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

                          E U R O P E

          Monday, August 10, 2026, Vol. 27, No. 158

                           Headlines



A R M E N I A

NAIRI INSURANCE: Moody's Ups IFS Ratings to Ba3, Outlook Stable


I R E L A N D

AURIUM CLO XVII: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
BILBAO CLO VI: Fitch Assigns 'B-sf' Final Rating to Class E Notes
INVESCO EURO XVII: Fitch Puts 'B-sf' Final Rating to Class F Notes
ROCKFORD TOWER 2024-1: S&P Affirms B- (sf) Rating to Cl. F-2 Notes


L U X E M B O U R G

ALPS PARTNERS 2026-1: Fitch Rates Class R Notes Final 'BB+sf'


P O L A N D

BANK OCHRONY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
DL INVEST: S&P Alters Outlook to Positive, Affirms 'B+' ICR


S P A I N

NEINOR HOMES: S&P Affirms 'B+' Issuer Credit Rating, Outlook Pos.


U N I T E D   K I N G D O M

BARLEY HILL 2: Moody's Cuts Rating on GBP2.4MM Cl. E Notes to Caa1
BESPAK HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
EAST KENT PROPERTY: Opus Restructuring Appointed as Administrators
GREENE KING: S&P Affirms 'BB (sf)' Rating on Class B Notes
HOWDEN GROUP: S&P Downgrades ICR to 'B-' on Elevated Leverage

NEEDAN LIMITED: Mackay Goodwin Appointed as Joint Administrators
PROJECT GOAL: Creditors' Virtual Meeting Set for Aug. 19

                           - - - - -


=============
A R M E N I A
=============

NAIRI INSURANCE: Moody's Ups IFS Ratings to Ba3, Outlook Stable
---------------------------------------------------------------
Moody's Ratings has upgraded to Ba3 from B1 the local currency (LC)
and foreign currency (FC) insurance financial strength ratings
(IFSR) of "NAIRI INSURANCE" LLC (Nairi Insurance). The outlook
remains stable.

This rating action follows the change in outlook of the Government
of Armenia (Ba3 issuer ratings) to positive from stable on July 28,
2026.

RATINGS RATIONALE

The upgrade of Nairi Insurance's insurance financial strength
ratings to Ba3 from B1, and its stable outlook, reflects an
improved operating environment as well as a strengthening in the
company's asset quality, capital adequacy and profitability.

The improvement in Armenia's insurance operating environment
results from a material reduction in geopolitical risks, robust
economic growth, and a supportive regulatory environment. Armenia's
economic growth has been exceptionally strong in recent years,
supporting demand for both corporate and retail insurance products
and contributing to the development of the insurance sector.
However, Moody's assessments of Armenia's insurance operating
environment remains constrained by the country's small economic
size and limited population, as well as the very low degree of
insurance penetration and low per capita insurance utilization
compared with global peers.

In addition, the company's credit profile benefits from improving
credit quality of the Armenian sovereign and of Armenian banks,
which constitute the majority of its invested assets.

Moreover, Nairi Insurance's profitability improved materially in
2025. Net income increased to AMD464 million from AMD103 million in
2024, while return on average capital improved to approximately 9%
from 2%. The improvement was primarily driven by stronger
underwriting performance, with insurance service result increasing
to AMD2.1 billion from AMD1.6 billion in 2024. The company further
reported strong H1 2026 results, with net profit increasing to
AMD718.7 million from AMD185.4 million in the prior-year period,
driven by continued improvement in underwriting performance.

Nairi Insurance's Ba3 IFSRs are also supported by the company's
strong market position in Armenia, with an estimated market share
of around 18% of gross written premiums and a top-three position in
the market. The ratings also reflect the company's granular and
predominantly retail insurance portfolio, improved profitability,
and adequate capitalization relative to underwriting risks
assumed.

At the same time, the ratings remain constrained by the company's
concentration in a single, relatively small economy and insurance
market, its significant exposure to domestic sovereign and banking
sector risk through its investment portfolio, and limited buffers
above the regulatory minimum capital requirements.

OUTLOOK

The stable outlook reflects Moody's expectations that Nairi
Insurance will maintain its strong market position, adequate
capitalisation and sustains improved profitability while preserving
its financial profile and underwriting discipline. The stable
outlook also reflects Moody's expectations that the Armenian
insurance operating environment and the credit quality of Armenian
financial assets will remain supportive of the company's credit
profile.

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

Moody's could upgrade Nairi Insurance's ratings if: (1) there is a
further significant and sustained improvement in underwriting
profitability, asset quality and capital adequacy, (2) the company
strengthens its business diversification while maintaining prudent
underwriting standards, and (3) Armenia's insurance operating
environment improves substantially.

Conversely, downward pressure on the ratings could arise if: (1)
profitability deteriorates significantly and on a sustained basis,
(2) capital declines materially relative to underwriting and
investment risks, (3) the company experiences a significant loss of
market share, or (4) there is a significant deterioration in the
credit quality of the Government of Armenia, which would negatively
affect the company's asset quality and operating environment.

The principal methodology used in these ratings was Property and
Casualty Insurers published in April 2024.

Nairi Insurance's Standalone Scorecard Indicated Outcome of Ba3 is
two notches below the Preliminary Standalone Outcome. This reflects
the relatively small size of the Armenian insurance market compared
with global peers, as well as a more holistic assessment of Nairi
Insurance's product focus, asset quality, capital adequacy and
profitability.



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

AURIUM CLO XVII: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Aurium CLO XVII DAC's class A, B, C, D, E, F notes and A Loan. At
closing, the issuer will also issue EUR34 million unrated
subordinated notes.

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
payments.

The preliminary 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 S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio benchmarks

  S&P Global Ratings' weighted-average rating factor    2,644.46
  Default rate dispersion                                 526.57
  Weighted-average life (years)                             4.91
  Obligor diversity measure                               142.17
  Industry diversity measure                               24.05
  Regional diversity measure                                1.32

  Transaction key metrics

  Total par amount (mil. EUR)                               400
  Defaulted assets (mil. EUR)                                 0
  Number of performing obligors                             179
  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B
  'CCC' category rated assets (%)                          0.00
  Target 'AAA' weighted-average recovery (%)              36.99
  Actual weighted-average spread net of floors (%)         3.54
  Actual weighted-average coupon (%)                       4.20

Rationale

S&P said, "Our preliminary ratings reflect our assessment of the
collateral portfolio's credit quality, which has a weighted-average
rating of 'B'.

"The portfolio is expected to be well-diversified at closing,
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 million target par
amount, the covenanted weighted-average spread of 3.40%, the
covenanted weighted-average coupon of 4.00%, 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.

"At closing, we expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Under our structured finance sovereign risk criteria, we expect
the transaction's exposure to country risk to be sufficiently
mitigated at the assigned preliminary ratings.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, E, and F 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
preliminary ratings assigned to the notes."

The class A notes and A Loan can withstand stresses commensurate
with the assigned preliminary ratings.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe that our
preliminary 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 to E 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 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.

Aurium CLO XVII 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. The
transaction will be managed by Macquarie Credit Advisers Europe
Ltd.

  Ratings

         Prelim  Prelim amount Credit
  Class  rating*  (mil. EUR)   enhancement (%)   Interest rate§

  A       AAA (sf)   117.00    38.00    Three/six-month EURIBOR
                                        plus 1.27%

  A Loan  AAA (sf)   131.00    38.00    Three/six-month EURIBOR
                                        plus 1.27%

  B      AA (sf)      44.00    27.00    Three/six-month EURIBOR
                                        plus 1.75%

  C      A (sf)       24.00    21.00    Three/six-month EURIBOR
                                        plus 2.00%

  D      BBB- (sf)    28.00    14.00    Three/six-month EURIBOR
                                        plus 2.80%

  E      BB- (sf)     18.00     9.50    Three/six-month EURIBOR
                                        plus 5.00%

  F      B- (sf)       8.00     7.50    Three/six-month EURIBOR
                                        plus 7.70%

  Sub notes   NR      34.00      N/A    N/A

*The preliminary ratings assigned to the class A and B notes and A
Loan address timely interest and ultimate principal payments. Our
preliminary ratings address ultimate interest and principal
payments on the rest of the other rated notes.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


BILBAO CLO VI: Fitch Assigns 'B-sf' Final Rating to Class E Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Bilbao CLO VI DAC notes final ratings,
as detailed below.

   Entity/Debt               Rating           
   -----------               ------           
Bilbao CLO VI DAC

   A-1 XS3384752252       LT AAAsf  New Rating

   A-2 XS3384752419       LT AAsf   New Rating

   B XS3384752765         LT Asf    New Rating

   C XS3384753227         LT BBB-sf New Rating

   D XS3384753573         LT BB-sf  New Rating

   E XS3384753730         LT B-sf   New Rating

   Subordinated Notes
   XS3384753904           LT NRsf   New Rating

Transaction Summary

Bilbao CLO VI DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to fund the portfolio with a target par of EUR400
million.

The portfolio is actively managed by Guggenheim Partners Europe
Ltd. The collateralised loan obligation (CLO) has an approximately
4.7-year reinvestment period and an 8.7-year weighted average life
(WAL) test covenant at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'. The Fitch-weighted
average rating factor (WARF) of the identified portfolio is 24.5.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch-weighted
average recovery rate of the identified portfolio is 65.6%.

Diversified Asset Portfolio (Positive): The transaction includes
various concentration limits, including a top 10 obligor
concentration limit of 20%, a fixed-rate obligation limit of 12.5%
and a maximum exposure to the three largest Fitch-defined
industries of 40%. These covenants ensure that the asset portfolio
will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.7-year reinvestment period, which is governed by
reinvestment criteria that are similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

The transaction includes three sets of Fitch test matrices. One set
is effective at closing, with a WAL of 8.7 years. The second and
the third set have a WAL of 8.2 years and 7.2 years, respectively,
and will become effective six months and 18 months after closing,
respectively. The switch to the forward matrix sets is conditional
on the collateral principal amount (with defaults accounted for at
Fitch-calculated collateral value) being at least at the
reinvestment target par balance. Each matrix set includes two
different fixed-rate asset limits at 5% and 12.5%.

Cash Flow Modelling (Positive): The WAL Fitch modelled is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged after the reinvestment period.
These include passing both the coverage tests and the Fitch 'CCC'
limit as well as a WAL covenant that progressively steps down over
time. Fitch believes these conditions would reduce the effective
risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on the class A-1, B and C notes and
lead to downgrades of one notch each to the class A-2 and D notes,
and to below 'B-sf' for the class E notes.

