260724.mbx

260724.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 Friday, July 24, 2026, Vol. 27, No. 147 Headlines F R A N C E ASMODEE GROUP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable G E R M A N Y HSE FINANCE: S&P Cuts ICR to 'CCC-' on Proposed Distressed Exchange I R E L A N D ANCHORAGE CAPITAL 10: S&P Assigns BB- (sf) Rating to Cl. E-R Notes BLUEMOUNTAIN FUJI V: S&P Affirms 'B- (sf)' Rating on Class F Notes BOSPHORUS CLO VI: Moody's Cuts Rating on EUR10.5MM F Notes to B3 LUGO FUNDING 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes L U X E M B O U R G SIRONA HOLDCO: S&P Upgrades LT ICR to 'CCC-', Outlook Negative S P A I N FSL ISSUER: S&P Raises Underlying Rating to B on Improved Liquidity FT SANTANDER 11: S&P Assigns BB (sf) Rating to Class E-Dfrd Notes U N I T E D K I N G D O M ACTIVEWEAR GROUP: Mackay Goodwin Appointed as Administrators AGILE PROPERTY: Moorfields Appointed as Joint Administrators DERWENT PACKAGING: Begbies Traynor Appointed as Administrators EDUTHING LTD: Exigen Group Appointed as Administrators FIVE RISE: Interpath Ltd. Appointed as Joint Administrators GGS DEVCO: KR8 Advisory Appointed as Administrators GOLD RUSH: S&P Withdraws 'B' Issuer Credit Rating, Outlook Stable HOPS HILL NO.6: S&P Assigns B+ (sf) Rating to Class E-Dfrd Notes OAK ENGINEERING: KBL Advisory Appointed as Administrators SAVANNAH GROUP: FTS Recovery Appointed as Joint Administrators X X X X X X X X [] BOOK REVIEW: Corporate Players: Designs for Working and Winning - - - - - =========== F R A N C E =========== ASMODEE GROUP: S&P Upgrades Long-Term ICR to 'BB', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit and issue ratings on publisher and distributor of games Asmodee Group AB and its senior secured notes to 'BB' from 'BB-'. The recovery rating on the notes remains unchanged at '3' (rounded estimate: 65%). At the same time, S&P withdrew its long-term issuer credit rating on Financiere Amuse BidCo SAS because the senior secured notes and revolving credit facility (RCF) are issued at the Asmodee Group AB level and that audited financial statements are available at that level. The stable outlook reflects S&P's expectations that the group will sustain solid operating performance over the next 12-18 months, with S&P Global Ratings-adjusted EBITDA trending toward EUR300 million, free operating cash flow (FOCF) remaining above EUR100 million, and adjusted leverage remaining comfortably below 3.0x. Asmodee reported strong operating performance in fiscal year 2026 (ended March 31, 2026), materially exceeding our expectations and resulting in a significant improvement in credit metrics. As of the end of fiscal 2026, S&P Global Ratings-adjusted debt to EBITDA improved to 1.5x from 2.7x in the prior year, while funds from operations (FFO) to debt increased to 43.5%. Having achieved its medium-term leverage target ahead of plan, management initiated shareholder distributions while maintaining capacity for continued bolt-on mergers and acquisitions (M&A). The upgrade is underpinned by Asmodee's stronger-than-expected operating performance, which translated into materially improved earnings, cash flow generation, and credit metrics. In fiscal 2026, Asmodee reported revenue growth of approximately 23%, significantly above S&P's prior expectations. Performance was primarily driven by very strong demand for Trading Card Games (TCG), particularly franchises, such as "Pokemon" and "Magic: The Gathering," which saw exceptional consumer interest. While revenue from games published by Asmodee studios declined by 5.8%, this largely reflected adverse foreign exchange movements and lower sales of "Star Wars: Unlimited" following its exceptionally strong launch period in the prior year. The board games division's underlying performance remained healthy, with management reporting 4%-6% growth at fiscal year-end 2026 and improving sales across most regions. S&P said, "We note, however, that the strong growth achieved in fiscal 2026 was largely driven by partner-published games, highlighting the group's continued reliance on the release schedules and commercial success of third-party publishing partners. Combined with disciplined cost control, this resulted in S&P Global Ratings-adjusted EBITDA of approximately EUR260 million, well above our previous expectation of about EUR193 million. Stronger earnings, favorable working capital developments, and limited capital expenditure (capex) also supported FOCF after leases of approximately EUR164 million, substantially exceeding our prior forecast. Unlike the previous upgrade, which was largely driven by the capital injection and debt repayment associated with the separation from Embracer, the current upgrade reflects a sustained improvement in the company's underlying operating performance and cash-generating capacity. Looking ahead, we expect TCG growth to normalize from the exceptional levels achieved in fiscal 2026, but we continue to forecast EBITDA growth toward approximately EUR290 million-EUR300 million over the next 12-18 months, supported by continued organic growth, improving product mix, and contributions from the recently acquired ATM Gaming." Management has continued to execute its growth strategy through targeted acquisitions, while maintaining strong credit metrics. In April 2026, Asmodee completed the acquisition of ATM Gaming, a leading publisher in the social games segment, for an upfront consideration of EUR180 million (comprising EUR120 million in cash, EUR30 million in Asmodee class B shares, and a EUR30 million deferred cash payment to be paid in in June 2027) plus a performance-based earn-out. Management expects the acquisition to contribute at least EUR50 million of revenue and more than EUR25 million of EBITDA in fiscal 2027. S&P said, "We view the transaction positively, given the acquired company's exposure to the fast-growing social games category and its expected margin accretion. In addition, the company acquired the remaining 45% minority stake in "Exploding Kittens," increasing its ownership of one of its most successful franchises to 100%. We view both transactions as consistent with Asmodee's long-standing strategy of strengthening its portfolio of owned intellectual property and leveraging its global distribution platform to accelerate growth. We also note management's continued efforts to increase the visibility and monetization of its intellectual property through entertainment and consumer-facing initiatives, including recently announced Netflix partnerships involving both "Ticket to Ride" and "Catan," which could further strengthen brand awareness and franchise value over time." Credit metrics have improved significantly, although management's financial policy commitments will keep leverage at current levels. Strong operating performance and cash generation resulted in S&P Global Ratings-adjusted debt to EBITDA improving to 1.5x in fiscal 2026 from 2.7x in fiscal 2025, while the company ended the fiscal year with a cash balance of EUR437 million. S&P said, "We note that pro forma leverage has already increased modestly following the acquisition of ATM Gaming and the exercise of the minority put option related to "Exploding Kittens," both of which occurred shortly after the year-end. Management reached its publicly stated reported net leverage target of below 2x earlier than originally anticipated and subsequently announced the group's first dividend. We note our adjusted metrics are currently very similar to management's reported metrics in the absence of material earn-outs that we typically add to adjusted debt. Management has indicated that future excess liquidity will be deployed through a combination of shareholder distributions and bolt-on acquisitions. Indeed, the company declared its first ordinary dividend, and we continue to expect M&A to remain an integral part of Asmodee's growth strategy. Although future leverage headroom could fluctuate because of the timing of acquisitions, earn-out obligations, and the cyclical performance of certain major franchises, we see as positive management's demonstrated financial discipline