260812.mbx

260812.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Wednesday, August 12, 2026, Vol. 27, No. 160 Headlines G E O R G I A TBC INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable G E R M A N Y FORTUNA CONSUMER 2026-2: Moody's Gives B3 Rating to EUR11MM F Notes TAKKO HOLDING: Moody's Affirms 'B3' CFR, Outlook Remains Stable I R E L A N D CVC CORDATUS XVII: S&P Assigns Prelim B-(sf) Rating to F-R-R Notes I T A L Y EOLO SPA: Moody's Withdraws 'B3' Corporate Family Rating TIM SPA: Moody's Puts 'Ba1' CFR Under Review for Upgrade L A T V I A AIR BALTIC: S&P Lowers ICR to 'CCC-' on Announced Debt Amendments N E T H E R L A N D S DRIVE PARENTCO: S&P Alters Outlook to Positive, Affirms 'B' ICR S P A I N GRUPO ANTOLIN-TRAUSA: Moody's Cuts Prob. of Default Rating to D-PD S W E D E N POLESTAR AUTOMOTIVE: NATIXIS Discloses 4.6% ADS Stake POLESTAR AUTOMOTIVE: Standard Chartered Discloses 6.1% ADS Stake U N I T E D K I N G D O M FATBOYS CATERING: Mackay Goodwin Appointed as Joint Administrators FOUNDRY STUDIOS: S&W Partners Appointed as Joint Administrators INSTATE FITNESS: S&W Partners Appointed as Joint Administrators JOHN LEWIS: Administrators' Proposals Available to Members W10 PERFORMANCE: S&W Partners Appointed as Joint Administrators W10 RICHMOND: S&W Partners Appointed as Joint Administrators WINCHESTER 1 PLC: Moody's Affirms Ba1 Rating on GBP3.06MM E Notes - - - - - ============= G E O R G I A ============= TBC INSURANCE: Fitch Affirms 'BB' IFS Rating, Outlook Stable ------------------------------------------------------------ Fitch Ratings has affirmed TBC Insurance JSC's Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating (IDR) at 'BB' with Stable Outlooks. TBC Insurance's ratings continue to reflect the company's high investment risk, and moderate reserving risks and reinsurance use as well as its leading position in the Georgian domestic insurance market, adequate capitalisation, solid financial performance. Fitch's regulatory environment classification for Georgia is 'other', which explains the equalization of the IFS Rating with the IDR, indicating limited protections for policy holder interest. Key Rating Drivers Investment Concentration in Domestic Market: The company's investment portfolio remains concentrated in the domestic market through local bank deposits and holdings of bonds of local companies, including a high exposure to related-party investments. The investment portfolio primarily comprises domestic fixed-income instruments with a weighted average rating of 'BB'. Deposits in local banks make up most investments. Bonds accounted for 10% of investments at end-2025, with 38% comprising US Treasuries. TBC Insurance also has a high concentration of related-party investments, with cash, bank deposits and bonds of TBC Bank accounting for 55% of investments at end-2025. Fitch assesses TBC Insurance's standalone credit quality below the implied IFS Rating of 'BB+', due to its investment and asset risk, which has a stronger impact on the IFS Rating than the weighting would suggest. Leading Domestic Insurer: TBC Insurance is a leading life and non-life Georgian insurer, with an overall market share of 18.8% at end-2025. The non-life business focuses on motor, medical and property, with life insurance concentrated on borrowers through the bancassurance channel, leveraging TBC Bank's client base. Fitch's assessment of TBC Insurance's business profile reflects the company's strong domestic market position, good business diversification, and moderate risk profile, as well as its smaller operating scale than some regional peers'. Adequate Capital Position: TBC Insurance's capital position, as measured by Fitch's Prism Global model, remained stable at 'Adequate' at end-2025. Fitch expects the Prism score to remain supportive of the ratings. TBC Insurance's regulatory solvency margin rose to 232% at end-2025 (end-2024: 218%). The improvement is positive for the credit profile, although substantial dividend distributions constrain capital base growth and add volatility to the solvency margin. Solid Financial Performance: TBC continued to report solid financial performance, with a Fitch-calculated return on average equity of 53% at end-2025 (end-2024: 46%). Financial performance in 2025 was driven by strong underwriting results, with a slightly improved Fitch-calculated combined ratio of 87% at end-2025 (end-2024: 90%). According to statutory reporting, TBC Insurance generated GEL41.5 million net profit in 2025, or 53% return on equity. Moderate Reserving Risk: Fitch believes TBC Insurance's reserves are adequate for the risks underwritten, as reflected in key reserve adequacy metrics. At end-2025, liabilities for claims incurred were 0.28x losses incurred (end-2024: 0.33x), and 0.44x equity (end-2024: 0.54x). Net technical liabilities were 0.18x insurance revenue (end-2024: 0.19x). Moderate Reinsurance Use: The net/gross premium ratio was 86% at end-2025, and 87% at end-2024. Premium retention rates are high for motor, accident and health insurance. Credit life insurance is covered by a quota share treaty with a retention rate of 78% by premiums and only 10% by the insured sum at end-2025. TBC Insurance uses treaty reinsurance for agriculture insurance and facultative excess of loss and surplus agreements for other lines. The reinsurance panel comprises mainly foreign reinsurers with 'A' category ratings. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A sustained deterioration in capital position, indicated by the Prism score falling below 'Somewhat Weak' - Deterioration of asset quality, for example, due to a downgrade of the sovereign rating Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in asset quality, alongside stable capital adequacy, demonstrated by a Prism score of 'Adequate' and a regulatory solvency margin with substantial buffers above regulatory requirements ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Prior ----------- ------ ----- TBC Insurance JSC LT IDR BB Affirmed BB LT IFS BB Affirmed BB ============= G E R M A N Y ============= FORTUNA CONSUMER 2026-2: Moody's Gives B3 Rating to EUR11MM F Notes ------------------------------------------------------------------- Moody's Ratings has assigned the following definitive ratings to Notes issued by Fortuna Consumer Loan ABS 2026-2 Designated Activity Company: EUR300M Class A1 Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Aaa (sf) EUR123.4M Class A2 Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Aaa (sf) EUR33M Class B Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Aa1 (sf) EUR30.3M Class C Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Aa3 (sf) EUR27.5M Class D Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Baa2 (sf) EUR16.5M Class E Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Ba2 (sf) EUR11M Class F Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned B3 (sf) EUR8.3M Class X Floating Rate Asset Backed Notes due January 2038, Definitive Rating Assigned Baa1 (sf) Moody's have not assigned a rating to EUR8.3M Class G Floating Rate Asset Backed Notes due January 2038. RATINGS RATIONALE The Notes are backed by a 15-month revolving pool of unsecured consumer loans originated via the auxmoney GmbH (not rated) loan origination platform to obligors located in Germany. These loans were brokered to Süd-West-Kreditbank Finanzierung GmbH, as the initial lender, which subsequently transferred them to a warehouse facility. Prior to the closing of this transaction, the loans were sold to auxmoney Investments Limited, which acts as the seller in this transaction. CreditConnect GmbH (wholly owned subsidiary of auxmoney