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. The class A-2,
B and C notes each have a cushion of two notches, the class E notes
have a cushion of three notches, and the class D notes have four
notches, due to the better metrics and shorter life of the
identified portfolio than the Fitch-stressed portfolio. The class
A-1 notes do not have any rating cushion as they are already at the
highest achievable rating.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of three notches
each for the class A-1, A-2, B and C notes, and below 'B-sf' for
the class D and E notes.

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

A 25% reduction of the RDR and a 25% increase in the RRR across all
ratings of the Fitch-stressed portfolio would lead to upgrades of
up to two notches each for the class A-2 and B notes, three notches
each for the class C and D notes and four notches for the class E
notes. The class A-1 notes, which are at the highest level on
Fitch's scale, cannot be upgraded.

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Bilbao CLO VI DAC.

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

INVESCO EURO XVII: Fitch Puts 'B-sf' Final Rating to Class F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Invesco Euro CLO XVII DAC final ratings,
as detailed below.

   Entity/Debt             Rating              Prior
   -----------             ------              -----
Invesco Euro
CLO XVII DAC

   A XS3395948725       LT AAAsf  New Rating   AAA(EXP)sf

   B XS3395949020       LT AAsf   New Rating   AA(EXP)sf

   C XS3395949707       LT Asf    New Rating   A(EXP)sf

   D XS3395949962       LT BBB-sf New Rating   BBB-(EXP)sf

   E XS3395950119       LT BB-sf  New Rating   BB-(EXP)sf

   F XS3395950382       LT B-sf   New Rating   B-(EXP)sf

   Subordinated Notes
   XS3395950549         LT NRsf   New Rating   NR(EXP)sf

   X XS3395948485       LT AAAsf  New Rating   AAA(EXP)sf

Transaction Summary

Invesco Euro CLO XVII DAC is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to fund the portfolio with a target par of
EUR350 million, which is managed by Invesco CLO Equity Fund 6 LLC.
The collateralised loan obligation (CLO) has a 4.5-year
reinvestment period and an 8.5-year weighted average life test
(WAL) at closing.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B+'/'B'. The
Fitch-calculated weighted average rating factor (WARF) of the
identified portfolio is 22.3.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch-calculated
weighted average recovery rate (WARR) of the identified portfolio
is 66.1%.

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

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

The transaction includes six Fitch test matrices; two are effective
at closing, two are effective six months after closing, and a
further two are effective 18 months after closing, subject to the
reinvestment target par condition (defaults at Fitch collateral
value) and/or a rating agency confirmation. The closing matrices
correspond to an 8.5-year WAL covenant, the forward matrices
correspond to an eight-year and a seven-year WAL covenant,
respectively. All the matrices are based on the same top 10 obligor
limit and fixed-rate asset limits of 5% and 12.5%.

Cash Flow Modelling (Positive): The WAL for the transaction's
Fitch-stressed portfolio analysis and matrix analysis is 12 months
less than the WAL covenant. This is to account for the strict
reinvestment conditions envisaged by the transaction after its
reinvestment period. These conditions include passing the coverage
tests and the Fitch 'CCC' bucket limitation test, and a WAL
covenant that gradually steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during stress periods.

RATING SENSITIVITIES

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

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

Downgrades, which are based on the identified portfolio, may occur
if the loss expectation is larger than assumed, due to unexpectedly
high levels of default and portfolio deterioration. The class B
notes have a rating cushion of two notches, the class D and E notes
each have a cushion of three notches, the class C notes have a
cushion of four notches and the class F notes have a cushion of
five notches, due to the better metrics and shorter life of the
identified portfolio than the Fitch-stressed portfolio.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would lead to downgrades of up to four
notches each for the class A to D notes and to below 'B-sf' for the
class E and F notes.

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

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

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

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

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

DATA ADEQUACY

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

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

ESG Considerations

Fitch does not provide ESG relevance scores for Invesco Euro CLO
XVII DAC.

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

ROCKFORD TOWER 2024-1: S&P Affirms B- (sf) Rating to Cl. F-2 Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Rockford Tower
Europe CLO 2024-1 DAC's class A-R, 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 A,
B-1, B-2, C, D, and E notes and A Loan. At closing, the issuer had
unrated subordinated notes outstanding from the existing
transaction.

On Aug. 6, 2026, Rockford Tower Europe CLO 2024-1 DAC refinanced
the existing class A, B-1, B-2, C, D, and E notes and A Loan
(originally issued in October 2024) through an optional redemption
and issued replacement notes of the same notional. To account for
the difference in the Euro Interbank Offered Rate (EURIBOR) rates
at pricing and settlement, the original interest rates on the
refinanced notes were adjusted such that the accrued interest
amounts remain the same for each class of refinanced notes, and
noteholders are paid in full. 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 the 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 (incl. defaulted obligations)          2,764.88
  S&P Global Ratings' weighted-average
  rating factor (excl. defaulted obligations)          2,742.76
  Default rate dispersion                                635.63
  Weighted-average life (years)                            4.84
  Obligor diversity measure                              150.48
  Industry diversity measure                              25.80
  Regional diversity measure                               1.29

  Transaction key metrics

  Total par amount (mil. EUR)                            400.00
  Defaulted assets (principal balance, mil. EUR)           1.25
  Number of performing obligors                             192
  Portfolio weighted-average rating
  derived from S&P's CDO Evaluator                            B
  'CCC' category rated assets (%)                          3.38
  Actual 'AAA' weighted-average recovery (%)              37.20
  Actual weighted-average spread (net of floors; %)        3.57
  Actual weighted-average coupon (%)                       5.15

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch 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 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 said, "In our cash flow analysis, we modeled the target par
amount of EUR400 million. At closing, the portfolio is above par,
however the collateral principal amount used in our cash flow
analysis is capped at the target par amount.

"We used the portfolio's actual weighted-average spread (3.57%),
the actual weighted-average coupon (5.15%), 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.

"For the class A-R and F-1 notes, our credit and cash flow analysis
indicates that the available credit enhancement could withstand
stresses commensurate with the assigned ratings.

"The class F-2 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 25.55% versus a portfolio
default rate of 15.49% if it was to consider a long-term
sustainable default rate of 3.20% for a portfolio with a
weighted-average life of 4.84 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.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F-2 notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, “Considering our analysis of 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-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 also included the
sensitivity of the ratings on the class A-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."

Rockford Tower Europe CLO 2024-1 DAC is a cash flow CLO
securitizing a portfolio of primarily senior secured leveraged
loans and bonds. Rockford Tower Capital Management, 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)    248.00   Three-month  A: 3-month
                              EURIBOR      EURIBOR       38.00
                              + 1.22%      + 1.30%

                                           A Loan: 3-month
                                           EURIBOR
                                           + 1.30%

  B-R    AA (sf)      45.00   Three-month  B-1: 3-month
                              EURIBOR      EURIBOR       26.75
                              + 1.80%  + 2.10%

                                           B-2: 5.25%

  C-R    A (sf)       23.00   Three-month  Three-month
                              EURIBOR      EURIBOR
                              + 2.05%      + 2.50%       21.00

  D-R    BBB- (sf)    28.00   Three-month  Three-month
                              EURIBOR      EURIBOR
                         + 3.00%  + 3.65%         14.00

  E-R    BB- (sf)     19.00   Three-month  Three-month
                              EURIBOR      EURIBOR
                              + 5.50%      + 6.59%        9.25

  Ratings affirmed
     
                      Amount
  Class   Rating*   (mil. EUR)    Notes' interest rate§

  F-1     B+ (sf)      5.00     Three-month EURIBOR + 8.08%  
  F-2     B- (sf)      5.00     Three-month EURIBOR + 8.59%

*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, 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.

†Based on a target par collateral principal amount of EUR400.00
million.
EURIBOR--Euro Interbank Offered Rate.



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

ALPS PARTNERS 2026-1: Fitch Rates Class R Notes Final 'BB+sf'
-------------------------------------------------------------
Fitch Ratings has assigned Alps Partners Germany ABS 2026-1 S.a
r.l.'s asset-backed notes final ratings, as detailed below.

   Entity/Debt              Rating              Prior
   -----------              ------              -----
Alps Partners Germany
ABS 2026-1 S.a r.l.

   A XS3431849721        LT AAAsf  New Rating   AAA(EXP)sf
   B XS3431849994        LT AA-sf  New Rating   AA-(EXP)sf
   C XS3431850067        LT A-sf   New Rating   A-(EXP)sf
   D XS3431850141        LT NRsf   New Rating   NR(EXP)sf
   R XS3431850224        LT BB+sf  New Rating   BB+(EXP)sf

Transaction Summary

Alps Partners Germany ABS 2026-1 S.a r.l. is a securitisation of
unsecured consumer loans originated by PayPal (Europe) S.a r.l. et
Cie, S.C.A. (A-/Stable). It is the first public securitisation by
this originator. It is also the first securitisation, rated by
Fitch, of a buy-now-pay-later (BNPL) platform of consumer loans
with short tenors of three, six, 12 or 24 months.

The transaction has a 24-month revolving period, before it
amortises sequentially until class A over-collateralisation reaches
20%, unless an early amortisation event occurs that would end the
revolving period early. Thereafter the class A to D notes will pay
down pro-rata until a performance or another trigger is breached.

The class R notes are paid according to a 23-month amortisation
schedule from closing, using excess spread through the interest
priority of payments.

KEY RATING DRIVERS

Pro-Rata Length Key to Repayment: The class A to D notes will
amortise pro-rata once credit enhancement (CE) for the class A
notes reaches 20%.. Amortisation will switch back to sequential on
the breach of certain triggers, with Fitch viewing the early
delinquency trigger most likely to be breached. The short weighted
average life (WAL) of the portfolio means the transaction is
particularly sensitive to the timing of a sequential trigger
breach.

Limited Loss Expectations: The originator is an experienced
provider of payment solutions and launched the BNPL product in
2021. All the loans are used for online checkout payments. In
Fitch's view, the originator applies adequate origination and
servicing standards, making it a capable servicer for the
transaction.

Defaults and losses on the originator's book are limited, driven by
the short duration of the loans and the robust underwriting
practices. This is reflected in Fitch's comparatively low default
expectations of 1.6% and base-case losses of 1.1%. Its 'AAA'
default multiple is 6.2x while the recovery 'AAA' haircut is at
50%, resulting in a 'AAA' loss of 8.4%.

Seller-Related Risks Partially Covered: Dilution risk is mainly
linked to refunds, after a borrower returns a purchase, with the
originator required to make an anti-dilution payment for the
affected loans. Dilution losses may arise if the originator becomes
insolvent, with newly originated loans the most exposed due to the
timing of refunds. The receivables eligibility criteria reduce this
risk by requiring the first payment to be made for the 12-month and
24-month sub-pools, though some risk remains.

