, said: "We are delighted to receive overwhelming support so quickly for the transaction from the 2028 bondholders, which secures a route to implementation. We will complete the refinancing as soon as possible as the Company continues to focus on executing operational improvements alongside the cost savings, deleveraging, and extended runway provided by the transaction." Victoria PLC is advised by Lazard & Co. Limited as financial adviser, Latham & Watkins LLP and Brown Rudnick LLP as legal advisers in connection with the refinancing transaction. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. 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