and track record of funding growth while maintaining leverage within its stated targets. As such, while we expect leverage to remain below 2x and credit metrics to stay strong, we do not anticipate meaningful further deleveraging because future cash generation is likely to be balanced between shareholder returns, acquisitions, and maintaining financial flexibility. We therefore forecast adjusted leverage to remain 1.7x-2.0x over the coming 12-24 months." Asmodee's small scale relative to higher-rated peers and below-average profitability continue to constrain our rating. With approximately EUR1.7 billion of revenue and EUR260 million of S&P Global Ratings-adjusted EBITDA in fiscal 2026, Asmodee remains meaningfully smaller than peers--rated toy manufacturers such as Hasbro Inc. (BBB/Stable/A-2) and Mattel (BBB/Stable/NR)--which each generate more than EUR4 billion-EUR5 billion of annual revenue and over EUR850 million EBITDA. Although profitability has improved considerably, Asmodee's adjusted EBITDA margin of approximately 15% remains below the 20%-30% range S&P typically associates with stronger leisure sector participants. S&P said, "We also view as a constraint the group's continuing dependence on large franchises, particularly within TCG. As of 2025, Asmodee's five largest product ranges represented roughly 50% of net sales, with "Pokemon" and "Magic: The Gathering" among its most important partner-published franchises. Although the company has continued to diversify its portfolio over recent years and reduced its historical dependence on "Pokemon," earnings remain exposed to the release cycles and popularity of major third-party intellectual property. In our view, TCGs benefit from strong and loyal player communities, but can also exhibit periods of elevated growth followed by normalization or temporary declines depending on product refresh cycles, new content releases, and changing consumer engagement." Over the past several years, Asmodee has expanded the reach of its owned intellectual properties (IPs) and invested in ancillary entertainment initiatives to broaden monetization opportunities, but remains reliant on key licensing partners for a meaningful portion of its earnings base. Nevertheless, the company continues to benefit from a leading position in the global tabletop gaming market. It enjoys broad geographic reach and a proven ability to successfully integrate acquisitions and expand acquired brands through its distribution platform. S&P expects profitability to gradually improve toward 16%-17% over its forecast period, supported by a more favorable business mix, contributions from margin-accretive acquisitions such as ATM Gaming, and an increasing share of revenue generated from higher-margin published games. S&P said, "The stable outlook reflects our expectations that Asmodee will continue to successfully execute its growth strategy by leveraging its portfolio of owned and licensed IP and integrating bolt-on acquisitions in line with its financial policy. We expect the group to sustain solid operating performance, with S&P Global Ratings-adjusted EBITDA trending toward EUR300 million, FOCF remaining above EUR100 million, and adjusted leverage remaining comfortably below 3x over the next 12-18 months. This is supported by management's stated commitment to maintain net reported leverage below 2x over the medium term." S&P could lower the rating on Asmodee if: -- Adjusted debt to EBITDA approaches 3.0x; -- FFO to debt decreases below 30%; or -- FOCF materially weakens compared with our expectations. This could happen, for example, if changes in demand trends of key products, significant competition, loss of a key licensing agreement, or material supply chain disruptions cause the group to underperform our base case. S&P said, "We would also lower the rating if we were to observe material deviations from the group's current financial policy commitment, for example if the company financed new acquisitions or shareholders distributions through increasing debt in a marked departure from our expectations. "We could raise the rating if Asmodee significantly expands its scale and product and business diversity while continuing to improve its profitability, such that adjusted EBITDA margins sustainably exceed 20% and lead to a substantially more resilient business model in which we observe no structural increase in volatility as the company continues to expand its operations. Over the next 12-18 months, we could also consider a positive rating action if the group is able to maintain debt to EBITDA sustainably below 2x and FFO to debt above 40%, and FOCF substantially exceeds our forecasts, ensuring greater financial flexibility to support bolt-on acquisitions and future shareholder distributions with a clear financial policy guidelines that they can sustainably remain at these levels." ============= G E R M A N Y ============= HSE FINANCE: S&P Cuts ICR to 'CCC-' on Proposed Distressed Exchange ------------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on HSE Finance S.a.r.l. to 'CCC-' from 'B-'. S&P lowered the issue rating on the existing notes to 'CCC' from 'B'. The recovery rating on the existing notes is unchanged at '2' (estimated recovery 75%). S&P said, "We placed the issuer credit rating on CreditWatch negative because we could lower the rating to 'SD' (selective default) if the company implements the transaction as presented. We did not place the issue-level rating or recovery rating on the existing notes on CreditWatch. After the transaction closes, we expect to review the ratings on HSE Finance, focusing on a forward-looking assessment of the company's capital structure, liquidity, and overall creditworthiness." On July 21, 2026, HSE Finance announced it would issue senior secured floating rate notes due 2032 (new money notes), of which EUR300 million, in addition to available cash, will be used to refinance the existing senior secured floating rate notes due 2029 (the existing notes). HSE Finance further offers its current payment-in-kind (PIK) noteholders the option to exchange at materially below par rates the floating-rate senior PIK notes due 2030 for senior secured floating rate notes due 2032 (the exchange notes), with identical terms to the new money notes. S&P said, "If implemented as proposed, we view the transaction as distressed due to PIK noteholders being offered less than originally promised, and without any meaningful compensation for the exchange, and we therefore lowered our issuer credit rating on HSE." HSE Finance has announced a transaction to refinance its existing notes and to offer PIK noteholders an exchange of PIK notes for exchange notes. HSE Finance intends to use the proceeds from the issuance of EUR300 million of new money notes, together with available cash, to repay the EUR310.7 million of outstanding existing notes. HSE Finance also offers PIK noteholders to exchange existing PIK notes for up to EUR100 million of exchange notes, identical in terms to new money notes. The offered exchange ratio of PIK notes for exchange notes (the exchange offer) is based on the ratio of aggregate principal amount of exchange notes to the amount of tendered PIK notes, ranging from 60%-75% of par value of PIK notes. The exchange price is 60% provided placed orders for a principal amount of exchange notes is at least equal to but less than 2x the original principal amount of existing PIK notes. For an exchange of at least 2x, but less than 3x, the exchange price will be 67.5%, and for an exchange of at least 3x, the exchange price will be 75%. S&P said, "We consider the proposed transaction as a distressed exchange and therefore, tantamount to default. If the transaction closes as proposed, the PIK noteholders will be offered an exchange of at least 25% below par value, which we consider as less than originally promised. Moreover, we did not identify any meaningful compensation to existing holders of PIK notes, and consider the exchange, if closed as proposed, as commensurate with a selective default. "We expect the transaction to close within the coming few weeks