Fitch tested a dilution loss of 1.1% in the cash flow modelling.
Commingling risk is a primary risk and, given the lack of
sufficient mitigants, Fitch has tested for a commingling loss of
2.4%. The amortising cash reserve provides adequate protection
against payment interruption risk.

Hedging Structure Exposed to Mismatches: Interest-rate risk is
hedged using an interest-rate swap with a fixed schedule. The
issuer enters into a new interest-rate swap with each purchase
during the revolving period. The actual amortisation profile of the
portfolio and the hedged notes could differ from the fixed
schedule, depending on default rates and prepayments. High defaults
and prepayments would expose the structure to over-hedging, which
reduces excess spread in an environment with negative rates, as
assumed in its cash flow modelling.

Class C Linked to Servicer: A servicer default ends pro-rata
amortisation and leads to a sequential redemption event. Fitch has
tested for pro-rata amortisation without a servicer default and
sequential amoritsation following a servicer default. The ratings
are based on the more conservative result of the two scenarios. The
second scenario incorporates a loss due to commingling and dilution
and would result in a rating for the class C notes below the
servicer's Issuer Default Rating (IDR). As Fitch considers a
servicer default in a scenario below its IDR to be sufficiently
remote, Fitch has linked the class C notes' rating to the
servicer's IDR.

Class R Notes Capped: The transaction features an excess spread
class R note, whose proceeds are used to fund a liquidity reserve
and accrued interest reserve at closing. Fitch has applied a cap of
'BB+sf' on the class R note due to its over-reliance on excess
spread for repayments. This is in line with the Global Structure
Finance Rating Criteria. The class R note is amortised using the
excess spread in the interest priority of payments from closing
with a fixed schedule. Fitch analysed the availability of excess
spread to redeem the notes. Higher or earlier-than-expected
defaults or an early end to the revolving period might lower the
excess spread available to redeem the class R note.

RATING SENSITIVITIES

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

Unanticipated increases in the frequency of defaults or decreases
in recovery rates could produce larger losses than the base case
and could result in negative rating action on the notes.

Expected impact on the notes' ratings of increased defaults (class
A/B/C/R)

Increase default rates by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf'

Increase default rates by 25%: 'AAsf'/'Asf'/'A-sf'/'BB+sf'

Increase default rates by 50%: 'A+sf'/'BBB+sf'/'A-sf'/'BB+sf'

Expected impact on the notes' ratings of reduced recoveries (class
A/B/C/R)

Reduce recovery rates by 10%: 'AA+sf'/'AA-sf'/'A-sf'/'BB+sf'

Reduce recovery rates by 25%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf'

Reduce recovery rates by 50%: 'AA+sf'/'A+sf'/'A-sf'/'BB+sf'

Expected impact on the notes' ratings of increased defaults and
reduced recoveries (class A/B/C/R)

Increase default rates by 10% and reduce recovery rates by 10%:
'AA+sf'/'A+sf'/'A-sf'/'BB+sf'

Increase default rates by 25% and reduce recovery rates by 25%:
'AA-sf'/'A-sf'/'A-sf'/'BB+sf'

Increase default rates by 50% and reduce recovery rates by 50%:
'Asf'/'BBBsf'/'A-sf'/'BB+sf'

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

Unanticipated decreases in the frequency of defaults or increases
in recovery rates could produce smaller losses than the base case
and could result in positive rating action on the notes.

Expected impact on the notes' ratings of reduced defaults (class
B/C)

Reduce default rates by 10%: 'AAsf'/'A-sf'

Reduce default rates by 25%: 'AA+sf'/'A-sf'

Reduce default rates by 50%: 'AAAsf'/'AA-sf'

Expected impact on the notes' ratings of increased recoveries
(class B/C)

Increase recovery rates by 10%: 'AA-sf'/'A-sf'

Increase recovery rates by 25%: 'AA-sf'/'A-sf'

Increase recovery rates by 50%: 'AAsf'/'A-sf'

Expected impact on the notes' ratings of reduced defaults and
increased recoveries (class B/C)

Reduce default rates by 10% and increase recovery rates by 10%:
'AAsf'/'A-sf'

Reduce default rates by 25% and increase recovery rates by 25%:
'AA+sf'/'A-sf'

Reduce default rates by 50% and increase recovery rates by 50%:
'AAAsf'/'AAsf'

The class A notes are rated at the highest achievable rating
'AAAsf' and cannot be upgraded.

The class R note is capped at 'BB+sf' and cannot be upgraded in the
near future.

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

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

DATA ADEQUACY

Fitch reviewed the results of a third party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.Fitch conducted a review
of a small, targeted sample of the originator's origination files
and found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

The class C note rating is linked to the IDR of the servicer.

ESG Considerations

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



===========
P O L A N D
===========

BANK OCHRONY: Fitch Affirms 'BB-' Long-Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Bank Ochrony Srodowiska S.A.'s (BOS)
Long-Term Issuer Default Rating (IDR) at 'BB-' and Viability Rating
(VR) at 'bb-'. The Outlook on the IDR is Stable.

Key Rating Drivers

Small, Sustainability-Oriented Bank: BOS's ratings reflect its
weaker franchise and less diversified business model than larger
peers', reduced, albeit higher-than-average, risk appetite and weak
asset quality. The ratings are underpinned by BOS's moderate
capital buffers, improved but still weak profitability, as well as
generally stable funding and liquidity.

The Short-Term IDR of 'B' is the only option corresponding to the
Long-Term IDR. The National Ratings of 'BBB-(pol)'/'F3(pol)'
reflect BOS's lower creditworthiness relative to Polish peers'.

Narrow Franchise, Volatile Performance: BOS's business profile is
constrained by its small market shares in loans and deposits, and a
weaker and more volatile through-the-cycle performance than peers'.
BOS has increasingly focused on specialised 'green' lending, which
moderately strengthens its niche franchise and is a key pillar of
its new medium-term strategy. Historically, the bank's strategy has
been opportunistic amid frequent changes at top management. The
execution and strategy record under its new management is short.
The bank has less than a 1% market share in lending, dominated by
non-retail loans, and about 1% in deposits, dominated by retail
clients.

Above-Average Risk Appetite: BOS's risk profile reflects its
business profile. It is higher than the industry average due to the
inherent risks in its specialisation in green financing, high
single-name loan book concentrations and large exposure to the real
estate and construction sectors. The bank remains exposed to legal
risks from its foreign-currency mortgage loans. However, this
exposure is diminishing and the bank's recurring profitability
provides a reasonable cushion against residual risks in this
portfolio. Market risk is moderate.

High Impaired Loans: Fitch expects BOS's impaired-loans ratio
(end-March 2026: 12.4%) to gradually improve, as the bank makes
progress in cleaning up its legacy loan book and expands lending.
Fitch expects high interest rates to continue to weigh moderately
on asset quality, but credit losses should be largely contained as
the economy rebounds and interest rates fall. BOS's impaired-loans
ratio remains the weakest among Fitch-rated Polish banks.

Stabilising but Weak Profitability: Fitch expects BOS's operating
profit/risk-weighted assets (RWAs; 2025: 1%) ratio to stabilise in
2026 and improve in 2027, reflecting recovering loan growth,
abating margin pressures from falling interest rates and easing
operating expense pressure as charges for the bank's Swiss franc
loan portfolio decline. Weaker cost efficiency and asset quality
leave BOS's profitability vulnerable to interest and credit cycles
despite contained net interest income sensitivity to falling
rates.

Moderate Capitalisation: BOS's common equity Tier 1 (CET1) ratio of
14.4% at end-1Q26 provides moderate buffer above increasing
regulatory requirements. The buffer is however only modest against
regulatory requirements when P2G (Pillar 2 guidance) is included.
The CET1 ratio would increase by about 90bp if 2025 profits were
included. Fitch views the bank's capitalisation as only moderate
for its risk profile and Fitch expects internal capital generation
to be modest relative to its ambitious growth plan.

Generally Stable Deposit Funding: BOS's funding is primarily
customer deposits. Its modest loans/deposits ratio and substantial
liquidity buffers underpin its funding and liquidity profile.
However, moderate deposit concentration and weaker customer
relationships than at peers, as underscored in their reliance on
price-sensitive term deposits, weigh on its assessment of its
funding profile.

Rating Sensitivities

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

The ratings could be downgraded following a substantial and
prolonged deterioration in asset quality, with an impaired loans
ratio consistently above 18%, which would put pressure on the
bank's profitability or capitalisation (CET1 ratio below 12%
without credible plans to restore it).

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

The ratings could be upgraded if the bank's lower risk appetite
results in improved asset quality through healthy new loan
origination, legacy loan book clean-up and reduced single-name
concentrations. This would have to be combined with a sustainable
improvement in profitability, while maintaining stable capital
buffers, funding and liquidity. In particular, an upgrade would
require a sustainable reduction of the impaired loans ratio to
below 8% and the operating profit/RWAs ratio exceeding 1%, even
after BOS exits its rehabilitation programme.

The Long-Term IDR could also be upgraded if the bank's resolution
debt buffer increases sustainably above 10% of RWAs or following a
positive change in its resolution strategy.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

The long-term deposit rating is one notch above the bank's VR of
'bb-', reflecting its view of depositor protection, due to the
bank's continued compliance with its resolution buffer requirement
and applicable resolution strategy. The 'B' short-term deposit
rating is the only option mapping to a 'BB' long-term deposit
rating.

BOS's Government Support Rating (GSR) of 'b' reflects Fitch's view
of a limited probability of extraordinary sovereign support for the
bank, given that the Polish resolution framework constrains
provision of public support for troubled banks, in line with EU
state-aid rules. Fitch believes that the state would endeavour to
act pre-emptively to avoid BOS breaching regulatory capital
adequacy requirements, due to its indirect long-term ownership of
the bank and its strategic focus that is broadly aligned with its
majority shareholder's mandate.

The state-owned National Fund for Environment Protection and Water
Resource Management (the fund) remains BOS's majority shareholder
with a 58% stake; the fund and state-related entities jointly hold
an estimated 72% share. Fitch believes that it would be difficult
for the fund to raise more capital at BOS without triggering
state-aid and bail-in considerations, if private investors are
unwilling to participate in the capital injection.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

BOS's National Ratings are sensitive to changes to its Long-Term
IDR and its credit profile relative to Polish peers'.

BOS's long-term deposit rating is primarily sensitive to changes in
the VR. It could also be downgraded if the bank is no longer
subject to regulatory resolution buffer requirement. It could also
be upgraded if the bank's resolution debt buffer increases
sustainably above 10% of RWAs or following a positive change in its
resolution strategy.

BOS's GSR could be downgraded if the state's indirect ownership in
the bank falls below 50% or the state's propensity to support the
bank weakens. A downgrade of the sovereign rating, which is on
Negative Outlook, is unlikely to have a negative impact on BOS's
GSR.