GmbH) will act as the servicer of the portfolio during the life of the transaction. The definitive portfolio consists of approximately EUR550.0 million of loans as of July 29, 2026 pool cut-off date. The portfolio consists of fixed rate amortizing loans (100%), which have equal instalments during the life of the loan. The Reserve Fund will be funded to 1.5% of the initial balance of Class A to G Notes and the total credit enhancement for the Class A Notes will be 24.5%. According to us, the transaction benefits from various credit strengths such as: (i) a granular portfolio, (ii) a simple product mix with a portfolio of amortizing fixed rate loan products, and (iii) excess spread at closing. Furthermore, the Notes benefit from a cash reserve funded at closing at 1.5% of the initial Notes balance of Class A to G Notes. The reserve will mainly provide liquidity to pay senior expenses, hedging costs and the coupon on the Class A to F Notes. However, Moody's notes that the transaction features some credit weaknesses such as: (i) an unrated originator, (ii) a revolving period of 15 months, (iii) a pro-rata structure that allows for periods of pro-rata payments under certain scenarios, and (iv) an interest rate mismatch risk which is mitigated via a fixed floating interest rate swap. Various mitigants have been included in the transaction structure, such as a performance trigger that will switch back the principal payment waterfall to sequential if certain conditions are met. Hedging: all the loans are fixed-rate loans, whereas Class A to G Notes are floating-rate liabilities. As a result, the issuer is subjected to a fixed-floating interest-rate mismatch. To mitigate this mismatch, the issuer has entered into a swap agreement with BNP Paribas. Under the swap agreement: (i) the issuer pays a fixed rate of 2.71%, (ii) the swap counterparty pays 1M Euribor; and (iii) the swap notional follows a scheduled amortisation of the portfolio. Moody's analysis focused, among other factors, on (1) an evaluation of the underlying portfolio of loans, (2) the macroeconomic environment, (3) historical performance information, (4) the credit enhancement provided by subordination, cash reserve and excess spread, (5) the liquidity support available in the transaction through the reserve fund, and (6) the legal and structural integrity of the transaction. MAIN MODEL ASSUMPTIONS Moody's determined the portfolio lifetime expected defaults of 6.8%, a recovery rate of 25.0% and portfolio credit enhancement ("PCE") of 18% related to the receivables. The expected defaults and recoveries capture Moody's expectations of performance considering the current economic outlook, while the PCE captures the loss Moody's expects the portfolio to suffer in the event of a severe recession scenario. Expected defaults, recoveries and PCE are parameters used by us to calibrate Moody's lognormal portfolio loss distribution curve and to associate a probability with each potential future loss scenario in the ABSROM cash flow model to rate Consumer ABS. Portfolio expected defaults of 6.8% are higher than the German Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations, such as the revolving period. Portfolio expected recoveries of 25.0% are higher than the German Consumer ABS average and are based on Moody's assessments of the lifetime expectation for the pool taking into account: (i) historical performance of the loan book of the originator, (ii) benchmark transactions, and (iii) other qualitative considerations. PCE of 18% is in line with the German Consumer ABS average and is based on Moody's assessments of the pool which is mainly driven by: (i) evaluation of the underlying portfolio, complemented by the historical performance information as provided by the originator, (ii) the relative ranking to originator peers in the German Consumer loan market and (iii) the replenishment period of the transaction. The PCE level of 18% results in an implied coefficient of variation ("CoV") of 33.4%. The principal methodology used in these ratings was "Consumer Loan Securitizations" published in May 2026. Factors that would lead to an upgrade or downgrade of the ratings: Factors that may cause an upgrade of the ratings of the Notes include a better than expected performance of the pool together with an increase in credit enhancement of the Notes. Factors that would lead to a downgrade of the ratings of the Notes include: (i) increased counterparty risk leading to potential operational risk of (a) servicing or cash management interruptions or (b) increased swap linkage due to a downgrade of swap counterparty ratings, and (ii) economic conditions being worse than forecast resulting in higher portfolio arrears and losses. TAKKO HOLDING: Moody's Affirms 'B3' CFR, Outlook Remains Stable --------------------------------------------------------------- Moody's Ratings has affirmed Takko Holding Luxembourg 2 S.a.R.L.'s (Takko or the company) B3 corporate family rating as well as the B3-PD probability of default rating. Concurrently, Moody's have also affirmed the B3 rating on the EUR350 million backed senior secured notes due 2030 (EUR315 million outstanding) issued by Takko Fashion GmbH. The outlook on both entities remains stable. "The rating action reflects the company's improved financial performance over the past two years characterised by broadly stable revenue but rising gross profit margins and moderate growth in Moody's-adjusted EBITDA" said Fabrizio Marchesi a Moody's Ratings VP-Ratings and lead analyst for the company. "As a result, Takko's financial metrics and liquidity remain consistent with Moody's requirements for a B3 rating" added Mr. Marchesi. RATINGS RATIONALE Takko's revenue grew by only 1% on a cumulative basis over the past two years, recording a 4% year-over-year increase in the fiscal year ended January 2025 followed by a 3% year-over-year decrease in fiscal 2026. However, gross profit margin improved by around 7 percentage points during the same period thanks to several initiatives successfully implemented by management. As a result, company adjusted EBITDA (pre-IFRS 16) rose from EUR140 million in fiscal 2024 to EUR190 million in fiscal 2026. The improvement in Moody's-adjusted EBITDA, which includes IFRS 16 adjustments and does not take into account significant add-backs of exceptional items which Moody's considers to be recurring, was more limited, rising to EUR277 million in fiscal 2026, up from EUR255 million in fiscal 2024 but slipping from EUR286 million in fiscal 2025. As a result, Moody's-adjusted leverage stood at 4.0x as of January 31, 2026, broadly flat with the 4.1x recorded a year earlier, while Moody's-adjusted (EBITDA less capex)/interest was 1.2x, up from 1.0x in the prior year. Moody's-adjusted free cash flow (FCF), which Moody's considers to be a key metric for Takko, amounted to EUR21 million in fiscal 2025 and EUR27 million in fiscal 2026, equivalent to around 2% of Moody's-adjusted debt. These metrics are in line with a B3 rating. Going forward, Moody's expects Takko's revenue growth to accelerate to 4% in fiscal 2027 and 5% in fiscal 2028, due to increased focus on expanding the company's store footprint. Combined with Moody's assumptions of steady gross profit margins Moody's expects company adjusted EBITDA (pre-IFRS 16) to improve towards EUR200 million by January 2028. Moody's forecasts that Moody's-adjusted EBITDA will rise more significantly due to a reduction in non-recurring items over the period, such that Moody's-adjusted leverage improves to 3.8x as of January 2027 and 3.6x as of January 2028, with Moody's-adjusted (EBITDA less capex)/interest rising to 1.3x and 1.4x and Moody's-adjusted FCF/debt in the 2-3% range. Considering the highly competitive and cyclical nature of Takko's markets, Moody's forecasts is subject to execution risk and macroeconomic risks, including potential strains on the company's supply chain associated with volatile freight rates owing to geopolitical developments. Takko's B3 CFR is constrained by the company's exposure to the very competitive and fragmented apparel retail market; high seasonality and vulnerability to weather conditions; as well as risks related to supply-chain difficulties. Concurrently, the rating is supported by the company's established presence in the discount apparel segment; and some degree of geographical diversification away from Germany, its main market, with a presence in 16 other European countries. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS Takko's most important governance considerations are related to governance risks. The sizable quantum of debt borrowed by Takko demonstrates the aggressive financial policy of its owners and management's overall tolerance to operate with high leverage, which burdens free cash flow generation. The company raised EUR350 million of senior secured notes in 2024, the proceeds of which were used to finance a significant cash-out by Takko's shareholders, which took control of the company as part of the 2023 debt restructuring. In 2025, the company used excess cash on balance sheet to partly repay EUR80 million of PIK notes located outside the Takko Holding Luxembourg 2 S.a.R.L.'s restricted group which were also held by shareholders. Takko's board structure and policies reflect concentrated control and decision making, while financial disclosure is more limited relative to publicly-listed companies. These considerations are reflected in Takko's G-4 Issuer Profile Score (IPS), which reflects overall exposure to governance risk, as well as the company's Credit Impact Score (CIS) of CIS-4. LIQUIDITY Moody's considers Takko's liquidity to be adequate. This consists of EUR59 million of cash on balance sheet as of April 30, 2026, which is the low-point in the company's annual cash cycle, as well as a relatively small but undrawn EUR30 million Revolving Credit Facility (RCF) and EUR13 million of ancillary facilities. Going forward, liquidity will also benefit from Moody's expectations of positive Moody's-adjusted FCF, though the degree to which Takko's cash on balance sheet improves will depend on whether management elects to repay debt located outside of the restricted group. Moody's expects that Takko's liquidity will be enough to cover the company's significant intra-year liquidity needs in the context of Moody's 12-18 month forecasts. The RCF features a leverage maintenance covenant set a 3.75x, which Moody's expects the company will continue to comply with. STRUCTURAL CONSIDERATIONS Takko's capital structure includes EUR350 million senior secured notes due in 2030 (EUR315 million outstanding) and EUR43 million of super-senior RCF capacity due in 2029 (including EUR13 million of ancillary facilities), as well as a EUR175 million super-senior LC facility which backs the company's trade payables. Moody's continues to consider EUR119 million of shareholder loans provided to Takko by its parent Takko Holding Luxembourg 1 S.a.r.l. as part of Moody's debt calculations because they do not satisfy Moody's criteria for equity credit. The B3 rating of the senior secured notes is in line with the CFR, reflecting their subordinated ranking to the super-senior RCF and super-senior LC facility but senior ranking to the shareholder loans. The B3-PD probability of default rating is at the same level as the CFR, reflecting Moody's assumptions of a 50% family recovery rate. RATING OUTLOOK The stable outlook reflects Moody's expectations of growth in revenue and Moody's-adjusted EBITDA over the next 12 to 18 months, as well as positive Moody's-adjusted FCF generation. The outlook also assumes that Takko will continue to maintain adequate liquidity, including a large enough cash balance to satisfy seasonal cash needs without drawing on the RCF, and will not undertake any material releveraging linked to acquisitions, repayment of debt located outside the restricted group, or shareholder distributions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Positive pressure on ratings will require growth in revenue, including at least stable like-for-like sales and gains from new store openings, as well as growth in Moody's-adjusted EBITDA, over a sustained period of time such that Moody's-adjusted leverage is maintained at a level that is consistent with generating mid-single digit Moody's-adjusted FCF/debt on a sustained basis. The company would also have to maintain good liquidity, with a significant cash balance that allows it to satisfy seasonal cash needs without drawing on the RCF. Conversely, negative rating pressure would likely occur if Takko does not deliver a gradual and sustained improvement in revenue and Moody's-adjusted EBITDA such that Moody's-adjusted leverage deteriorates or Moody's-adjusted FCF/debt is no longer positive on a sustained basis, which would raise questions regarding the longer-term sustainability of Takko's capital structure. Negative rating pressure could also develop if Takko does not maintain a healthy cash balance or if liquidity deteriorates. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Retail and Apparel published in September 2025. COMPANY PROFILE Founded in 1982, Takko is a German discount fashion retailer, offering a range of own-label apparel products and accessories for women, men and children. Takko operates a portfolio of 1,979 retail stores as of January 2026, principally in out-of town locations. The company is mostly present in Germany and also has a presence in 16 other European countries, including Austria, the Netherlands, the Czech Republic, Hungary, Romania, Poland, Slovakia and Italy. For the fiscal year ended January 31, 2026, Takko generated EUR1.3 billion of revenue, EUR190 million of company adjusted EBITDA and EUR117 million of company reported EBITDA. ============= I R E L A N D ============= CVC CORDATUS XVII: S&P Assigns Prelim B-(sf) Rating to F-R-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary credit ratings to CVC Cordatus Loan Fund XVII DAC's class A-R-R, B-1-R-R, B-2-R-R, C-R-R, D-R-R, E-R-R, and F-R-R reset notes. At closing, the issuer will have unrated subordinated notes outstanding from the existing transaction and will issue additional subordinated notes. This transaction is a reset of the already existing transaction which S&P rates. The existing classes of notes will be fully redeemed with the proceeds from the issuance of the replacement notes on the reset date. The transaction's target par amount is expected to decrease to EUR400 million from EUR540 million at closing. 