and thus, a distressed exchange appears highly probable. We understand that the exchange offer is welcomed by several existing lenders, and that the transaction is likely to happen within a few weeks after the announcement date." Both factors combined lead to a high likelihood, although not a certainty, of the transaction taking place. S&P said, "The CreditWatch placement reflects our view that we could lower our long-term issuer credit rating on HSE Finance to 'SD' if the proposed transaction proceeds as expected. Subsequently, we expect to review the ratings on HSE Finance, focusing on a forward-looking assessment of the company's creditworthiness, including the new capital structure, liquidity position, and business prospects." ============= I R E L A N D ============= ANCHORAGE CAPITAL 10: S&P Assigns BB- (sf) Rating to Cl. E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to Anchorage Capital Europe CLO 10 DAC's class B-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its ratings on the existing class F-1 and F-2 notes and withdrew its ratings on the original class B-1, B-2, C, D, and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. On July 22, 2026, Anchorage Capital Europe CLO 10 DAC refinanced the existing class B-1, B-2, C, D and E notes (originally issued in July 2024) through an optional redemption and issued replacement notes of the same notional. S&P withdrew its ratings on these classes of notes. The replacement notes are largely subject to the same terms and conditions as the original notes, except that they will have a lower spread over 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 2,705.51 Default rate dispersion 689.10 Weighted-average life (years) 4.75 Obligor diversity measure 148.08 Industry diversity measure 20.78 Regional diversity measure 1.28 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 5.15 Actual 'AAA' weighted-average recovery (%) 36.59 Actual weighted-average spread (net of floors; %) 3.57 Actual weighted-average coupon (%) 5.91 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 July 22, 2029. The portfolio is well diversified at closing, 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 saod, "In our cash flow analysis, we modelled a par amount of EUR397.32 million, which is lower than the target par amount of EUR400.00 million. At closing, the portfolio was below par, the collateral principal amount used in our cash flow analysis is adjusted further down by the presence of negative cash. "We used the portfolio's actual weighted-average spread (3.57%), target weighted-average coupon (5.00%), 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 ratings on these refinanced notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class F-1 notes could withstand stresses commensurate with the current rating." The class F-2 notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Based on the portfolio's actual characteristics and additional overlaying factors, including S&P's long-term corporate default rates and recent economic outlook, it believes this class can sustain a steady-state scenario, in accordance with S&P's criteria. S&P's analysis reflects several factors, including: -- The class F-2 notes' 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 23.91%, versus a portfolio default rate of 15.20% if it was to consider a long-term sustainable default rate of 3.2% for a portfolio with a weighted-average life of 4.75 years. -- Whether the tranche is vulnerable to nonpayment in the near future. -- 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. -- Following this analysis, S&P considers that the available credit enhancement for the class F-2 notes is commensurate with the current 'B- (sf)' rating. S&P said, "Based on 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 B-R to F-2 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 have also included the sensitivity of the ratings on the class B-R to F-1 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-2 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." Anchorage Capital Europe CLO 10 DAC is a cash flow CLO securitizing a portfolio of primarily senior-secured leveraged loans and bonds. Anchorage CLO ECM, L.L.C. manages the transaction. Ratings assigned Replacement Original notes' notes' Amount interest interest Credit Class Rating* (mil. EUR) rate§ rate enhancement (%) B-R AA (sf) 43.90 Three-month Three-month EURIBOR EURIBOR + 1.84% + 2.05% 26.6 C-R A (sf) 22.30 Three-month Three-month EURIBOR EURIBOR + 2.00% + 2.65% 21.07 D-R BBB- (sf) 28.80 Three-month Three-month EURIBOR EURIBOR + 2.95% + 3.80% 13.82 E-R BB- (sf) 17.60 Three-month Three-month EURIBOR EURIBOR + 5.40% + 6.69% 9.39 Ratings affirmed F-1 B+ (sf) 7.00 Three-month EURIBOR + 8.17% F-2 B- (sf) 6.00 Three-month EURIBOR + 8.71% *The rating on the class B-R notes addresses timely interest and ultimate principal payments. The ratings on the class C-R, D-R, E-R, F-1, and F-2 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. BLUEMOUNTAIN FUJI V: S&P Affirms 'B- (sf)' Rating on Class F Notes ------------------------------------------------------------------ S&P Global Ratings raised its credit ratings on BlueMountain Fuji EUR CLO V DAC's class B notes to 'AAA (sf)' from 'AA (sf)', class C notes to 'AA+ (sf)' from 'A (sf)', class D notes to 'A (sf)' from 'BBB (sf)', and class E notes to 'BB+ (sf)' from 'BB (sf). At the same time, S&P affirmed its 'AAA (sf)' rating on the class A notes and its 'B- (sf)' rating on the class F notes. The rating actions follow the application of our global corporate CLO criteria and S&P's credit and cash flow analysis of the transaction based on the June 2026 trustee report. Since S&P first assigned ratings in December 2019: -- The portfolio's weighted-average rating remains at ‘B'. -- The portfolio has become less diversified, as the number of performing obligors has decreased to 83 from 155. -- The portfolio's weighted-average life has decreased to 2.74 years from 5.453 years. -- The percentage of 'CCC' rated assets has increased to 10.31% from 5.55%. Following the deleveraging of the notes, all classes of notes benefit from higher credit enhancement since our previous review in July 2020. Credit enhancement Current amount Current credit Credit enhancement at Class (mil. EUR) enhancement (%) S&P's July 2020 review (%) A 104.54 54.69 37.75 B 35.00 39.52 27.78 C 24.50 28.91 20.80 D 19.50 20.46 15.24 E 18.00 12.65 10.11 F 10.00 8.32 7.26 Sub. 31.30 N/A N/A N/A--Not applicable. The scenario default rates (SDRs) have decreased for all rating scenarios primarily due to the lower weighted-average life since closing. Portfolio benchmarks July 2020 Current review S&P Global Ratings' weighted-average rating factor 3088.29 2910.22 Default rate dispersion 725.22 367.37 Weighted-average life (years) 2.74 5.380 Obligor diversity measure 70.43 95.96 Industry diversity measure 19.276 17.31 Regional diversity measure 1.376 1.23 On the cash flow side: -- The reinvestment period ended in July 2024. -- The class A notes have deleveraged by EUR113.96 million since closing. -- No tranches are currently deferring interest. -- All coverage tests are passing as of the June 2026 trustee report. Transaction key metrics Current Total collateral amount (mil. EUR)* 230.74 Defaulted assets (mil. EUR) 2.30 Number of performing obligors 83 Portfolio weighted-average rating B 'AAA' SDR (%) 57.94 'AAA' WARR (%) 37.01 *Performing assets plus cash and expected recoveries on defaulted assets. SDR-Scenario default rate. WARR-Weighted-average recovery rate. S&P said, "In our view, the portfolio is diversified across obligors, industries, and asset characteristics. "In our credit and cash flow analysis, we considered the transaction's available current cash balance of approximately EUR38 million, based on the June 2026 monthly report. We also considered the level of available principal proceeds from the last two payment date reports, the amount of principal proceeds used to deleverage the notes on the last two payment dates, EUR21.45 million and EUR49.69 million, and the amount used to reinvest on the last two payment