An upgrade of the bank's GSR would be contingent on a positive
change in the sovereign's propensity to support the bank. While not
impossible, this is highly unlikely due to the Polish resolution
framework and EU state-aid considerations.

VR ADJUSTMENTS

The capitalisation and leverage score of 'bb-' is below the 'bbb'
category implied score due to the following adjustment reason(s):
risk profile and business model (negative).

The funding and liquidity score of 'bb' is below the 'bbb' category
implied score due to the following adjustment reason(s): deposit
structure (negative).

ESG Considerations

BOS has an ESG Relevance Score of '4' for Management Strategy due
to heightened execution risk of its business plans given high
management turnover, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

   Entity/Debt                    Rating            Prior
   -----------                    ------            -----
Bank Ochrony
Srodowiska S.A.    LT IDR            BB- Affirmed   BB-
                   ST IDR             B  Affirmed   B
                   Natl LT     BBB-(pol) Affirmed   BBB-(pol)
                   Natl ST       F3(pol) Affirmed   F3(pol)
                   Viability         bb- Affirmed   bb-
                   Government Support b  Affirmed   b

   long-term
   deposits        LT                BB  Affirmed   BB

   short-term
   deposits        ST                 B  Affirmed   B

DL INVEST: S&P Alters Outlook to Positive, Affirms 'B+' ICR
-----------------------------------------------------------
S&P Global Ratings revised its outlook to positive from stable and
affirmed its 'B+' long-term issuer credit rating on DL Invest Group
PM S.A. (DL Invest). S&P also affirmed the 'B+' issue rating on the
group's senior unsecured notes (recovery rating: '3'; 75%).

The positive outlook reflects S&P's view that the group could
significantly increase its portfolio scale, diversity, and cash
flow generation over the next 12 months, so that EBITDA interest
coverage could improve to well above 1.3x, debt to debt plus equity
remains well below 65%, and debt to annualized EBITDA decreases
toward 9.5x.

S&P said, "We expect DL Invest's continued logistics and industrial
portfolio expansion, and the data center infrastructure being
delivered by transforming existing industrial sites will enhance
its portfolio value, scale, asset and cash flow diversity, with the
data center representing 40% to 50% of EBITDA by 2028.

"We understand DL Invest will finance the data center development
through prepayments from Argentum AI (a pre-leased tenant), the
contribution of existing logistics assets and energy
infrastructure, and secured bank debt.

"We anticipate that further portfolio growth and contracted data
center cash flows will significantly expand the EBITDA margin and
free cash flow, with the debt-to-EBITDA ratio moderating to
10.0x-12.0x (from 16.1x as of Dec. 31, 2025), EBITDA interest
coverage rising to 1.4x-1.7x (from 1.3x), and the
debt-to-debt-plus-equity ratio improving to 60.0%-62.0% (from
63.2%), alongside further growth in unencumbered assets."

The positive outlook is underpinned by DL Invest's ongoing
logistics and industrial portfolio expansion and its strategic
diversification into the data center sector through the
transformation of existing assets. In December 2025, DL Invest
completed the acquisition of three logistics warehouses in Poland,
totaling approximately 106,000 square meters (sqm) of leasable
area, for a consideration of roughly Polish zloty (PLN) 400
million-PLN420 million (EUR95 million-EUR100 million). These assets
maintain high occupancy rates (exceeding 95%) and we expect them to
contribute PLN35 million-PLN40 million (EUR8.0 million-EUR9.5
million), or about 10% of total annual rental income in 2026. This
follows the successful delivery of PLN550 million-PLN600 million
(EUR125 million-EUR140 million) in logistics assets during 2025,
which S&P thinks will generate an extra PLN22 million (about 5%).
For 2026, the group maintains a robust development pipeline, with
plans to deliver PLN600 million-PLN700 million (EUR140
million-EUR160 million) in logistics and mixed-use assets.

The joint venture (JV) with Boosteroid is developing a hyperscale
data center campus at DL Invest Park Bielsko-Biała in Poland,
converting a portion of the existing industrial park into a digital
hub. The project involves converting an existing industrial park
and using existing buildings, substations, energy infrastructure,
secured power capacity, utility connections, transport
infrastructure, as well as DL Invest's experience in delivering
industrial projects. This project leverages the group's existing
high-capacity power substations and utility connectivity. The JV
structure is designed to combine DL Invest's real estate
development and site management expertise with Boosteroid's
specialized operational experience in managing graphics processing
unit-intensive and cloud-based computing environments. S&P said,
"The project is slated for a phased rollout: phase I (50 megawatts
[MW]), which we expect to commence revenue generation in early
2027, and phase II (an additional 75 MW) by June 2027, with a total
cost of PLN2.3 billion-PLN2.5 billion (EUR500 million-EUR600
million). Phased delivery allows capital expenditure to be matched
to confirmed demand and limits execution and financing risk.
Consequently, we expect DL Invest's portfolio scale to expand to
PLN6.5 billion-PLN8.5 billion (EUR1.5 billion-EUR2.0 billion) by
year-end 2027, up from approximately PLN5.0 billion (EUR1.1
billion) as of December 2025. We understand the site's existing
power infrastructure provides further scalability, with the
potential to expand up to 200-300 MW. Furthermore, a 10-year
service agreement with Argentum AI provides long-term cash flow
visibility for the project and supports the development phase. We
believe the overall increase in scale and the development of data
center assets will enhance the group's asset and cash flow
diversification and market presence within the Polish real estate
and digital infrastructure sectors. We expect data centers to
represent 35%-40% of the group's EBITDA in 2027 and about 40%-50%
by 2028. While we regard revenue from data centers as carrying
specific risks linked to digital infrastructure businesses covered
in our digital infrastructure methodology, we also think U.S.
dollar-denominated rent from Argentum will introduce a significant
currency risk for DL Invest, as the company may invoice its rents
in U.S. dollar and has euro-denominated debt. However, we
understand the company is planning to hedge its exposure to U.S.
dollars to mitigate this risk."

That said, DL Invest remains geographically concentrated in Poland,
with a significant portion of its exposure localized in southern
Poland. Furthermore, the group exhibits notable tenant
concentration; as of Dec. 31, 2025, the top 10 tenants accounted
for approximately 50% of total annual rental income. Additionally,
the data center project's 10-year service agreement with a single
tenant (Argentum AI)--representing about 38%-40% of total rental
income in 2027--creates significant counterparty dependency. This
may impact long-term cash flow stability if Argentum AI's credit
profile weakens.

S&P said, "We expect significant improvements in the group's
margins and credit metrics over the next 12 months, driven by
organic growth, recent acquisitions, and initial capital
contributions from the Argentum AI prepayment. We expect the EBITDA
margin to improve to 60%-65% over the next 12 months from 55.4% in
2025, mainly benefiting from economies of scale and expansion into
the higher-margin data center sector. The initial development of
the data center carries an estimated total capital expenditure
(capex) of PLN2.3 billion-PLN2.5 billion (EUR500 million-EUR600
million), covering both phases (50 and 75 MW) and a PLN120 million
(EUR30 million) fit-out of existing warehouse facilities. Financing
for this project relies on a combination of customer contributions
(Argentum AI prepayments), the contribution of existing warehouse
assets and energy infrastructure, and new senior bank debt.
Specifically, we anticipate Argentum AI will provide prepayments
totaling PLN900 million-PLN1.0 billion (EUR220 million-EUR240
million), equivalent to about 40% of project capex, of which
PLN636.0 million (EUR147.9 million) has already been secured in an
escrow account. We expect the remaining capital requirement of
approximately PLN1.3 billion (EUR310 million-EUR320 million) to be
raised through a senior bank loan at the JV level, maintaining a
conservative loan-to-cost ratio of approximately 60%. We expect
logistics and other asset capex and acquisitions of PLN400
million-PLN500 million (EUR90 million-EUR100 million) to be funded
through mix of debt and internal cash flows.

"Consequently, we expect the debt-to-debt plus equity ratio to
improve to approximately 60%-62% from 63.2% as of Dec. 31, 2025 (or
66%-68% from 70.3% when including the Emira Property Fund Ltd.
investment issued by DL Invest Group S.A., which we treat as debt
at the consolidated group level). Over the next 12 months, we
expect the debt-to-EBITDA ratio to moderate to 10x-12x from 16.1x
(11x-13x from 17.9x including group debt) and EBITDA interest
coverage to rise to about 1.4x-1.7x from 1.3x (1.2x-1.5x from 1.1x
including group debt). We will apply proportionate consolidation to
the JV with Boosteroid, in which DL Invest holds a 50% interest.
While IFRS accounting standards may require the company to
recognize this interest as an equity investment, we have selected
to perform proportionate consolidation to better reflect the
group's economic exposure given our view of the JV's materiality
and relevance to the overall group. This approach allows us to
incorporate the JV's proportional share of assets, liabilities, and
cash flows into our consolidated credit analysis."

The company's financial policy targets a maximum net loan to value
of 50% (temporarily reaching 55% during acquisitions), which
translates into S&P Global Ratings-adjusted debt to debt plus
equity of 62%-63%. S&P said, "The company reported a loan to value
of 53.0%, increasing from 46.9% as of December 2024 due to planned
developments and acquisitions in line with our previous
assumptions. However, we understand the company will improve its
leverage over the next 12 months following completion of its large
capex and acquisition pipeline. We have incorporated Emira's
minority equity investment (issued by DL Invest Group S.A.
Luxembourg) as debt in our analysis despite its treatment as 100%
equity under IFRS. We understand the rated issuer, DL Invest Group
PM S.A., has no loans, bonds, or notes payable to Emira, nor any
contractual repayment obligations arising from the investment
Although this investment was issued two levels above the current
bond issuer level, it comprises preference shares and linked loan
notes totaling close to EUR100 million with a 7.2% annual dividend.
While the instrument has no maturity and DL Group views Emira as a
long-term strategic partner, the documentation indicates that Emira
could exercise a redemption option for EUR175 million after five
years (with a one-year extension option) at DL Invest Group S.A.
level. For our adjusted numbers, we have included this equity
investment as debt and the related dividend as interest. We
understand that the Emira investment is fully subordinated to
current outstanding debt issued at the DL Invest level and does not
require mandatory payments. We continue to view DL Invest as a core
subsidiary of DL Group, and integral to its strategy, and we
therefore link DL Invest's creditworthiness to that of the group.
Given DL Group's 100% ownership and full consolidation of DL
Invest's financial accounts, we believe DL Group is unlikely to
sell the company. Since our view of DL Group's credit quality is
broadly similar, we see no rating differential between the two
entities."