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 will pay quarterly interest unless a frequency switch event occurs. Following such an event, the notes will switch to semiannual payments. The preliminary ratings assigned to the notes reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which 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 2,684.75 Default rate dispersion 611.39 Weighted-average life (years) 4.21 Obligor diversity measure 104.81 Industry diversity measure 21.52 Regional diversity measure 1.29 Weighted-average life (years) extended to cover the length of the reinvestment period 4.49 Transaction key metrics Total par amount (mil. EUR) 400 Defaulted assets (mil. EUR) 0 Number of performing obligors 150 Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 0.43 Target 'AAA' weighted-average recovery (%) 35.72 Actual weighted-average spread net of floors (%) 3.31 Covenanted weighted-average coupon (%) 3.73 Liquidity facility The Bank of New York Mellon provides a EUR1 million liquidity facility with a maximum commitment of four years, plus a two-year extension option. The facility carries a 2.50% margin, and drawdowns are limited to the amount of accrued but unpaid interest on CDOs. The liquidity facility is repaid using interest proceeds in a senior position of the waterfall or repaid directly from the interest account one business day earlier than the payment date. For S&P's cash flow analysis, it assumes the facility remains fully drawn throughout the six-year period and is repaid just before the coverage tests breach. Principal transfer test This transaction also features a principal transfer test. Once the noncall period expires and deferred interest on the class F-R-R notes has been paid, interest proceeds above 101% of the class F-R-R interest coverage amount can be paid into the principal account. As this is at the collateral manager's discretion, S&P considered scenarios in its cash flow analysis where such amounts are not made. Rationale S&P's preliminary ratings reflect its assessment of the collateral portfolio's credit quality, which has a weighted-average rating of 'B'. The portfolio is well-diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and bonds. Therefore, S&P conducted its credit and cash flow analysis by applying its criteria for corporate cash flow CDOs. S&P said, "In our cash flow analysis, we used the EUR400 million target par amount, the covenanted weighted-average spread of 3.31%, the target weighted-average coupon of 3.73%, 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, the transaction's exposure to country risk is 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-1-R-R to C-R-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will be in its reinvestment phase starting from the effective date, during which the transaction's credit risk profile could deteriorate, we capped our preliminary ratings assigned to these notes." The class A-R-R, D-R-R, and E-R-R notes can withstand stresses commensurate with the assigned preliminary ratings. The class F-R-R notes' current breakeven default rate cushion is negative at the assigned rating. S&P said, "Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class is able to sustain a steady-state scenario, in accordance with our criteria." S&P's analysis further reflects several factors, including: -- The class F notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P said, "Our model-generated portfolio default risk, which is at the 'B-' rating level at 21.47% (for a portfolio with a weighted-average life of 4.21 years), versus 13.47% if we were to consider a long-term sustainable default rate of 3.2% for 4.21 years." -- Whether the tranche is vulnerable to nonpayment in the near future. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P's envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F-R-R notes is commensurate with the assigned preliminary 'B- (sf)' rating. "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. "In addition to our standard analysis, we have also included the sensitivity of the ratings on the class A-R-R to E-R-R notes, based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F-R-R notes." Environmental, social, and governance S&P regarda 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 its rating analysis to account for any ESG-related risks or opportunities. CVC Cordatus Loan Fund 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 CVC Credit Partners European CLO Management LLP. Preliminary ratings Prelim Prelim amount Credit Class rating* (mil. EUR) enhancement (%) Interest rate§ A-R-R AAA (sf) 248.00 38.00 Three/six-month EURIBOR plus 1.27% B-1-R-R AA (sf) 35.00 26.75 Three/six-month EURIBOR plus 1.75% B-2-R-R AA (sf) 10.00 26.75 4.90% C-R-R A (sf) 24.00 20.75 Three/six-month EURIBOR plus 1.95% D-R-R BBB- (sf) 28.00 13.75 Three/six-month EURIBOR plus 2.95% E-R-R BB- (sf) 16.00 9.75 Three/six-month EURIBOR plus 5.90% F-R-R B- (sf) 14.00 6.25 Three/six-month EURIBOR plus 9.23% M-1 Sub NR 45.10 N/A N/A M-2 Sub NR 1.00 N/A N/A Additional sub. notes NR 11.50 N/A N/A *The preliminary ratings assigned to the class A-R-R, B-1-R-R, and B-2-R-R notes address timely interest and ultimate principal payments. S&P's 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. ========= I T A L Y ========= EOLO SPA: Moody's Withdraws 'B3' Corporate Family Rating -------------------------------------------------------- Moody's Ratings has withdrawn all the ratings of EOLO S.p.A. (Eolo or the company), including the B3 long-term corporate family rating, the B3-PD probability of default rating, the Caa1 rating on the EUR375 million senior secured notes due in October 2028. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Eolo is a national telecommunications operator and market leader in the supply of ultrabroadband FWA services to the residential, business and wholesale sectors in Italy. TIM SPA: Moody's Puts 'Ba1' CFR Under Review for Upgrade -------------------------------------------------------- Moody's Ratings has placed on review for upgrade the Ba1 long term corporate family rating and the Ba1-PD probability of default rating of TIM S.p.A.'s (TIM or Telecom Italia or the company), the leading telecommunications provider in Italy. Concurrently, Moody's have placed on review for upgrade the Ba1 ratings on the senior unsecured debt issued by Telecom Italia, the Ba1 the ratings on the backed senior unsecured debt instruments issued by its subsidiaries, Telecom Italia Capital S.A. and Telecom Italia Finance, S.A. and the (P)Ba1 rating of the senior unsecured Euro MTN program of Telecom Italia and the (P)Ba1 rating of the backed senior unsecured MTN program of Telecom Italia Finance, S.A. Previously, the outlook on all entities was stable. The review follows TIM's Board of Directors' unanimous approval on July 18, 2026 [1] of Poste Italiane S.p.A.'s (Baa2 stable) voluntary public tender and exchange offer for all TIM ordinary shares not already owned by Poste Italiane. Under the offer, which was originally announced on March 22, 2026 [2], shareholders would receive EUR1.67 in cash and 0.218 newly issued Poste Italiane shares for each TIM share tendered (adjusted for TIM's 1-for-10 reverse stock split). Given the Board's unanimous support, the probability of a successful completion of the transaction is very high. The offer remains subject to shareholder acceptance and customary closing conditions, including Poste Italiane achieving at least 66.67% ownership of TIM's share capital. Subject to satisfaction of these conditions, settlement will occur on September 18, 2026. "Moody's have placed TIM's ratings on review for upgrade to reflect the potential improvement in its credit profile following the proposed acquisition by Poste Italiane, as it will become part of a larger, more diversified and better capitalized group," says Ernesto Bisagno, a Moody's Ratings Senior Vice President and lead analyst for Telecom Italia. "If the transaction is completed as planned, Moody's could upgrade the company by one to two notches," adds Mr Bisagno. RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The review for upgrade reflects the potential for TIM's credit profile to strengthen as a result of its proposed acquisition by Poste Italiane, a higher-rated entity. The review will focus on (1) the successful completion of the deal, (2) the ultimate ownership and financial policy of TIM following