dates, EUR13.03 million and EUR11.75 million. We therefore considered a base-case cash flow scenario where the amount of principal cash left over after principal repayment will be used to reinvest in the assets. "Our base-case credit and cash flow analysis indicates that the available credit enhancement for the class A and B notes is sufficient to withstand the credit and cash flow stresses that we apply at the 'AAA' rating level. We therefore affirmed our 'AAA (sf)' rating on the class A notes and raised to 'AAA (sf)' from 'AA (sf)' our rating on the class B notes. "Our base-case credit and cash flow analysis indicates that the available credit enhancement for the class B, C, D, and E notes is commensurate with higher ratings than those currently assigned. We therefore raised our ratings on these classes of notes. "Although our credit and cash flow analysis indicates the class E notes' available credit enhancement could withstand stresses commensurate with a lower rating, the application of our 'CCC' rating criteria resulted in a 'B- (sf)' rating on this tranche." The ratings uplift for this tranche reflects several key factors, including: -- The 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. -- The portfolio's average credit quality is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 21.35% (for a portfolio with a weighted-average life of 2.74 years), versus if S&P has to consider a long-term sustainable default rate of 3.2% for 2.74 years, which would result in a target default rate of 8.77%. -- S&P does not believe that there is a one-in-two chance of this tranche defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. Counterparty, operational, and legal risks are adequately mitigated in line with S&P's current criteria. BlueMountain Fuji EUR CLO V DAC is a European cash flow CLO transaction that securitizes loans granted to primarily speculative-grade corporate firms. The transaction is managed by Sound Point Capital Management LP. BOSPHORUS CLO VI: Moody's Cuts Rating on EUR10.5MM F Notes to B3 ---------------------------------------------------------------- Moody's Ratings has taken various rating actions on the following notes issued by Bosphorus CLO VI Designated Activity Company: EUR26,750,000 Class B-1 Secured Floating Rate Notes due 2034, Upgraded to Aaa (sf); previously on Apr 17, 2025 Upgraded to Aa1 (sf) EUR10,000,000 Class B-2 Secured Fixed Rate Notes due 2034, Upgraded to Aaa (sf); previously on Apr 17, 2025 Upgraded to Aa1 (sf) EUR24,500,000 Class C Secured Deferrable Floating Rate Notes due 2034, Upgraded to Aa3 (sf); previously on Apr 17, 2025 Upgraded to A1 (sf) EUR10,500,000 Class F Secured Deferrable Floating Rate Notes due 2034, Downgraded to B3 (sf); previously on Apr 17, 2025 Affirmed B2 (sf) Moody's have also affirmed the ratings on the following notes: EUR217,000,000 (Current outstanding amount EUR132,664,630) Class A Secured Floating Rate Notes due 2034, Affirmed Aaa (sf); previously on Apr 17, 2025 Affirmed Aaa (sf) EUR19,600,000 Class D Secured Deferrable Floating Rate Notes due 2034, Affirmed Baa2 (sf); previously on Apr 17, 2025 Affirmed Baa2 (sf) EUR17,150,000 Class E Secured Deferrable Floating Rate Notes due 2034, Affirmed Ba2 (sf); previously on Apr 17, 2025 Affirmed Ba2 (sf) Bosphorus CLO VI Designated Activity Company issued in March 2021, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured European loans. The portfolio is managed by Cross Ocean Adviser LLP. The transaction's reinvestment period will end in May 2025. RATINGS RATIONALE The upgrade on the ratings on the Class B-1, B-2 and C notes are primarily a result of the significant deleveraging of the Class A notes following amortisation of the underlying portfolio since the last rating action in April 2025; the downgrade of the Class F notes is driven by a par loss of approximately 6.75% since the April 2025 rating action. The affirmations on the ratings on the Class A, D and E 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 notes have paid down by approximately EUR84.3 million (38.9%) since the last rating action in April 2025. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated May 2026[1] the Class A/B, Class C and Class D OC ratios are reported at 147.01%, 128.44% and 116.65% compared to February 2025[2] levels of at 136.55%, 124.52% and 116.33%, respectively. 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: EUR251.9 million Defaulted Securities: EUR4.5 million Diversity Score: 34 Weighted Average Rating Factor (WARF): 3134 Weighted Average Life (WAL): 3.4 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.6% Weighted Average Coupon (WAC): 4.64% Weighted Average Recovery Rate (WARR): 45.18% 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 debt's 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 debt 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. LUGO FUNDING 2026-1: S&P Assigns Prelim B (sf) Rating to F Notes ---------------------------------------------------------------- S&P Global Ratings assigned preliminary credit ratings to Lugo Funding 2026-1 DAC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes and A loan. At closing, Lugo Funding will also issue unrated class Z and X notes. S&P said, "Our preliminary ratings address timely receipt of interest and ultimate repayment of principal on the class A notes and the A loan and the ultimate payment of interest and principal on the other rated notes. Our preliminary ratings also address timely payment of interest due when the deferrable notes become the most senior outstanding class." Unpaid interest will not accrue additional interest and will be due at the notes' legal final maturity. Credit enhancement for the rated notes will comprise collateralization and the reserve fund. The reserve fund will be fully funded at closing and provide mainly liquidity support for the payment of senior fees and interest due on the class A notes and A loan. Any excess of the cash reserve over its required amount provides credit support. Lugo Funding 2026-1 DAC is a static RMBS transaction. The preliminary pool comprises EUR560.16 million, mostly reperforming residential mortgage loans secured on properties in Spain. The loans were originated by various commercial, specialized, and savings banks in Spain, which have now been consolidated into Banco Bilbao Vizcaya Argentaria, S.A. (BBVA). S&P said, "We consider the issuer to be a bankruptcy-remote entity, and we have received preliminary legal opinions indicating that the sale of the assets would survive the seller's insolvency. We also received tax opinions that set out the issuer's tax liabilities under the current tax legislation." BBVA is limited to a master servicer role without prejudice to those non-delegable duties as issuer of the participaciones hipotecarias and certificados de participaciones hipotecarias (PHs and CTHs), while Pepper Spanish Servicing S.L.U. (Pepper) will be the servicer. Pepper will conduct all servicing activities, including primary and special servicing, such as arrears management, restructuring, recoveries, and real estate owned management (REOs). The application of S&P's structured finance sovereign risk criteria does not constrain the preliminary ratings, and the documented replacement mechanisms adequately mitigate the transaction's exposure to counterparty risk in line with S&P's current counterparty criteria. Preliminary ratings Class Preliminary rating* Class size (%) A loan AAA (sf) TBC† A AAA (sf) TBC† B-Dfrd§ AA (sf) 5.85 C-Dfrd§ A (sf) 4.25 D-Dfrd§ BBB (sf) 2.45 E-Dfrd§ BB (sf) 2.00 F-Dfrd§ B (sf) 1.10 Z NR 19.44 X NR N/A *S&P said, "Our preliminary ratings address timely receipt of interest and ultimate repayment of principal on the class A notes and the A loan and the ultimate payment of interest and principal on the other rated notes. Our preliminary ratings also address timely payment of interest due when the deferrable notes become the most senior outstanding class." §Any deferred interest is due at maturity. †The total size of class A loan and class A notes combined is 66.10%. The split between both of them is