The positive outlook reflects S&P's view that the group's EBITDA
and cash flow generation will significantly increase over the next
12 months, mainly thanks to the full-year rental contribution from
recent asset acquisitions and the planned delivery of data center
assets, which could result in S&P Global Ratings-adjusted EBITDA
interest coverage growing well above 1.3x, debt to EBITDA declining
toward 9.5x, and debt to debt plus equity well below 65%.

S&P could change the outlook back to stable if:

-- DL Invest fails to maintain an S&P Global Ratings-adjusted
debt-to-debt-plus-equity ratio well below 65% (or below 70%
including S&P's adjustment of the Emira stake as debt);

-- Debt to annualized EBITDA does not improve toward 9.5x; or

-- EBITDA interest coverage fails to improve to well above 1.3x.

This could happen if the company's operations deteriorate--for
example, as a result of higher vacancy rates or delays in the
delivery of development assets (logistics or data
centers)--significantly affecting or delaying the expansion of its
rental income and cash flow base.

S&P could raise the ratings if DL Invest's:

-- Debt to debt plus equity remains well below 65% (or well below
70% including the Emira stake as debt);

-- EBITDA interest coverage stays well above 1.3x;

-- Debt to annualized EBITDA decreases toward 9.5x; and

-- Liquidity remains adequate, with sufficient headroom under its
financial covenants.

An upgrade would also require the company to successfully implement
its development pipeline of logistics assets and data center
project while maintaining a moderate financial policy.



=========
S P A I N
=========

NEINOR HOMES: S&P Affirms 'B+' Issuer Credit Rating, Outlook Pos.
-----------------------------------------------------------------
S&P Global Ratings maintains its positive outlook on Neinor Homes
S.A. and affirmed its 'B+' issuer credit rating and 'BB-' issue
rating. The recovery rating remains at '2', with 85% recovery
expected in the event of a payment default.

The positive outlook reflects S&P's view that it could upgrade the
company over the next six to nine months following the full
integration of Aedas, including anticipated synergies, so that S&P
Global Ratings-adjusted debt to EBITDA declines toward 5x and
EBITDA interest coverage remains well above 2x.

Neinor Homes reported results for the first half of 2026,
reflecting the partial integration of Aedas Homes without
disruptions to deliveries.

The Spanish homebuilder has reiterated its ambitious guidance for
2026, with the bulk of units under construction likely being
delivered in the second half of the year due to the industry's
seasonality.

Leverage remains elevated at 8.6x as of June 30, 2026, mainly due
to the delayed completion of the acquisition of Aedas, but there is
a credible path toward a normalization of ratios by year-end.

Neinor has partially integrated Aedas Homes in the first half of
2026 and reported solid results. Although the transaction was
settled on Dec. 22, 2025, operational control was secured in
February 2026 and the transaction was completed in full in June
2026. This was later than S&P's previous expectation of transaction
close at end-2025. Neinor now owns 97.89% of Aedas, and Aedas'
board has been restructured as Neinor appointed directors and
aligned governance standards. Neinor reported 2,392 units delivered
by the combined entity for the first half of 2026, versus 803 units
in the same period in 2025. Although the increase is significant,
it only accounts for 40% of its 2026 target as most deliveries
generally occur in the second half of the year.

Growth has been achieved without compromising profitability, with a
14.4% S&P Global Ratings-adjusted EBITDA margin on a last 12-month
(LTM) basis, versus 14.5% in fiscal 2025. S&P understands that the
entirety of the target deliveries for 2026 are under construction,
with fixed contracts in place and pre-sales coverage of 75%+ for
2026 and 65%+ for 2027 at end-2025. In addition to generating full
synergies from the takeover of Aedas, this should help the EBITDA
margin to recover to the historical average of 15%-20%. However,
there could be delays in completion that might limit deleveraging.

S&P said, "We expect strongly positive free operating cash flow
(FOCF) generation for the next 12-24 months, supported by a sound
level of deliveries and working capital inflows. Neinor is still
focused on its core build-to-sell offering and is therefore
launching construction in key areas in Spain, where demand is high.
Given the considerable land bank secured through the transaction,
we expect land purchases to decrease sharply over the next few
years, which should translate into positive working capital
inflows." Combined with high presales and strong demand for
Neinor's properties, this should translate into S&P Global
Ratings-adjusted FOCF of about EUR250 million in 2026 on a fully
consolidated basis and FOCF to debt of 18%-19%. Neinor's EBITDA
generation level should expand materially to exceed EUR240 million
a year from 2026 onward, from EUR102 million reported in 2025.

S&P said, "The transaction temporarily led to a significant
increase in leverage, but we will assess the company's commitment
to reducing gross debt within the next 6-12 months. Neinor's gross
debt rose to EUR1.5 billion as of June 30, 2026 from EUR518 million
at end-2024, but it repaid some of the Apollo financing early in
June 2026, with another prepayment due in July 2026, for a total of
about EUR100 million. This is deducted from the EUR190 million in
amortization of the loan at year-end 2026 but shows pro-active debt
management. We therefore expect Neinor's debt to EBITDA to be about
5.5x at end-2026 before decreasing sustainably below 5.0x--our
threshold for an upgrade--in 2027 and beyond. We also forecast that
the consolidated group will maintain EBITDA interest coverage of
well above 2x as early as end-2026 (2.5x at June 30, 2026 on an LTM
basis), which is also a threshold for an upgrade."

S&P expects Neinor will maintain comfortable liquidity headroom.
This is supported by EUR151 million in cash reserves as of June 30,
2026, a fully undrawn revolving credit facility (RCF) of EUR40
million, estimated cash FFO of about EUR153 million, and working
capital inflows of about EUR200 million, while its main source of
liquidity will be its dividend--estimated at EUR250 million per
year. This takes into consideration that Aedas is non-recourse and
therefore does not impact Neinor's liquidity.

The positive outlook indicates that S&P could raise the rating
within the next six to nine months following the full integration
of Aedas, including anticipated synergies, so that S&P Global
Ratings-adjusted debt to EBITDA declines toward 5x and EBITDA
interest coverage remains well above 2x.

S&P could revise the outlook to stable if:

-- Debt to EBITDA remains above 5x;

-- EBITDA interest coverage fails to remain well above 2x; and
FOCF turns negative.

-- A positive rating action would hinge on the successful
integration of Aedas, including anticipated synergies, reflecting
the increased size and market penetration of the combined entity
and its ability to improve its EBITDA margin in line with the
historical average.

In addition, a positive rating action would occur if:

-- Debt to EBITDA decreases to below 5x over our forecast horizon
through 2026;

-- EBITDA interest coverage remains well above 2x; and

-- FOCF remains positive.



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

BARLEY HILL 2: Moody's Cuts Rating on GBP2.4MM Cl. E Notes to Caa1
------------------------------------------------------------------
Moody's Ratings has downgraded the rating of one Note in Barley
Hill No.2 PLC. The Notes are backed by residential loan contracts
originated and serviced by The Mortgage Lender Limited (NR).

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain their current ratings.

GBP17.7M Class B Notes, Affirmed Aa2 (sf); previously on Apr 22,
2025 Affirmed Aa2 (sf)

GBP8.9M Class C Notes, Affirmed Aa2 (sf); previously on Apr 22,
2025 Upgraded to Aa2 (sf)

GBP6.3M Class D Notes, Affirmed Baa2 (sf); previously on Apr 22,
2025 Affirmed Baa2 (sf)

GBP2.4M Class E Notes, Downgraded to Caa1 (sf); previously on Apr
22, 2025 Downgraded to B1 (sf)

GBP13.9M Class X Notes, Affirmed Caa3 (sf); previously on Apr 22,
2025 Downgraded to Caa3 (sf)

RATINGS RATIONALE

The rating action is driven by the adverse selection in the
remaining collateral pool, leading to weaker portfolio credit
characteristics, in combination with the high reliance of the
affected tranche on reduced available excess spread as a source of
credit enhancement.

Residual Adverse Selection and Declining Excess Spread

The rating action is driven by adverse selection in the remaining
pool, resulting from sustained high prepayment rates, with the pool
exhibiting an average CPR of 37.2%, which has led to a
concentration of weaker-performing assets in the outstanding
collateral. At the same time, the high prepayment rates, combined
with the elevated arrears and higher Note margins following the
February 2026 step-up date, have contributed to a weakening of
available excess spread. This deterioration particularly affects
the Class E Notes, which have approximately 0% credit enhancement
and therefore remain highly reliant on excess spread as a source of
credit support.

Revision of Key Collateral Assumptions:

As part of the rating action, Moody's reassessed Moody's lifetime
loss expectation for the portfolio reflecting the collateral
performance to date. Although arrears have shown signs of
stabilization in recent periods, 90+ day delinquencies remain
elevated, currently standing at 18.91% as a percentage of current
balance. The increasing trend of the arrears is mainly due to the
fast deleveraging of the portfolio rather than an increase in the
absolute amount of arrears, which has remained relatively stable.
There have been no losses reported since closing.

Moody's maintained the expected loss assumption at 7% as a
percentage of current pool balance. The revised expected loss
assumption corresponds to 0.69% as a percentage of original pool
balance slightly decreased from 0.97%, since the last review.
Moody's reassessed loan-by-loan information to estimate the loss
Moody's expects the portfolio to incur in a severe economic stress.
As a result, Moody's have maintained the MILAN Stressed Loss
assumption at 18.5%.

The rating action took into consideration the Notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers as well as eligible investments for cash proceeds.

Moody's considered how the liquidity available in the transaction
and other mitigants support continuity of Note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers. The ratings of the Class B and C Notes are constrained
by operational risk due to lack of liquidity.

The principal methodology used in these ratings was "Residential
Mortgage-Backed Securitizations" published in October 2024.

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) performance of the underlying collateral that
is better than Moody's expected, (2) an increase in available
credit enhancement and (3) improvements in the credit quality of
the transaction counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include (1) an increase in sovereign risk, (2) performance
of the underlying collateral that is worse than Moody's expected,
(3) deterioration in the Notes' available credit enhancement and
(4) deterioration in the credit quality of the transaction
counterparties.

BESPAK HOLDINGS: S&P Assigns 'B' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to Bespak Holdings Ltd. and its 'B' issue rating to the company's
EUR935 million and GBP200 million term loan B (TLB) due 2033. The
recovery rating is '3' with rounded recovery estimated at 60%.

The stable outlook reflects S&P's view that Bespak will display
strong EBITDA growth in the next 12 months, which will enable
deleveraging toward 6.5x adjusted debt to EBITDA and absorb
significant capex.

Bespak Holdings Ltd., a U.K.-based contract development and
manufacturing organization (CDMO) for inhalation and respiratory
devices, raised a EUR935 million senior secured euro term loan B
(TLB) and GBP200 million sterling TLB. Bespak will use these to
repay existing debt allocated to the company from Recipharm,
marking the final stage of the separation from Recipharm, and to
fund a dividend to financial sponsor owner, EQT. Bespak has also
raised a GBP200 million revolving credit facility (RCF).