completion of the transaction, (3) the capital structure of the combined group, and Poste Italiane's intentions with respect to TIM's existing debt, including the extent to which such debt may be repaid, assumed, or guaranteed by Poste Italiane. Absent a guarantee, the review will assess the extent to which TIM's ratings should benefit from expected implicit parental support from Poste Italiane, the strategic importance of TIM to Poste Italiane's long-term business and public policy objectives, and the degree of operational, financial and governance integration between the two groups. The review will also consider the extent to which TIM's standalone credit profile could benefit from its ownership by a larger, higher-rated and more diversified group, including the potential reduction in refinancing risk, enhanced financial flexibility, and the benefit from industrial synergies with the parent. Without a guarantee, Moody's ability to continue rating any outstanding debt would depend on the ongoing availability of sufficient financial information on TIM. TIM's ratings could be confirmed at current levels if the proposed transaction is not completed. Prior to placing the ratings on review for upgrade, Moody's said that upward pressure on TIM's standalone ratings could develop if TIM's operating performance continues to strengthen on the back of a more supportive consumer business with improving key performance indicators (KPIs). An upgrade would be driven by the company's Moody's-adjusted debt/EBITDA declining below 2.5x and Moody's-adjusted retained cash flow (RCF)/net debt trending towards 30%. Although unlikely given the current review for upgrade, prior to placing the ratings on review for upgrade, Moody's said that downward rating pressure could develop if Telecom Italia's operating performance weakens, such that its Moody's-adjusted leverage remains above 3.0x on a sustained basis, free cash flow (FCF) turns persistently negative and interest coverage metrics deteriorate. LIQUIDITY TIM's liquidity is strong, supported by cash and cash equivalents of EUR2.2 billion at June 30, 2026. The next material debt maturity includes a EUR1.25 billion bond (current outstanding amount of EUR742 million) due in October 2027. Over the 2026-28 period, Moody's expects the company to report positive FCF (after shareholder distributions) of approximately EUR600 million per year (excluding the monetization of the EUR1 billion fee dispute related to the 1998 payment to the state for fees licensing). In addition, the company currently has access to EUR3 billion available under its revolving credit facility (RCF) due in 2030, with no financial covenants. STRUCTURAL CONSIDERATIONS TIM's probability of default rating of Ba1-PD reflects the use of a 50% family recovery rate assumption, given that its capital structure comprises both bank debt and bonds. All of TIM's debt instruments are senior unsecured and have a Ba1 rating, at the same level as TIM's Ba1 CFR. While there is some external debt at TIM Brazil level, the absence of contractual subordination and the fact that the credit quality of the Italian and Brazilian business is broadly aligned, mean that creditors at the Brazil level are not in a significantly more favorable position relative to creditors at TIM level. PRINCIPAL METHODOLOGY The principal methodologies used in these ratings were Telecommunications Service Providers published in December 2025. COMPANY PROFILE TIM is the largest telecommunications provider in Italy. The company provides a full range of services and products, including telephony, data exchange, interactive content, and information and communications technology solutions. In addition, the group is one of the leading telecom companies in the Brazilian mobile market, operating through its subsidiary, TIM S.A. In 2025, TIM generated net revenue of EUR13.7 billion and EBITDA of EUR4.6 billion. =========== L A T V I A =========== AIR BALTIC: S&P Lowers ICR to 'CCC-' on Announced Debt Amendments ----------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Latvia-based air carrier Air Baltic Corp. AS to 'CCC-' from 'CCC+'. S&P also lowered the issue rating on Air Baltic's 2029 senior secured notes to 'CCC-' from 'CCC+'. The negative outlook reflects the risk of a potential downgrade to 'D' (default) or 'SD' (selective default) in the next couple of weeks if noteholders accept amendments that S&P views as distressed under its criteria, and therefore tantamount to a default, if coupon cash payments are missed, or if negotiations with its lenders fail. Air Baltic Corp. is negotiating amendments to its outstanding bond due in August 2029 to preserve cash and avoid operational disruptions while it conducts a comprehensive capital structure review, which it intends to have in place by year-end. While the proposed capital structure terms are yet to be disclosed, these might include changes to the initial bond terms that result in bondholders receiving less than originally promised. S&P consequently revised downward its view of the likelihood of Air Baltic receiving timely, credit-supportive, extraordinary government support to low from moderately high, and its assessment of its stand-alone credit profile to 'ccc-' from 'ccc'. Air Baltic has approached bondholders to request amendments to its bond due in August 2029 as it pursues more sustainable capital structure options. The company is seeking consent to: capitalize coupon payments due in cash for the next two quarters (due in August and November); amend the meeting notice period and quorum requirements; and suspend the EUR25 million minimum quarterly liquidity covenant for the next testing period. S&P said, "This announcement follows Air Baltic's recent heightened liquidity needs due to, among other things, higher fuel cost and limited fuel exposure hedges, which we estimate will result in large additional capital needs of at least EUR120 million-EUR170 million. We understand the consent solicitation aims to preserve liquidity and create a framework that permits full refinancing and recapitalization." Recent liquidity preservation efforts, namely strict working capital and capital expenditure controls, short-term cash-generating measures (such as the 2025 sale-and-leaseback transactions), and the recent EUR30 million government loan have provided short-term liquidity relief but have not sufficiently addressed the company's high and expensive debt burden. Earlier in 2026 the company appointed Seabury Securities LLC as strategic and financial advisors to support its strategic priorities, including initiatives to strengthen its capital structure through capital raises or debt restructuring. S&P said, "The rating now reflects Air Baltic's stand-alone credit quality since we now see a low likelihood of timely, sufficient, and credit-supportive help from the state. The Latvian government's ability to implement sustainable corrective measures for the company appears less certain, making financial restructuring likely. We also note recent political disagreements, which could translate into uncertainty about the government's future policies considering the upcoming general election in October 2026 in light of an ongoing active search for a strategic investor. We acknowledge that Air Baltic has benefited from government support in recent years, such as equity injections of EUR14 million in 2025 and EUR45 million in 2021 and 2022, and a EUR30 million short-term loan in 2026, these have not been sufficient to address the company's structural funding gap. This also considers the stringent EU state aid rules limiting Latvia's options to access rapid financial