TBC. Dfrd--Deferrable. NR--Not rated. N/A--Not applicable. TBC--To be confirmed. =================== L U X E M B O U R G =================== SIRONA HOLDCO: S&P Upgrades LT ICR to 'CCC-', Outlook Negative -------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit rating on Sirona Holdco (Seqens) to 'CCC-' from 'SD' (selective default) and raised its issue rating on its EUR930 million term loan B (TLB) instrument to 'CCC-' from 'D' (default), considering the amended terms are legally effective. The negative outlook indicates that S&P could downgrade Seqens in the near term if the company implements a capital restructuring that it considers to be equivalent to another default on its debt obligations. Under the forbearance agreement signed June 24, 2026, Seqens deferred its June 16 2026 interest payments on its term loan B (TLB) and revolving credit facility (RCF). While these missed payments qualify as a default in our criteria, the agreement waivers lenders' acceleration rights until Nov. 30, 2026, thereby avoiding an immediate liquidity crisis regarding interests due. Seqens' stakeholders--including shareholders, lenders, management, and advisors--are still negotiating a business and capital structure reorganization, which S&P understands is likely to include debt-to-equity swaps, which it views as a distressed restructuring. As per the forbearance agreement, lenders have agreed to waive their right of debt acceleration and to defer interests due on the TLB and the RCF until Nov. 30, 2026. The interest payments on Seqens' EUR930 million TLB and EUR130 million RCF, which were due June 16, 2026, following a 30-day grace period, have been deferred. S&P said, "In our view, this deferral and the protection from acceleration mitigate the risk of an immediate liquidity shortfall, allowing stakeholders time to negotiate a comprehensive capital restructuring. We expect these negotiations to reach an agreement in the near term. We view the current forbearance agreement as a legally effective amendment to the existing terms, and expect the restructuring process to be settled before the Nov. 30, 2026, cut-off date when interest payments will again become due under the current terms." S&P said, "Now these terms are legally effective, we have raised our issue rating on the TLB in line with the issuer credit rating since we no longer consider the instrument to be in default. However, we have lowered our recovery expectations to 50% from 60% to reflect the seniority of a new EUR70 million super-senior bridge facility at the Seqens U.K. subsidiary relative to the EUR930 million TLB and EUR130 million RCF. Consequently, while recovery prospects are lower, the recovery rating on the TLB remains unchanged at '3'. "We consider it highly likely that the capital restructuring will be distressed and tantamount as a default. The company has been undergoing restructuring discussions for several months, including following the deferred interest payment. While the post-restructuring business scope and capital structure remain uncertain, we view a distressed restructuring as highly likely, and expect lenders to receive less than the original promise on their respective obligations. Elements constituting a distressed restructuring could include, for example, debt write-offs or debt-to-equity swaps on the instruments--which we would view as insufficient compensation for lenders. In such a case we could lower the issuer credit rating to 'D' or 'SD', and the defaulting instrument(s) to 'D'. We will reassess the credit ratings once there is clarity regarding the new post-restructuring terms. "The negative outlook indicates that we could downgrade Sirona within the next six months if it implements a debt restructuring that we consider to be equivalent to a default. We expect this could happen in a matter of weeks or months following a formal announcement. We would then revise the issuer credit rating to 'SD' or 'D', depending on which instrument(s) default as part of the restructuring. "We could lower our rating on Seqens upon the implementation of a distressed restructuring transaction, or if it fails to meet any future principal or interest payment obligations. "We could raise our rating on Seqens if we no longer view a default scenario as highly probable over the next six months. This could occur, for example, if the company secures alternative financing that we think significantly mitigates its refinancing risk." ========= S P A I N ========= FSL ISSUER: S&P Raises Underlying Rating to B on Improved Liquidity ------------------------------------------------------------------- S&P Global Ratings raised its S&P underlying rating (SPUR) on FSL Issuer SAU (FSL) to 'B' from 'B-' and assigned a stable outlook. S&P also affirmed its 'AA' issue rating on the senior secured debt and maintained the stable outlook, reflecting the rating and outlook on the monoline insurer Assured Guaranty (Europe) S.A. (AGE; AA/Stable/--). The stable outlook on the SPUR reflects S&P's expectation that the project's liquidity position will improve over the next several semesters, with the issuer gradually replenishing the amounts drawn under the debt reserves. It also reflects its expectation that the project will maintain sufficient production levels to receive the full amount of the remuneration on the investment (Rinv) and that the improved liquidity position will ease the negotiations with the controlling creditor over the events of default notified. FSL Issuer SAU (FSL)'s liquidity position has strengthened following the approval of the 2026-2028 parameters early this year, which will result in the project generating roughly more than EUR3 million higher regulated revenue per semester compared to previous 2023-2025 semiregulatory period. S&P expects higher cash flow generation will allow the issuer to gradually replenish the debt reserves drawn in June 2024-December 2025. S&P thinks the improved liquidity forecast will also benefit the ongoing negotiations with the controlling creditor over the notified events of default (EoDs). In 2020, FSL issued EUR304.6 million of senior secured notes due 2041 and serviced via revenue from nine photovoltaic (PV) plants, which convert light into electricity. The PV plants' portfolio is closed, meaning that PV assets cannot be added or removed during the debt's tenor. The PV plants have a total nominal capacity of 65 megawatts (MWs) and benefit from Spain's specific remuneration regime for renewable projects. Six manufacturers provided the modules across the portfolio, while seven provided the inverters. FSL Desarrollos Renovables SL (FDR) is the operations and management/maintenance (O&M) contractor for the PV plants' portfolio. FDR, in turn, subcontracts responsibilities and obligations to Vela Energy Asset Management (VEAM). S&P said, "We expect FSL's liquidity position will strengthen over the coming semesters as result of the timely approval of the 2026-2028 technical parameters. This results in more than EUR3 million--EUR2 million from remuneration on operations (Ro), EUR1 million Rinv--higher regulated revenue per semester, compared with the 2023-2025 semiregulatory period, when the issuer consistently reported debt service shortfalls due to lower-than-expected captured solar prices. We estimate the issuer will now be in a position to gradually replenish the debt reserves drawn in June 2024-December 2025, with cumulated drawdowns amounting to EUR8.3 million (roughly 75%-80% of debt reserves available). Net of cash available as of June 30, 2026, we estimate the shortfall was EUR5.1 million, down from EUR5.5 million in December 2025. We understand the issuer is now in discussion with the controlling creditor and involved financial counterparties to agree on the repayment plan. Under our base case, we expect debt service reserves (DSR) replenishment should be completed by end of 2028. As the replenishment of the reserves is senior in the cashflow waterfall, under our calculation we expect that the project's DSCR will remain flat at 1x in our base case until the December 2028 payment date, at least." The improved cash position may ease