The terms and conditions are in line with those presented to us in
July 2026, when S&P assigned preliminary ratings to Bespak and the
TLBs.

S&P said, "We forecast solid operating performance with adjusted
EBITDA of GBP145 million-GBP155 million and positive free operating
cash flow (FOCF) over 2026 and 2027, tempered by significant growth
capital expenditure (capex) plans relating to contracted pMDI fill
and finish volumes. We foresee credit metrics elevated at
transaction close but improving, such that adjusted debt leverage
should be near 6.5x in 2027."

The ratings are consistent with the preliminary ratings assigned in
July 2026. Bespak has issued a EUR935 million TLB (about GBP800
million equivalent) with a seven-year maturity and a GBP200 million
TLB with a seven-year maturity. It plans to use the proceeds of
these to refinance debt allocated to Bespak from Recipharm,
distribute up to GBP423 million in dividends to private-equity
owner EQT (which will remain the majority owner in Bespak), fund
cash on balance sheet, and pay transaction fees and expenses. S&P
said, "Bespak will also benefit from a new GBP200 million RCF
maturing in 2033, which we assume will remain undrawn at the
transaction's close. Under our base-case scenario, we forecast S&P
Global Ratings-adjusted debt to EBITDA near 7x in 2026 before
decreasing to about 6.5x in 2027, with funds from operations (FFO)
cash interest coverage of about 2.0x."

Bespak was carved out from Recipharm in April 2024 and has since
been operating on a stand-alone basis, running independent
operating functions such as IT and supply chains, and has its own
governance and board structure. The debt refinancing transaction
marks the final stage of the separation whereby Bespak's new
capital structure and financing activities are wholly independent
of Recipharm. S&P also rates Bespak on a stand-alone basis.

Bespak has well-entrenched leading market positions in component
and device contract manufacturing in the growing respiratory
healthcare sector. The company is well positioned in a stable,
growing respiratory healthcare market, which is seeing secular
growth trends due to chronic issues such as asthma and chronic
obstructive pulmonary disease becoming more prevalent and requiring
specialized devices for routine disease management. Bespak's
portfolio of products holds robust market positions thanks to high
barriers to entry and long-established customer relationships,
underpinned by scaled manufacturing capabilities and specialist
expertise dedicated to respiratory and inhalation drug delivery
devices. The company has a leading market share in pressurized
metered dosage inhalation (pMDI) valve manufacturing, at an
estimated 40%, in a market dominated by two scaled players. It also
has well-established relationships as a supplier of dry-powder
inhalation (DPI) devices, supplying three of the top 10 DPI
products globally. The recurring demand for fully outsourced
component manufacturing, along with high switching costs for
embedded components in drug development, provides good visibility
for Bespak's volume expectations.

S&P said, "We see strong revenue growth prospects, particularly in
2026, thanks to the ramp-up of its pMDI fill and finish
capabilities. We forecast growth in 2026 of 19.0%-19.5%, primarily
due to the expected step-up in volume growth in pMDI fill and
finish following commercial manufacturing by the new fill and
finish line 3 beginning in March 2026." Underlying the volume
growth in pMDI fill and finish is an industrywide shift toward low
global warming potential (GWP) propellants in pMDI devices as new
legislation becomes more stringent on greenhouse gas reductions and
mandates to control hydrofluorocarbons. In addition, large
pharmaceutical companies driving their own net zero targets are
leading to reformulations adopting low-GWP propellants. This is
also fueling the increase in the outsourcing of pMDI fill and
finish to specialized CDMOs such as Bespak, with outsourced volumes
expected to increase 3x in 2023-2029.

Positive operating leverage from strong volume intake should lift
adjusted EBITDA in 2026 and 2027, supporting debt deleveraging
toward 6.5x in 2027. S&P forecasts S&P Global Ratings-adjusted
EBITDA of GBP145 million-GBP155 million in 2026 and 2027, versus
GBP110 million in 2025. This is supported by strong revenue growth
and increased use of its manufacturing facilities through secured
contracted volumes. In S&P's adjusted EBITDA calculations, it
removes fees from customers for capex projects recognized as
deferred income. In addition, as the company increases its
contribution through higher margin pMDI fill and finish, along with
volume increase through cross-selling throughout the entire CDMO
process, especially in services, this will likely translate into
adjusted EBITDA margins stepping up to 40%-41%. Bespak also has a
relatively flexible cost structure, with direct material costs only
representing about 20% of net sales, and cost pass-through
mechanisms that enable protection against large cost increases.

That said, Bespak's profitable growth trajectory remains subject to
good execution on pMDI fill and finish expansion, with some
concentration in the customer base and asset footprint. S&P said,
"Our assessment of the business factors in the relatively
concentrated manufacturing footprint, with only two manufacturing
facilities in the U.K. Like other CDMOs, Bespak is also subject to
stringent manufacturing and regulatory standards. Therefore,
operating efficiency and capacity to renew or gain new contracts
are essential to our assessment of Bespak's business risk profile.
We consider that operational setbacks, such as potential material
production bottlenecks, could jeopardize the company's capacity to
retain its customer base." Consequently, any misplaced orders or
delays in deliveries, loss of key accounts, or underutilized
capacity could cause a deviation from our base-case scenario and
constrain the ratings.

S&P said, "We expect positive FOCF in 2026 and 2027, tempered by
capex investments required for new capacity to service new volumes.
We anticipate Bespak investing significantly in growth capex over
the next two to three years as the company looks to expand
capabilities in pMDI fill and finish. We incorporate growth capex
of GBP60 million-GBP75 million annually over 2026 and 2027. The
majority of growth capex relates to two new fill and finish lines
as part of signed customer contracts, with the first not expected
to come online until 2029. Maintenance capex remains a small
portion of investments, at an expected GBP5 million annually. In
addition, Bespak looks to invest in incremental capacity for pMDI
valves, and to expand nasal and SMI capabilities. At the same time,
we expect working capital dynamics to remain in line with revenue
growth, with limited seasonality.

"The stable outlook reflects our view that Bespak's credit metrics
should gradually improve, with adjusted debt to EBITDA decreasing
to 6.5x in 2027 and FFO cash interest coverage of about 2x. We also
expect FOCF to remain positive, despite capex investments required
to expand capacity in pMDI fill and finish over the next two
years.

"We think that, despite the relatively high starting S&P Global
Ratings-adjusted leverage, Bespak will see profitable growth in the
next 12-18 months, driven by increasing penetration of pMDI fill
and finish, and maintaining robust growth across the rest of the
portfolio. We therefore expect adjusted EBITDA to expand to 40%-41%
from 37% in 2025, supported by volume growth and positive operating
leverage.

"We could lower the ratings on Bespak if we observe a deviation
from our base-case scenario such that adjusted debt to EBITDA
exceeds 7x on a sustained basis or FOCF is negative with no
prospects of improvement in the next 12 months. This could result
from operational disruptions, leading to an inability to execute on
time and on budget its volume growth and related significant capex
plans. We would also view negatively Bespak entering debt-financed
acquisitions that would impair its ability to deleverage.

"We could raise the ratings on Bespak if the company's credit
metrics and cash flow are sustainably much stronger than our
base-case scenario. This would mean, for example, S&P Global
Ratings-adjusted debt to EBITDA decreasing to below 5x with
significantly positive FOCF. We would also require a commitment
from the financial sponsor to maintain these metrics as part of the
financing policy. This scenario could occur if Bespak's operating
performance benefits from stronger-than-expected volume growth in
its most profitable product segments, a faster-than-anticipated
ramp-up of pMDI fill and finish, and seamless execution of
operating efficiency measures."

EAST KENT PROPERTY: Opus Restructuring Appointed as Administrators
------------------------------------------------------------------
East Kent Property Developments Limited was placed into
administration in the High Court of Justice, Business and Property
Courts of England and Wales, Insolvency & Companies List (ChD),
Case Number CR-2026-005811. Ben Stanyon and Simon Campbell of Opus
Restructuring LLP were appointed as Joint Administrators on July
24, 2026.

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

Its registered office is at 45 Queen Street, Deal, England, CT14
6EY.

Its   principal trading address is East Studdal Nurseries Site,
Downs Road, East Studdal, near Dover, Kent, CT15 5DB.

The Joint Administrators can be contacted at:

  Ben Stanyon
  Opus Restructuring LLP
  First Floor
  Milwood House
  36B Albion Place
  Maidstone
  Kent
  ME14 5DZ
  
  -- and --

  Simon Campbell
  Opus Restructuring LLP
  25 Barnes Wallis Road
  Fareham
  Hampshire
  PO15 5TT

Further details:

  The Joint Administrators
  Tel: 01622 427 433
  Email: bethany.tuffs@opusllp.com

Alternative contact: Email bethany.tuffs@opusllp.com


GREENE KING: S&P Affirms 'BB (sf)' Rating on Class B Notes
----------------------------------------------------------
S&P Global Ratings affirmed its 'BBB- (sf)', 'BB+ (sf)', and 'BB
(sf)' ratings on Greene King Finance PLC's class A, AB, and B,
notes, respectively.

While the ratings, as explained below, have upside potential due to
a slightly improved debt service coverage ratio (DSCR), we believe
downside risk remains as the pub sector is still under pressure
from ongoing macroeconomic uncertainties around weak consumer
sentiment and geopolitical tensions.

The transaction's structure is unchanged since S&P's previous
review in August 2025, with the class A notes' outstanding balance
decreasing in line with scheduled amortization.

Greene King Finance PLC is a corporate securitization of the
U.K.-based business of the managed and tenanted pub estate operator
Greene King Retailing Ltd., the borrower. The transaction
originally closed in March 2005 and has been tapped several times
since, most recently in February 2019.

Recent performance and macroeconomic considerations

In fiscal year 2025 (ended Jan. 4, 2026), Greene King Retailing
disposed of 12 pubs from its securitized portfolio and converted 18
managed pubs to tenanted. Overall, in fiscal year 2025, the
tenanted segment increased by 1.8% (by number of pubs), while the
number of managed pubs decreased by 2.8%. Greene King Retailing's
estate comprised 1,424 outlets at the end of 2025, of which 785 are
managed and 639 are tenanted.

The company reported total revenue of GBP1,064 million, an increase
of about 3.6% from 2024. This is supported by price increases and
the overall premiumization trend in the sector, which have been
able to offset the decreasing volumes on the back of the continued
trend of consumer habit changes resulting in less per capita
consumption and weaker footfall in wet-led pubs. The S&P Global
Ratings-adjusted EBITDA margin (post-IFRS 16) marginally increased
to 18.8% in 2025 from 18.2%, underpinned by revenue growth on top
of tight cost control and efficiency gains. The disposal of
unprofitable and non-core pubs, as well as the conversion of
certain managed pubs to tenanted have supported profitability
margins during the year.