remedy, as well as the presence of Deutsche Lufthansa AG in the shareholder structure. The government currently has a controlling stake of 88% in Air Baltic. Previous government decisions indicate that it intends to retain a blocking minority (25% plus one share) following any equity sale, as we understand." Although the airline remains one of the country's important employers in the wider tourism industry and provides year-round air connectivity to and from the country, it appears the government's primary focus is on preserving employment and operations rather than its credit standing. Consequently, S&P now sees a limited role and link between Air Baltic and the Latvian government, resulting in a low likelihood of the government providing extraordinary credit support. S&P said, "The negative outlook reflects the risk of a potential downgrade to 'D' or 'SD' in the next couple of weeks if noteholders accept amendments to the original terms and conditions that we would likely view as distressed under our criteria, and therefore tantamount to a default, or if coupon cash payments are missed or negotiations with its lenders fail. "We could lower our rating on Air Baltic if noteholders vote for proposed amendments to the terms and conditions that we consider equivalent to a default, or if it misses any principal or interest payments. "We could raise our rating on Air Baltic if we no longer view a default scenario as highly likely over the next six months. This could occur for instance if the company secures alternative external financing that we consider will provide an ample liquidity cushion." ===================== N E T H E R L A N D S ===================== DRIVE PARENTCO: S&P Alters Outlook to Positive, Affirms 'B' ICR --------------------------------------------------------------- S&P Global Ratings revised its outlook on Drive Parentco B.V. to positive from stable. S&P also affirmed its 'B' long-term issuer credit rating and issue rating on the EUR325 million term loan B (TLB) due 2031. The '3' recovery rating on the TLB is unchanged and reflects its expectation of about 60% recovery in the event of default. The positive outlook reflects our view that we could consider a positive rating action in the next 12 months if Nexeye's credit metrics continue to strengthen, such that its adjusted debt to EBITDA remains below 5.0x with rising FOCF after leases alongside a continued prudent financial policy. Drive Parentco B.V., parent company of optical eye care provider Nexeye, reported resilient results for fiscal 2025 (ended Jan. 31, 2026) supported by resilient sales and customer growth across its banners Hans Anders and Eyes+More and sound operating performance. For fiscal 2026, we expect S&P Global Ratings-adjusted EBITDA margins to increase to 23.5%-24.0%, supporting deleveraging to approximately 3.5x-4.0x, down from 4.1x in fiscal 2025. S&P anticipates revenue growth, improving product mix, and efficient cost allocation to support margin expansion, despite inflationary pressures on the cost base, enabling positive free operating cash flow (FOCF) after leases of EUR10 million this year, improving to above EUR30 million thereafter. The positive outlook reflects Nexeye's continuous strengthening of its credit metrics in fiscal 2025, with FOCF after leases turning positive and adjusted leverage at 4.1x. Nexeye posted EUR476 million in revenue in fiscal 2025, a 14.5% like-for-like increase compared with last year, in line with S&P's expectations. Revenue growth was fully organic, fueled by the continued ramp-up of new stores and new store openings--notably under the Eyes+More banner--and momentum from the Hans Anders banner. Increased customer volumes from key marketing campaigns and higher average transaction values from premium upgrades fueled this expansion. Nexeye's S&P Global Ratings-adjusted EBITDAR landed at EUR108.7 million, resulting in an EBITDA margin of 22.8%. Profitability levels were driven by efficient cost allocation with lower general expenses that offset higher cost of goods sold, staff, and marketing expenses related to network expansion. Therefore, Nexeye's S&P Global Ratings-adjusted debt to EBITDA decreased significantly to 4.1x in fiscal 2025, compared with 7.2x in fiscal 2024 (with no full-year contribution). The company's strong performance continued in the first quarter of fiscal 2026. Nexeye posted revenue of EUR127.3 million, up 6% compared with fiscal 2025. Growth was primarily supported by strategic celebrity campaigns, network expansion, and a strengthened product proposition through premium lens upgrades. Nexeye's resilient operating performance will be supported by favorable revenue growth momentum and efficient cost management. S&P said, "We project organic revenue growth to moderate to approximately 6.0%-7.0% from the start of fiscal 2026, because of incremental sales volumes and an optimized product mix across all banners. This growth will be underpinned by a strategic shift toward higher-value products--notably the introduction of thinner 1.6x index lenses which supports higher average pricing--and sustained marketing investments designed to boost in-store traffic and repurchase rates through enhanced customer relation management initiatives. Furthermore, the group's earnings base will be bolstered by its organic expansion plan, which includes the continued ramp-up of recently opened stores, a focus on new openings through the coming years, and geographic expansion into new markets, such as Austria. We forecast that Nexeye's S&P Global Ratings-adjusted EBITDA margin will improve to and remain within the 23.5%-24.0% range over the next 12-18 months. This margin stability will be driven by a growing earnings base, economies of scale, and a favorable shift in the product mix, which will help offset inflationary pressures and the increased cost base associated with new store openings. Furthermore, profitability will be supported by efficient cost management and disciplined marketing investments, ensuring that incremental revenue growth translates effectively into gradual margin expansion. "We forecast that Nexeye's annual FOCF after leases will be about EUR20 million in 2026-2027, helping to sustain deleveraging. FOCF after leases increased to EUR15.9 million in fiscal 2025, compared with negative EUR32.4 million in the previous fiscal year. In our view, Nexeye's improving EBITDA base will enable the group to post FOCF after leases of EUR10 million-EUR15 million this year and EUR30 million-EUR40 million thereafter, underlying a working capital evolution at EUR0 million-EUR5 million over the next 12-18 months. We anticipate capital expenditure (capex) levels over the forecast period at EUR35 million-EUR40 million to support further network expansion, IT related investments, and maintenance. "Under our current base case, Nexeye's leverage will remain comfortably below S&P Global Ratings-adjusted 5.0x. In fiscal 2025, Nexeye deleveraged to 4.1x, from 7.2x in fiscal 2024. This trend reflected the first full year of consolidated accounts since the group's acquisition by private equity firm KKR & Co. Inc. (KKR) in 2024. Deleveraging also reflected the like-for-like EBITDA increase thanks to continued network expansion, ramp-up of recently opened stores, and a shift toward more margin accretive lenses. In fiscal 2026 and fiscal 2027, we forecast adjusted debt to EBITDA to be 3.5x-4.0x and the fixed-charge coverage at 2.0x-2.5x, supported by forecast EBITDA growth and relatively stable cost base. The debt mainly comprises the EUR325 million TLB due in 2031, about EUR130 million-EUR140 million leases, and about EUR1 million pension