the pressure on the relationship with the controlling creditor over the EoDs notified since 2023. This follows the improvement in the relationship observed over the last months, with parties agreeing on updated assumptions for the sponsor's financial model. The discussions over the reimbursement of the EUR2.2 million of legal fees incurred by the controlling creditor also seem to point to positive resolution. S&P said, "We now expect the issuer will reimburse such fees after the full replenishment of the DSRs drawn and the funding of the required operational reserves, namely land lease and rate of return (RR) block reserve account. We expect discussions over the resolution of the outstanding topics will continue. These include the alleged unauthorized distribution to shareholders (EUR8.7 million) in 2023, the EoD related to the insurance policy and compliance certificate, and the request to terminate the O&M contract, among others. The relationship between the parties still represents a key credit consideration for the SPUR on the project, since if these divergencies turned into legal disputes, the project would still have limited headroom to accommodate the related legal costs, in our view." S&P said, "In our view, the final 2026-2028 parameters provide increased protection against adverse market conditions. Under the final version of the 2026-2028 parameters, the minimum production requirement for receiving Rinv revenue was set 55% lower than the 2023-2025 requirements, compared with 25% under the draft version published last November. We view this additional reduction as a highly supportive measure because it expands the project's operational headroom to absorb market volatility without jeopardizing its primary revenue stream. For example, the 2026-2028 minimum production requirement for Magascona, FSL's largest plant with 20 MW of installed capacity, has been lowered to 10.8 gigawatt hours (GWh) from 18.0 GWh in the draft; this requirement represents approximately 40% of our estimated annual production after accounting for the impact of negative price hours. Since the increased headroom, in our view, supports cash flow stability by protecting the receipt of Rinv revenue (75% of total revenue), we revised our business risk assessment to '5' from '6', reverting the change implemented in 2025 on the back of the published draft. "While the revenue framework offers protection against volume fluctuations, plants' underperformance could still erode credit quality if headroom over the minimum production requirements deteriorates. Given that cash flow stability is highly reliant on receiving the Rinv revenue, we view the project's headroom over the minimum production requirements as a key measure for determining revenue risk. Even if quantitatively, there are no revenue adjustments, we view tight headroom over the minimum production requirements as consistent with higher cash flow risk. Under our current projections, based on a production scenario with a 90% probability of being met (P90), one-year adjusted scenario, with a 3% additional stress to reflect the historical track record of FSL plants, and about 30% of erosion from negative hours, we expect plants to maintain comfortable headroom of about 60%. However, this estimated headroom can be quickly eroded if plants record operational issues, including inverter and modules failures. Low irradiation levels, such as those recorded in 2024 and 2025, can further reduce the headroom over the minimum production requirement. We therefore view the plants' performance as key to determining the relative strength of the rating. Assets have been operational since 2007-2010, so we expect the project to execute a maintenance plan to ensure their continuous operational performance. "We will monitor curtailment risk, which may affect cash flow generation due to impact on Ro and pool prices. Although FSL's portfolio has not experienced material curtailment so far, it remains a possibility because PV plants now have the same priority of dispatch as other renewables. Compared with peers, we think FSL carries a relatively higher exposure to such risk, as the project owns three plants with an installed capacity of 10 MW or higher. "The stable outlook on the SPUR reflects our expectation that project liquidity position will improve over the next semesters, with the issuer gradually replenishing the amounts drawn under the debt reserves. It also reflects our expectation that the project will maintain sufficient production levels to receive the full amount of the Rinv and that the improved liquidity position will ease the negotiations with the controlling creditor over the events of default notified." The stable outlook on S&P's issue rating on FSL reflects the outlook on the guarantor, AGE. S&P could lower the issue rating or revise its outlook to negative if it took a similar action on AGE. S&P could also lower the SPUR if: -- S&P sees the risk that divergencies with the controlling creditor could turn into a legal dispute, potentially rendering the current capital structure unsustainable due to associated project liabilities. -- S&P thinks the project's ability to service its debt is weaking, due to weaker-than-expected cash flow generation. This could materialize, for example, if negative price hours or curtailments increase beyond our assumption or the project shows operational underperformance, or even if solar capture prices are weaker than anticipated. S&P said, "We could raise our issue rating or revise our outlook to positive if we took a similar action on AGE.We could take a positive rating action on the SPUR if repayment of the debt reserves drawn remains in line with our base case, supported by a stable operational performance. We would also expect that for a positive rating action to materialize, discussions between the controlling creditor and the issuer would continue over a constructive resolution of conflicts." FT SANTANDER 11: S&P Assigns BB (sf) Rating to Class E-Dfrd Notes ----------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Fondo de Titulizacion Santander Consumo 11's Spanish consumer ABS class A-1, A-2, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, FT Santander Consumo 11 also issued unrated class F notes. The receivables were originated by Banco Santander, S.A., an experienced issuer. Banco Santander was established in 1857, and is the largest Spanish bank by assets. The underlying collateral consists of Spanish unsecured consumer loans originated by Banco Santander to retail private individuals or self-employed individuals in Spain. The loans have fixed interest rates and are fully amortizing through the payment of constant monthly installments. FT Santander Consumo 11 will revolve for a period of eleven months from closing. EUR300 million of initial proceeds will be deposited in the principal account of the transaction and will be used to purchase further receivables over the first two interest payment dates (IPDs). The revolving period will terminate earlier if a revolving period termination event occurs. Once the transaction starts to amortize, collections received are distributed monthly according to a combined priority of payments. The class A to E-Dfrd notes pay pro rata from the first day of the amortization phase. There are, however, performance triggers in place, which will switch payment to a sequential order. At closing, a liquidity reserve will be funded through the issuance of the class F notes. The reserve is available to cure any shortfalls on the senior fees, expenses, and interest on the class A to E-Dfrd notes, so long as the class B-Dfrd to E-Dfrd notes' interest is not deferred. The reserve is replenished before paying principal and so does not provide credit enhancement. A servicer event reserve will also be funded by Banco Santander upon a downgrade below the required minimum required rating or a replacement of the servicer and is to be drawn for the sole purpose of financing the servicer's fee. S&P believes such provision is sufficient to cover the costs of a replacement servicer over the residual life of the