S&P said, "For 2026, we expect volumes to remain subdued for the
pub sector, although with the FIFA World Cup mitigating some of
this effect for this year. Nonetheless, we forecast similar
inflation levels in the U.K. for 2026 at about 3.2% from 3.4% in
2025, which should facilitate pubs' ability to increase average
selling prices and partly compensate for volume pressure. Overall,
for the sector, profitability has stabilized at a lower equilibrium
compared to pre-pandemic levels. This reflects continually weaker
consumer sentiment, changes in alcohol consumption preferences, and
structurally higher operating costs following the post-pandemic
inflationary period. Labor costs, in particular, have been gaining
an increasingly higher share of the total cost base and of revenues
(on the back of annual national living wage rises and exacerbated
by the changes to employers' national insurance contributions in
effect from April 2025). We also consider the input and electricity
costs volatility amid challenges from various regulations
exacerbated by tariff tensions and geopolitical conflicts. Our
forecast of profitability margins stabilization, albeit at a new,
lower, level, is based on the expectation that large, diversified
operators still have some headroom in streamlining costs via
optimization of labor scheduling, energy use, and scaling up the
efficiency initiatives across their estate. We also think they will
continue gaining the combined share in the overall declining market
thanks to the efforts in capturing footfall and spending per
customer through targeted marketing, menu engineering, and ongoing
upgrades and improvements of the locations and ordering and payment
solutions."

In this context, the Greene King group announced an acceleration in
its plans to dispose of non-core pubs and to convert more managed
pubs into tenanted or franchised. In its announcement, the group
has identified about 300 managed pubs, of which half are expected
to be converted to leased and tenanted, or franchise venues, with
the other half evaluated for potential sale over the medium term.
S&P said, "We assume a proportionate reduction in the securitized
portfolio. Although this will result in decreasing revenue over the
medium term due to an overall lower number of pubs and a higher
proportion of tenanted outlets, we believe it will allow the
company to optimize its portfolio mix and cost efficiencies, that
together will drive its ability to maintain stable margins amid the
sector's headwinds from cost inflation and fragile consumer
sentiment. Therefore, although we expect the securitized portfolio
revenue to decrease to GBP1,057 million in 2026 and GBP1,019
million in 2027, we forecast the issuer's adjusted EBITDA margins
(post-IFRS 16) to remain between 18.8% and 18.9% for the same
period."

Business risk profile

S&P continues to assess the borrower's business risk profile (BRP)
as fair, supported by the group's strong position as one of the top
three pub operators in the U.K., its well-invested and diverse
estate, and its mainly freehold real estate ownership adding
flexibility in managing costs and pub estate rotation.

Rating Rationale

Greene King Finance's primary sources of funds for principal and
interest payments on the outstanding notes are the loan interest
and principal payments from the borrower, which are ultimately
backed by future cash flows generated by the operating assets. Our
ratings address the timely payment of interest and principal due on
the notes, excluding any subordinated step-up coupons.

S&P said, "We applied our corporate securitization criteria as part
of our rating analysis of the notes in this transaction. As part of
our analysis, we assess whether the operating cash flows generated
by the borrower are sufficient to make the payments required under
the notes' loan agreements by using a DSCR analysis under a
base-case and a downside scenario. Our view of the borrowing
group's potential to generate cash flows is informed by our
base-case operating cash flow projection and our assessment of its
BRP, which we derive using our corporate methodology.

"We begin our analysis with the construction of our base-case
operating cash flow projections and determine a base-case anchor,
that does not reflect the issuer's liquidity support level. Our
downside DSCR analysis assesses the transaction's resilience to
improvements in the issuer level structural enhancements under a
moderate stress scenario. We model a 15.0% and 25.0% decline in S&P
Global Ratings-adjusted EBITDA for Greene King's managed and
leased-and-tenanted estate, respectively, due to stress factors
such as market or competitive developments in the industry, demand
fluctuations, or operating cost changes. We then perform our
modifier and comparable rating analysis.

"We expect the current three-year disposal program to result in
several tens of millions of pounds of disposal proceeds becoming
available in the short to medium term. We have not given credit to
these proceeds in our DSCR analysis as there is no certainty as to
how and when these funds will be received and deployed."

DSCR analysis

S&P's cash flow analysis serves to both assess if cash flows will
be sufficient to service debt through the transaction's life and to
project minimum DSCRs in our base-case and downside scenarios.

Counterparty risk

S&P's ratings are not currently constrained by the ratings on any
of the counterparties, including the liquidity facility,
derivatives, and bank account providers.

The notes are supported by hedging agreements with the London
branch of Banco Santander, S.A. (interest rate swaps for the
floating-rate class B1 and B2 notes). S&P said, "We assess the
collateral framework as low under our counterparty criteria,
notably due to the type of collateral that can be posted, which we
do not view as eligible under our criteria, or lower haircuts for
collateral denominated in currencies other than British pound
sterling. But because the replacement commitment is sufficiently
robust, based on our counterparty criteria, we give credit to it.
As the swaps in this transaction are collateralized, we consider
the resolution counterparty rating on the swap counterparty as the
applicable counterparty rating."

Outlook

S&P said, "We expect the pub sector's margins to stabilize at a
new, lower equilibrium, as the sector grapples with demand and cost
headwinds. We expect pub operators to prioritize agility in meeting
shifting consumer preferences, efficiency of their operations, and
cash generation, underpinning the new margin levels and growing the
maintenance covenant headroom."

For many rated pub operators, their significant freehold property
portfolios offer substantial operational and financial flexibility.
Proceeds generated from disposals provide an additional source of
funding for capital investment and underpin strategic initiatives.
For example, in 2025, Greene King Retailing generated about GBP18
million from disposals of non-core assets. S&P still expects the
quality of earnings to remain the defining factor in the pub
operators' credit profile compared with the amount of real estate
ownership.

Downside scenario

S&P said, "We may consider lowering our ratings on the notes if
their minimum projected DSCRs in our downside scenario have a
material, adverse effect on each tranche's resilience-adjusted
anchor.

"We could also lower our ratings on the class A, AB, or B notes if
a deterioration in trading conditions related to a general weakness
in consumer spending materially increases leverage at the borrowing
group from the current level or reduces cash flows available to the
borrowing group to service its rated debt. However, the quality of
earnings will, in our view, be largely driven by industry trading
conditions and the pubs' ability to manage competitive and cost
pressures amid consumer demand volatility. Consequently, our
ratings on the notes may be negatively affected if the borrower's
revenue- and margin-driving measures are less effective in
mitigating cost headwinds compared to our forecast, or if there are
any missteps in working capital management leading to significant
cash outflows, that would use up the existing covenant headroom or
lead to lower profitability equilibrium than expected."

Upside scenario

S&P said, "Due to ongoing macroeconomic uncertainties around weak
consumer sentiment and geopolitical tensions, we do not anticipate
raising our assessment of Greene King's BRP over the near to medium
term. We could raise our ratings on the class A, AB, or B notes if
our assessment of the borrower's overall creditworthiness improves,
which reflects its financial and operational strength over the
short- to medium-term. In particular, we would consider lower
leverage and the ability to generate higher cash flows, as well as
higher covenant headroom, when evaluating the scale of any
improvement. Also, we could raise our ratings on the class A, AB,
and B notes, if the company continues to prove resilience to and
navigate cost pressures and soft consumer sentiment, and if our
minimum DSCRs improve to the upper end of 1.30x-1.80x minimum
base-case DSCR ranges."


HOWDEN GROUP: S&P Downgrades ICR to 'B-' on Elevated Leverage
-------------------------------------------------------------
S&P Global Ratings lowered its issuer credit ratings on Howden
Group Holdings Ltd. and its financing subsidiaries, as well as its
ratings on the first lien term loans and senior secured notes, to
'B-' from 'B'. The '3' recovery rating on the loans and notes is
unchanged, indicating its estimate of about 55% recovery for debt
holders in the event of a default. S&P has also lowered its issue
rating on the senior unsecured notes to 'CCC' from 'CCC+' and kept
its recovery rating at '6' (0% estimated recovery).

S&P said, "The stable outlook reflects our expectation that the
group will deleverage and generate positive free operating cash
flow (FOCF) from 2027 as exceptional costs phase out, and improve
S&P Global Ratings-adjusted profitability, along with maintaining a
supportive financial policy.

"We see U.K.-based insurance broker Howden Group Holdings Ltd.
exhibiting elevated leverage and weaker cash flows than we
previously expected in fiscal 2026 (ending Dec. 31, 2026),
reflecting continued pressure from exceptional costs and the
group's investment-led expansion strategy into U.S retail
brokerage.

"Following significantly higher S&P Global Ratings-adjusted
leverage of about 22.5x in fiscal 2025, we expect leverage to
remain high at roughly 21x in 2026, before improving to around 12x
in 2027. In addition, the group is set to continue generating
negative cash flow in 2026, before returning to positive cash flow
on an adjusted basis in 2027.

"While we acknowledge that 2026 is a transformative year and that
many of these costs should phase out from 2027, the persistently
elevated leverage and weaker cash flows are more compatible with
those of 'B-' rated peers, in our view.

"Following a weaker-than-expected 2025, we anticipate Howden's S&P
Global Ratings-adjusted EBITDA margin to remain pressured in 2026
due to elevated exceptional costs, before normalizing from 2027."
For the 15-month period ended Dec. 31, 2025 (fiscal 2025; Howden
switched to calendar year reporting from end-September reporting),
the group reported 48% revenue growth over fiscal 2024 (12 months
ended Sept. 30, 2024), reaching GBP4.2 billion for fiscal 2025 and
GBP3.6 billion for the 2025 calendar year. This strong revenue
performance was driven by continued momentum in the brokerage and
reinsurance businesses, supported by client wins, new hires, and
contributions from acquisitions completed during 2024 and 2025.
However, despite robust revenue growth, S&P Global Ratings-adjusted
EBITDA declined to GBP380 million in fiscal 2025 from GBP487
million in fiscal 2024, with EBITDA margins compressing to 9% from
17%. This deterioration primarily reflects elevated exceptional
costs, including investment in new hires and related set-up costs
(including legal provisions related to litigation), integration and
transformation initiatives, and other nonrecurring mergers and
acquisitions (M&A)-related costs. S&P said, "We expect fiscal 2026
to be another transformational year for Howden as it pursues its
expansion strategy in the U.S retail brokerage market. There are
potential upfront investment costs and dis-synergies related to
this transformational U.S. expansion. As a result, we expect S&P
Global Ratings-adjusted leverage to remain temporarily elevated and
cash flow to remain weak in fiscal 2026. The benefits are expected
to be accretive gradually from fiscal 2027 and largely normalize
from 2028."

S&P said, "While we expect revenue to continue expanding--reaching
approximately GBP4 billion-GBP4.5 billion in fiscal years 2026 and
2027--margins will remain under pressure in 2026 (somewhat below
our previous expectations) as the group enters its first year of
U.S. retail build-out. We forecast S&P Global Ratings-adjusted
EBITDA of GBP450 million-GBP460 million in 2026 (around 11.5%
EBITDA margin), before recovering to GBP840 million-GBP850 million
(about 19% margin) in 2027 as exceptional costs subside and the
group gains operating momentum.

"We now expect FOCF to turn positive only in 2027, with weaker
profitability continuing to weigh on cash generation in 2026. FOCF
remained negative at GBP500 million in the 15-month fiscal 2025,
reflecting weaker profitability, higher interest costs from
incremental debt issuance, increased working-capital outflows, and
elevated capital expenditure (capex) of GBP193 million. Although
improving, we expect FOCF to remain negative in fiscal 2026 at
approximately GBP240 million-GBP250 million. Capex is expected to
remain elevated but stable at GBP180 million-GBP190 million. By
2027, we expect FOCF to turn positive at around GBP20 million on an
adjusted basis, supported by improving profitability and lower
capex of approximately GBP100 million, which should offset interest
cost of about GBP440 million and working-capital outflows of
roughly GBP170 million. Consequently, funds from operations (FFO)
cash interest coverage is projected to recover from a weak 0.5x in
fiscal 2025 to 0.9x in 2026 and reach 1.7x in 2027."

Weakened profitability and limited near-term deleveraging prospects
have exhausted Howden's rating headroom. S&P said, "We project S&P
Global Ratings-adjusted leverage will remain elevated at around 21x
in 2026 before declining to 11.5x-12.0x in 2027. This compares with
company-reported total net leverage of 6.5x (in first-quarter 2026)
and the difference is primarily due to elevated exceptional costs
related to the group's U.S. expansion and other investments, which
are excluded as addbacks from S&P Global Ratings-adjusted EBITDA.
In 2025, the group increased its total reported debt through
add-ons to its term loans B (TLBs) and the issuance of new U.S.
dollar-denominated payment-in-kind (PIK) notes, primarily to fund
bolt-on acquisitions consistent with its acquisitive strategy. In
January 2026, the company also issued about GBP500 million in an
add-on to existing senior unsecured notes. We forecast S&P Global
Ratings-adjusted debt of GBP9.6 billion-GBP9.8 billion in fiscal
years 2026 and 2027. This combination of higher debt and weaker
profitability caused leverage to spike to 22.5x as of Dec. 31,
2025, compared with 13.9x as of Sept. 30, 2024."

S&P continues to assess Howden's liquidity as adequate, despite
weakening credit metrics. Liquidity is supported by robust cash
reserves of approximately GBP629 million as of March 30, 2026, and
an undrawn committed facility of about GBP708 million, providing
more than 1.2x coverage of projected uses. Liquidity is further
underpinned by a favorable maturity profile, with no imminent debt
maturities. The next significant maturities for the revolving
credit facility (RCF) and the first-lien $1.6 billion TLB are not
until 2030.

The weakening credit measures are somewhat mitigated by Howden's
improving scale and diversification, as well as its demonstrated
ability to successfully integrate acquisitions and ramp up growth
initiatives. Nevertheless, S&P notes that the success of Howden's
expansion in the U.S. is subject to execution-related risks,
alongside further potential liabilities or costs arising from
ongoing litigation with competitors in the U.S. In addition, there
will be some negative synergies due to Howden's entry into U.S.
retail brokerage, which puts it in competition with some of its own
brokerage customers, as it moves downstream into retail activities
where those clients operate.

In addition to delivering average organic growth of around 15%
(from 2021-25), M&A has been a central component of Howden's growth
strategy. Since 2021, the group has completed and integrated more
than 250 acquisitions, using both bolt-on and platform transactions
to strengthen its competitive position and enter new geographies.

However, Howden's business risk profile is constrained by the
fragmented market it operates in. The group is primarily focused on
insurance broking with some exposure to reinsurance and a limited
underwriting business in certain geographies. S&P said, "This
provides it with a smaller addressable market than that of its
larger, more diversified listed peers, which we assess as having
stronger business risk profiles. The company's business risk
profile is also limited by its adjusted EBITDA margins, which are
in the short term, depressed by exceptional costs. We forecast that
Howden's adjusted EBITDA margins will improve as these costs phase
out, while remaining lower than those of its U.S. peers (where
margins are 30%-35%).”

The stable outlook reflects S&P's expectation that the group will
deleverage and generate positive FOCF from 2027 as exceptional
costs phase out, and improve S&P Global Ratings-adjusted
profitability, along with maintaining a supportive financial
policy.

S&P could take a negative rating action if:

-- Weaker trading performance or ongoing exceptional costs led S&P
to expect significantly lower, or negative ongoing FOCF;

-- The company takes on more aggressive debt-funded acquisitions
or dividends that further increase leverage and reduce cash flow;
or

-- Weak cash flow generation and tightening liquidity led us to
consider the group's capital structure unsustainable.

S&P could take a positive rating action if the group outperformed
its forecasts, resulting in material deleveraging and sustainably
positive FOCF generation, with FFO cash interest coverage
approaching 2.0x.


NEEDAN LIMITED: Mackay Goodwin Appointed as Joint Administrators
----------------------------------------------------------------
Needan Limited (formerly Needanwood Limited) was placed into
administration in the High Court of Justice, Business and Property
Courts in Leeds, Company and Insolvency List, Case Number
CR-2026-LDS-000776. Stuart Kelly and Claire Harsley of Mackay
Goodwin Limited were appointed as Joint Administrators on July 24,
2026.

The company specialized in the letting and operating of own or
leased real estate.

Its registered office and principal trading address is Fatboys
Catering, Building Station Road, Long Marston, Stratford-upon-Avon,
CV37 8RP.

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


PROJECT GOAL: Creditors' Virtual Meeting Set for Aug. 19
--------------------------------------------------------
Engin Faik of Cornerstone Business Recovery, Administrator of
Project Goal Ltd, disclosed that a virtual meeting of the creditors
of the Company will be held on Aug. 19, 2026 at 11:00 p.m.

Project Goal Ltd was placed in administration proceedings in the
High Court of Justice, No 4567 of 2026.

The notice of creditors' meeting is given under Rule 15.8 of the
Insolvency (England and Wales) Rules 2016.

At the Aug. 19 meeting, the following decisions will be considered
and, if thought fit, carried by creditors:

(a) That a Creditors` Committee be established if sufficient
nominations are received and the nominees provide written
confirmation that they are willing to act as members of such a
Committee;

(b) Subject to the limits set out in the Fees and Expenses
Estimate (GBP35,340), that the Administrator's remuneration be set
by reference to the time properly spent by the Administrator and
his staff in attending to the matters arising in the
Administration, such time to be charged at Cornerstone Business
Recovery`s prevailing standard hourly charge out rates at the time
the work is performed (plus VAT);

(c) That, pursuant to Paragraph 98 of Schedule B1 to the Act,
Engin Faik be discharged from liability as Administrator in respect
of any action undertaken by him, such discharge to take effect when
the appointment of Administrator ceases to have effect, as defined
by the Act, unless the court specifies another time.

To access the virtual meeting: Please contact Eren Faik of
Cornerstone Business Turnaround and Recovery Limited on 020 3793
3338 for the login details prior to the meeting.

The virtual meeting may be recorded in order to establish and
maintain records of the existence of relevant facts or decisions
that are taken at the meeting. By attending this meeting, you
consent to being recorded. Where any recording of the meeting also
entails the processing of personal data, such personal data shall
be treated in accordance with the Data Protection Act 2018.

The virtual meeting may be suspended or adjourned by the chair of
the meeting (and must be adjourned if it is so resolved at the
meeting).

Also provided is a proxy form to enable creditors to appoint a
proxy-holder to attend on their behalf (note: any creditor who is
not an individual must appoint a proxy-holder, if they wish to
attend or be represented at the meeting).

All proxy forms, together with a proof of debt if one has not
already been submitted, must be completed and returned by one of
the methods set out below:

By post to: 136 Hertford Road, Enfield, Middlesex EN3 5AX
By fax to: 020 3793 3341
By email to: info@cornerstonerecovery.co.uk

Please note that, if you are sending forms by post, you must ensure
that you have allowed sufficient time for the forms to be delivered
to the address above by the times set out below. Unless the
contrary is shown, an email is treated as delivered at 9:00 a.m. on
the next business day after it was sent.

All proof of debt forms must be delivered by 4:00p.m. on August 18,
2026.

All proxy forms must be delivered to the convener or chair before
they may be used at the meeting fixed for August 19, 2026.

If a proof of debt form has not been received by the time specified
above (whether submitted previously or as a result of this Notice),
that creditor`s vote will be disregarded. Any creditor whose debt
is treated as a small debt in accordance with Rule 14.31(1) of the
Rules must still deliver a proof if the creditor wishes to vote. A
creditor who has opted out from receiving notices may nevertheless
vote if the creditor also provides a proof by the time set out
above. If there are no non-associate votes received in relation to
the approval of Administrator's fees and expenses, then associated
or connected party votes admitted for voting purposes will be taken
into account.

Creditors who meet one or more of the statutory thresholds listed
below may, between the delivery of this notice and the Decision
Date, require a physical meeting to be held to consider the matters
detailed above.

Statutory thresholds to request a meeting: 10% in value of the
creditors, 10% in number of the creditors, 10 creditors

If the threshold is met, the decision procedure will terminate
without a virtual meeting being held and a physical meeting shall
be convened.

Creditors who have taken all steps necessary to attend the virtual
meeting under the arrangements made by the convener, but that do
not enable them to attend the whole or part of the meeting, may
complain under Rule 15.38 of the Rules. A complaint must be made as
soon as reasonably practicable and, in any event, no later than
4:00 p.m. on the business day following the day on which the person
was, or appeared to be, excluded; or where an indication is sought
under Rule 15.37, the day on which the complainant received the
indication.

A creditor may appeal a decision by application to the court in
accordance with Rule 15.35 of the Rules. Any such appeal must be
made not later than 21 days after the Decision Date.

The Administrator can be reached at:

  Engin Faik
  Cornerstone Business Turnaround and Recovery Limited
  136 Hertford Road
  Enfield, Middlesex
  EN3 5AX
  Tel No: 020 3793 3338
  Email: info@cornerstonerecovery.co.uk



                           *********


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

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

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

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