transaction. The reserve will be funded by Banco Santander if it ceases to have a rating of at least 'A-'. A combination of excess spread and subordination provides credit enhancement. Commingling and setoff risks are fully mitigated, in S&P's view. The assets pay a monthly fixed interest rate, and the notes will pay quarterly indexed to three-month Euro Interbank Offered Rate (EURIBOR). The notes benefit from an interest rate swap to mitigate the risk of potential interest rate mismatches between the fixed-rate assets and floating-rate liabilities. S&P said, "Our ratings address timely payment of interest and ultimate payment of principal on the class A1 and A2 notes. Our rating address the ultimate payment of interest and principal on the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes until it becomes the most senior notes, where it then will pay timely interest and ultimate payment of principal (with previously unpaid interest due at maturity of the respective class). "The class A2 notes benefit from a guarantee from the European" Investment Fund. However, we did not give credit to this guarantee in our analysis. "We conducted additional sensitivity analysis to assess, all else being equal, the effect of an increased gross default base case and a lower recovery rate base case on our ratings on the notes. The results of the sensitivity analysis indicate a deterioration of no more than four notches on the notes, in line with our credit stability criteria. "Our structured finance sovereign risk criteria do not constrain our ratings on the notes. Counterparty risk is adequately mitigated, in line with our counterparty criteria, and the legal opinions at closing adequately address any legal and operational risks in line with our criteria." Ratings Class Rating* Class amount (mil. EUR) A-1 AAA (sf) 999.50 A-2 AAA (sf) 400.00 B-Dfrd AA (sf) 121.50 C-Dfrd A (sf) 112.50 D-Dfrd BBB (sf) 76.50 E-Dfrd BB (sf) 90.00 F NR 45.00 *S&P's ratings address timely payment of interest and ultimate payment of principal on the class A1 and A2 notes and ultimate payment of interest and principal on the class B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes until it becomes the most senior notes where it then will pay timely interest and ultimate payment of principal (with previously unpaid interest due at maturity of the respective class). NR--Not rated. =========================== U N I T E D K I N G D O M =========================== ACTIVEWEAR GROUP: Mackay Goodwin Appointed as Administrators ------------------------------------------------------------ Activewear Group Ltd (formerly Activewear Brands Ltd) was placed into administration in the High Court of Justice, Business and Property Courts in Birmingham, Company & Insolvency List (ChD), Case Number CR-2026-BHM-000347. Stuart Kelly and Claire Harsley of Mackay Goodwin Limited were appointed as Joint Administrators on July 8, 2026. The company specialized in the wholesale of clothing and footwear. Its registered office is at 37 Bracken Grove, Catshill, Bromsgrove, Worcestershire, England, B61 0PB. Its principal trading address is Unit 3G1, Forge Lane, Halesowen, B62 8EB, United Kingdom. The Joint Administrators can be contacted at: Stuart Kelly Claire Harsley Mackay Goodwin Limited 7 Smithford Walk Prescot Liverpool L35 1SF Further details contact: Adam Farnworth Tel: 0151 739 2398 Email: advice@mackaygoodwin.co.uk AGILE PROPERTY: Moorfields Appointed as Joint Administrators ------------------------------------------------------------ Agile Property and Homes Limited was placed into administration in the High Court of Justice, Business and Property Courts, No 003937 of 2026. Andrew Pear and Richard Keley of Moorfields were appointed as Joint Administrators on July 6, 2026. The company specialized in other specialised construction activities not elsewhere classified. Its registered office and principal trading address is c/o Clics, Northern Perimeter Road, Lockwood Farm, Culham, Oxfordshire, OX14 3DA. The Joint Administrators can be contacted at: Andrew Pear Richard Keley Moorfields 82 St John Street London EC1M 4JN Tel: 020 7186 114 Further details contact: Tess Mitchell Tel: 020 7186 1182 Email: tess.mitchell@moorfieldscr.com DERWENT PACKAGING: Begbies Traynor Appointed as Administrators -------------------------------------------------------------- Derwent Packaging Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-000686. Benjamin Fallon and Louise Longley of BTG Begbies Traynor (Central) LLP were appointed as Administrators on July 9, 2026. The company specialized in manufacturing activities. Its registered office is at Unit 4a Denby Hall Business Park, Hall Road, Denby, Derbyshire, DE5 8JX. Its principal trading address is Unit 4a Denby Hall Business Park, Hall Road, Ripley, DE5 8JX. The Administrators can be contacted at: Benjamin Fallon Louise Longley BTG Begbies Traynor (Central) LLP Floor 2 10 Wellington Place Leeds LS1 4AP For further details, contact: Matthew Gilman Tel: 0113 209 1097 Email: Matthew.Gilman@btguk.com EDUTHING LTD: Exigen Group Appointed as Administrators ------------------------------------------------------ Eduthing 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-2026-005146. David Kemp and Richard Hunt of Exigen Group Limited were appointed as Administrators on July 10, 2026. The company specialized in information technology consultancy activities. Its registered office is at Warehouse W, 3 Western Gateway, Royal Victoria Docks, London, E16 1BD. Its principal trading address is 5 Walton Lodge, Bridge Street, Walton-on-Thames, KT12 1BT. The Administrators can be contacted at: David Kemp Richard Hunt Exigen Group Limited Warehouse W 3 Western Gateway Royal Victoria Docks London E16 1BD Further details contact: David Kemp Tel: 0207 538 2222 FIVE RISE: Interpath Ltd. Appointed as Joint Administrators ----------------------------------------------------------- Five Rise Contractors Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency and Companies List (ChD), Case Number CR-2026-LDS-000690. James Ronald Alexander Lumb and Howard Smith of Interpath Ltd were appointed as Joint Administrators on July 13, 2026. The company specialized in the development of building projects. Its registered office is at c/o Interpath Ltd, 4th Floor, Tailor’s Corner, Thirsk Row, Leeds, LS1 4DP. Its principal trading address is Five Rise House, Bradford Road, Riddlesden, Keighley, BD21 4EZ. The Joint Administrators can be contacted at: James Ronald Alexander Lumb Howard Smith Interpath Ltd 4th Floor, Tailor’s Corner Thirsk Row Leeds LS1 4DP Further details contact: Laura Sharrock Tel: 0161 529 8866 GGS DEVCO: KR8 Advisory Appointed as Administrators --------------------------------------------------- GGS Devco Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Insolvency & Companies List (ChD), Court Number CR-2026-LDS-000706. Lauren Wentworth and Mark Blackman of KR8 Advisory Limited were appointed as Administrators on July 10, 2026. The company specialized in the buying and selling of its own real estate. Its registered office is at 2nd Floor Offices, Marygate House, 2 Marygate, Wakefield, WF1 1NX and is in the process of being changed to c/o KR8 Advisory Limited, 7th Floor, St Andrew’s House, 20 St Andrew Street, London, EC4A 3AG. Its principal trading address is 2 Great George Street, Leeds, LS2 8BA. The Administrators can be contacted at: Lauren Wentworth KR8 Advisory Limited 7th Floor St Andrew’s House 20 St Andrew Street London EC4A 3AG -- and -- Mark Blackman KR8 Advisory Limited The Lexicon 10–12 Mount Street Manchester M2 5NT For further details, contact: Billy Long Tel: 0161 504 9799 Email: caseenquiries@kr8.co.uk GOLD RUSH: S&P Withdraws 'B' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings withdrew its 'B' issuer credit rating on audiovisual content production company Gold Rush Bidco Ltd. (All3Media's parent company) and the 'B' issue rating on its senior secured debt, at the issuer's request. The outlook on the issuer credit rating was stable at the time of the withdrawal. The rating withdrawal follows the merger of Banijay S.A.S. and All3Media, the full repayment of All3Media's debt, and subsequent debt refinancing at the Banijay Entertainment level. HOPS HILL NO.6: S&P Assigns B+ (sf) Rating to Class E-Dfrd Notes ---------------------------------------------------------------- S&P Global Ratings assigned credit ratings to Hops Hill No.6 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, and E-Dfrd notes. At closing, the issuer also issued residual certificates. This is an RMBS transaction that securitizes a portfolio of buy-to-let mortgage loans secured on properties in the U.K. The provisional mortgage portfolio is approximately GBP295 million as of June 2, 2026, plus a prefunding amount. The issuer used the issuance proceeds to purchase the full beneficial interest in the mortgage loans from the seller at closing, plus some prefunded loans up to the first interest payment date. The issuer grants security over all its assets in the security trustee's favor. Credit enhancement for the rated notes consists of subordination and excess spread. A liquidity reserve provides liquidity support to cover senior fees, swap payments, and cure interest shortfalls on the class A and B-Dfrd notes. Principal can be used to pay interest on the class A and B-Dfrd through D-Dfrd notes, provided that, in the case of the class B-Dfrd to D-Dfrd notes, they are the most senior class outstanding or the outstanding principal deficiency ledger is less than 10%. The transaction includes a prefunded amount of up to 20%, where the issuer can purchase loans until the first interest payment date. The addition of these loans could adversely affect the pool's credit quality. Portfolio limitations mitigate this risk. Product switches are permitted, subject to certain conditions being met. S&P performed additional sensitivities that capture the risk of margin deterioration, and the assigned ratings reflect the results of these sensitivities. The issuer is an English special-purpose entity, which S&P considers to be bankruptcy remote, subject to its review of the relevant transaction documents and legal opinions. There are no rating constraints in the transaction under S&P's operational risk or structured finance sovereign risk criteria. Ratings Class Rating* Amount (mil. GBP) A AAA (sf) 358.00 B-Dfrd A (sf) 12.00 D-Dfrd BBB (sf) 6.00 E-Dfrd B+ (sf) 6.40 J-VFN NR 0.10 Residual Certificates NR N/A *S&P's ratings address timely payment of interest and ultimate repayment of principal for the class A notes, and the ultimate payment of interest and principal on the other rated notes. Its ratings also address the timely payment of interest on the rated notes when they become most senior outstanding. Any deferred interest is due immediately when the class becomes the most senior class outstanding. NR--Not rated. N/A--Not applicable. OAK ENGINEERING: KBL Advisory Appointed as Administrators --------------------------------------------------------- Oak Engineering Co. Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-1019. Steven Brown and Richard Cole of KBL Advisory Ltd were appointed as Administrators on July 10, 2026. The company specialized in machining. Its registered office and principal trading address is Unit 7, Victoria Industrial Estate, Victoria Road West, Hebburn, Tyne and Wear, NE31 1UB. The Administrators can be contacted at: Steven Brown Richard Cole KBL Advisory Ltd Stamford House, Northenden Road Sale, Cheshire M33 2DH Contact details for Administrators: Freddie Pass Tel: 0161 637 8100 Email: freddie.pass@KBL-Advisory.com SAVANNAH GROUP: FTS Recovery Appointed as Joint Administrators -------------------------------------------------------------- Savannah Group Limited (formerly Boyden Holdings 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-2026-005044 of 2026. Rachel Elizabeth Ennis and Marco Piacquadio of FTS Recovery Limited were appointed as Joint Administrators on July 8, 2026. Its registered office and principal trading address is 3 Lombard Street, London, EC3V 9AA. The Joint Administrators can be contacted at: Rachel Elizabeth Ennis FTS Recovery Limited Alma Park Woodway Lane Lutterworth Leicestershire LE17 5FB Marco Piacquadio FTS Recovery Limited Ground Floor Baird House Seebeck Place Knowlhill Milton Keynes MK5 8FR For further details, contact: Dwani Patel Tel: 01908 754 666 Email: dwani.patel@ftsrecovery.co.uk =============== X X X X X X X X =============== [] BOOK REVIEW: Corporate Players: Designs for Working and Winning ------------------------------------------------------------------ Corporate Players: Designs for Working and Winning Together Author: Robert W. Keidel Publisher: Beard Books Paperback: 276 pages List Price: US$34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587982587/internetbankrupt In American business, the metaphor of the sports team is commonly used for business groups of all sizes -- from ad hoc teams of a few members that deal with temporary problems to groups of executive managers who are responsible for long-term corporate survival and the profitability of an entire organization. The sports team is a favored metaphor because sports bring individuals with different talents and different responsibilities together to perform a particular activity and pursue a common objective. Within its framework, sports also allow for the outstanding performance of particular individuals and recognition of that performance. The sports team metaphor has become so common in business and so routinely applied to business teams of all sorts and sizes that little thought is usually given to its specifics. Corporate Players -- Designs for Working and Winning Together takes a close look at what makes a sports team function effectively and win. The author then applies these observations to develop a plan for those in the corporate world to be as successful as those in the sports world. While a reprint of a 1988 book, the lessons in this book are timeless. Keidel identifies three main types of teams found in business: autonomy, control and cooperation. The author relates each to a particular type of sports team: autonomy for baseball, control for football and cooperation for basketball. A chart compares differences among the three with respect to organizational strategy, organizational structure, and organizational style. For instance, the organizational strategy for autonomy in base ball is "adding value through star performers"; while the organizational strategy for cooperation in basketball is "innovating by combining resources in novel ways." With a sharp analytic eye and decades of experience in different aspects of business, including academic and government positions, Keidel delves into the specifics of business groups as sports teams. A fundamental point often overlooked by businesspersons is that teams in different sports are different in significant ways. An understanding of these differences is crucial for executives, managers, and consultants who are responsible for conceptualizing a team in relation to a particular business matter and then bringing together a team of individuals. As such, executives, managers and consultants have roles similar to a general manager and coach of a sports team. In some case, they may also have the role of a player on the team. This chart and other aids, together with the author's engaging commentary and enlightening analyses, will help business leaders select the right personnel, assemble a team capable of performing the task at hand, and then coordinate all of the players to accomplish the desired objective. Robert W. Keidel is principal of Robert Keidel Associates, a consulting practice based in Philadelphia, Pa., and Professor Emeritus at Drexel University. He was a senior fellow at the Wharton School, University of Pennsylvania, and a program consultant at the National Center for Productivity and Quality of Working Life. He was born in February 1943 in Philadelphia. He received his BA from Williams College, and his MBA and PhD on Social Systems Sciences from Wharton. ********* 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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