adjustment. We make limited adjustments to the debt." Financial policy considerations remain important for our ratings on Nexeye. Private equity firm KKR acquired Nexeye in 2024. Since then, the main emphasis has been mostly on network expansion across Nexeye's banners while improving profitability levels. The group conducted also a prudent financial policy alongside its financial sponsor that resulted in stronger credit metrics. S&P said, "That said, we note that the strength in current credit metrics leaves options for capital deployment in the next 12-18 months. Therefore, we believe that there is a likelihood of large discretionary spending over the forecast period, either for a large acquisition as part of group's strategy to extend its network or for a potential dividend distribution. However, the group has not formally communicated any concrete plans for any discretionary spending which remains uncertain in our view. In the meantime, we expect that the group will maintain its prudent financial policy while continuing to enhance its profitability profile." S&P said, "The positive outlook reflects our view that we could consider a positive rating action in the next 12 months if Nexeye's credit metrics continue to strengthen, such that its adjusted debt to EBITDA remains below 5.0x with rising FOCF after leases alongside a continued prudent financial policy." S&P could revise the outlook to stable over the next 12 months if the group's operating performance deteriorates versus its base case such that: -- S&P Global Ratings-adjusted debt to EBITDA rises above 5.0x, or -- FOCF after lease payments fails to improve or weakens. S&P could also revise its outlook back to stable if the company decides to accommodate a more friendly dividend policy toward its shareholders in order to optimize or right size the capital structure. Alternatively, any large mergers and acquisitions could also pressure the credit metrics in the near term. S&P could raise the rating on Nexeye if it sees the following combination: -- The group continues its expansion while delivering profitable growth that would translate into a meaningful improvement of its FOCF after leases allowing it to self-fund its growth strategy; -- S&P Global Ratings-adjusted debt to EBITDA remains comfortably below 5.0x; and -- Nexeye's financial policy remains prudent and supportive of a higher rating. ========= S P A I N ========= GRUPO ANTOLIN-TRAUSA: Moody's Cuts Prob. of Default Rating to D-PD ------------------------------------------------------------------ Moody's Ratings has downgraded the probability of default rating of Grupo Antolin-Irausa, S.A.U. (Grupo Antolin or the company) to D-PD from Caa3-PD. Subsequent to the action and following the filing a Homologation Proceeding in Spain and for Chapter 15 in the United States, Moody's will withdraw the company's ratings shortly, including the Caa2 corporate family rating and the Caa3 instrument ratings on the company's EUR390 million (outstanding EUR380 million) 3.50% guaranteed senior secured notes due 2028 and EUR250 million 10.375% backed senior secured notes due 2030 (together, the notes). A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE The downgrade of Grupo Antolin's PDR to D-PD follows the company's announcement on July 20, 2026 that it has filed for relief under Chapter 15 of the United States Bankruptcy Code, seeking for recognition of the Spanish homologation proceedings as a foreign main proceeding. Previously, the company had filed for the judicial approval (homologacion judicial) of the Spanish Restructuring Plan and the responsible Spanish Court had approved the proceeding. On July 22, 2026, the US Bankruptcy Court approved the provisional stay under Chapter 15 and on July 31, it granted supplemental relief to Grupo Antolin's restructured companies at least until the date of the Chapter 15 recognition hearing on August 19, 2026. The Chapter 15 filing, following its initial creditor protection under the Spanish homologation proceeding, reflects the company's capital structure, with leverage remaining elevated (9.4x Moody's adjusted debt to EBITDA for the last 12 months (LTM) ended March 2026) and limited capacity to generate positive free cash flow (FCF) over the next two years. On June 23, 2026, Grupo Antolin had entered into a recapitalisation support agreement (RSA) with certain requisite creditors to implement a comprehensive recapitalisation through a Spanish Restructuring Plan. The proposed transaction contemplates an extension of debt maturities, the provision of new committed working capital facilities and an exchange of the existing notes, with two alternatives offered to affected creditors. On August 03, 2026, announced an extension of the accession period to the Restructuring Plan for creditors to August 07, 2026. As of August 03, noteholders of over 8% of the company's 2028 notes and over 5% of the 2030 notes had supported the Restructuring Plan. Apart from the extended timeline, terms and conditions of Grupo Antolin's announcement on June 23 remain unchanged. Moody's understand that the restructuring plan will not affect Grupo Antolin's day-to-day operations, which have continued as normal across all regions where the company operates. Following the proposal on June 23, Moody's downgraded the company's CFR to Caa2 and its senior notes to Caa3 with a negative outlook on June 26, 2026. With terms and conditions of the plan remaining unchanged, there is also no change to Moody's CFR and instrument ratings. The negative outlook reflects the possibilities of lower recoveries compared to the current restructuring plan. ENVIRONMENTAL SOCIAL AND GOVERNANCE CONSIDERATIONS Grupo Antolin's ESG Credit Impact Score (CIS) of CIS-5 primarily reflects governance risks, captured by the governance issuer profile (IPS) score of G-5. This reflects the group's high financial leverage and currently unsustainable capital structure, and the very high likelihood of a debt restructuring. The downgrade of the PDR is driven by these governance aspects, which contributed to the abovementioned filings and the default under Moody's definitions. PRINCIPAL METHODOLOGY The principal methodology used in this rating was Automotive Suppliers published in November 2025. COMPANY PROFILE Headquartered in Burgos, Spain, Grupo Antolin-Irausa, S.A.U. is a leading global supplier of automotive interior components, including overhead systems, door modules, lighting and cockpit/instrument panel components. The company generated reported sales of around EUR3.7 billion in 2025 and is owned by the Antolín family. Grupo Antolin operates a global footprint of plants across Europe, the Americas, Asia and Africa, and supplies the world's major OEMs. =========== S W E D E N =========== POLESTAR AUTOMOTIVE: NATIXIS Discloses 4.6% ADS Stake ----------------------------------------------------- NATIXIS, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that, as of June 30, 2026, it beneficially owns 7,638,383 Class A American Depositary Shares (ADSs) of Polestar Automotive Holding UK PLC, with sole voting power over all 7,638,383 ADSs and no sole or shared dispositive power and no shared voting power, representing 4.6% of the class. Each Class A ADS represents 30 Class A Ordinary Shares, par value $0.01 each. The filing reports ownership of 5 percent or less of a class. The percentage is based on: (i) 4,898,511,300 Class A Shares in the form of 163,283,710 Class A ADSs and (ii) 29,892,570 Class B Shares in the form of 996,419 Class B ADSs outstanding as of June 30, 2026 (assuming conversion of the Class B Shares into Class A Shares). NATIXIS may be reached through: Anne SABOT (CFO) 7 Promenade Germain Sablon 75013 Paris, France 011 33 1 58 32 30 00 A full-text copy of NATIXIS's SEC report is available at: https://tinyurl.com/mmwjt78v. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe and Asia Pacific. As of Dec. 31, 2025, the Company had $3.93 billion in total assets, $9.05 billion in total liabilities, and $5.12 billion in total deficit. Deloitte AB, the Company's independent registered public accounting firm for the fiscal year ended Dec. 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended Dec. 31, 2025, indicating that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. POLESTAR AUTOMOTIVE: Standard Chartered Discloses 6.1% ADS Stake ---------------------------------------------------------------- Standard Chartered Bank (Hong Kong) Limited and Standard Chartered PLC, disclosed in a Schedule 13G (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that, as of June 30, 2026, they beneficially own 9,972,005 Class A American Depositary Shares (ADSs) of Polestar Automotive Holding UK PLC, with shared voting power and shared dispositive power over all 9,972,005 ADSs, and no sole voting or dispositive power, representing 6.1% of the class. Each Class A ADS represents 30 Class A Ordinary Shares, par value $0.01 each. Standard Chartered Bank (Hong Kong) Limited holds the ADSs directly and is a wholly-owned subsidiary of Standard Chartered PLC, which may be deemed to share voting and dispositive power. The percentage is based on: (i) 4,898,511,300 Class A Shares in the form of 163,283,710 Class A ADSs and (ii) 29,892,570 Class B Shares in the form of 996,419 Class B ADSs outstanding as of June 30, 2026 (assuming conversion of the Class B Shares into Class A Shares). Standard Chartered Bank (Hong Kong) Ltd may be reached at: Steven K. Choe 4-4A Des Voeux Road Central 32nd Floor Hong Kong Hong Kong 00000 Tel: 852 2820 3333 A full-text copy of the SEC Report is available at https://tinyurl.com/5n73kz39. About Polestar Automotive Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 27 markets globally across North America, Europe, and Asia Pacific. As of Dec. 31, 2025, the Company had $3.93 billion in total assets, $9.05 billion in total liabilities, and a $5.12 billion total deficit. Deloitte AB, the Company's independent registered public accounting firm for the fiscal year ended Dec. 31, 2025, has included an explanatory paragraph in their opinion that accompanies the Company's audited consolidated financial statements as of and for the year ended Dec. 31, 2025, indicating that the Company requires additional financing to support operating and development activities that raise substantial doubt about its ability to continue as a going concern. =========================== U N I T E D K I N G D O M =========================== FATBOYS CATERING: Mackay Goodwin Appointed as Joint Administrators ------------------------------------------------------------------ Fatboys Catering Equipment Limited was placed into administration in the High Court of Justice, Business and Property Courts in Leeds, Company and Insolvency List, No CR2026LDS000773. Stuart Kelly and Claire Harsley of Mackay Goodwin Limited were appointed as Joint Administrators on July 29, 2026. The company specialized in the wholesale of china and glassware and cleaning materials, as well as other retail sale of new goods in specialized stores. Its registered office and principal trading address is Fatboys Building, Station Road, Long Marston, Stratford-Upon-Avon, Warwickshire, England, 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: Amelia McQuade Tel: 0151 739 2398 Email: advice@mackaygoodwin.co.uk FOUNDRY STUDIOS: S&W Partners Appointed as Joint Administrators --------------------------------------------------------------- Foundry Studios Holdings Ltd was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Case Number CR-2026-005929. Lee Manning and Robert Russell of S&W Partners LLP were appointed as Joint Administrators on July 29, 2026. The company specialized in fitness facilities. Its registered office and principal trading address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. The Joint Administrators can be contacted at: Lee Manning Robert Russell S&W Partners LLP c/o RRS Department 45 Gresham Street London EC2V 7BG Tel: 020 4617 5500 Alternative contact: Emily Kerin INSTATE FITNESS: S&W Partners Appointed as Joint Administrators --------------------------------------------------------------- Instate Fitness Group Limited, trading as Foundry, was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency & Companies List (ChD), Court Number CR-2026-005784. Lee Manning and Robert Russell of S&W Partners LLP were appointed as Joint Administrators on July 29, 2026. The company specialized in other business support service activities not elsewhere classified. Its registered office is at Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. Its principal trading addresses are Ground Floor of 5 East Hill, Wandsworth, London, SW18 2HT, and Unit 7, Bramley Hedge Farm, Redhill Road, Cobham, KT11 1EQ. The Joint Administrators can be contacted at: Lee Manning Robert Russell S&W Partners LLP c/o RRS Department 45 Gresham Street London EC2V 7BG Tel: 020 4617 5500 Alternative contact: Emily Kerin JOHN LEWIS: Administrators' Proposals Available to Members ---------------------------------------------------------- Andreas Arakapiotis, a Joint Administrator for John Lewis of Hungerford Limited, notifies members of the company that they can write to the Joint Administrators at Azzurri House, Walsall Business Park, Walsall Road, Walsall, West Midlands, WS9 0RB for a copy of the Joint Administrators' Statement of Proposals for achieving the purpose of the Administration, which will be supplied free of charge. John Lewis of Hungerford 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-2026-005295, and Andreas Arakapiotis and Simon Wall of BK Plus Limited were appointed as Joint Administrators on July 7, 2026. The company's registered office is at c/o BK Plus Limited, Azzurri House, Walsall Business Park, Walsall Road, Walsall, West Midlands, WS9 0RB. Its principal trading address is Grove Business Park, Downsview Road, Wantage, Oxfordshire, OX12 9FA. The Joint Administrators can be contacted at: Andreas Arakapiotis BK Plus Limited Oakingham House, Frederick Place Loudwater, High Wycombe HP11 1JU -- and -- Simon Wall BK Plus Limited Azzurri House, Walsall Business Park Walsall Road, Walsall West Midlands WS9 0RB Further details contact: Tel: 01922 922050 Email: chloe-jane.birch@bkplus.co.uk Alternative contact: Chloe-Jane Birch W10 PERFORMANCE: S&W Partners Appointed as Joint Administrators --------------------------------------------------------------- W10 Performance Limited, trading as Foundry, 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-2026-005937. Lee Manning and Robert Russell of S&W Partners LLP were appointed as Joint Administrators on July 29, 2026. Its registered office is at Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. Its principal trading address is Units 1-3, Lower Ground Floor and Part Ground Floor, 202-208 Kensal Road, London, W10. The Joint Administrators can be contacted at: Lee Manning Robert Russell S&W Partners LLP c/o RRS Department 45 Gresham Street London EC2V 7BG Tel: 020 4617 5500 Alternative contact: Emily Kerin W10 RICHMOND: S&W Partners Appointed as Joint Administrators ------------------------------------------------------------ W10 Richmond Limited, trading as Foundry, 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-2026-005938. Lee Manning and Robert Russell of S&W Partners LLP were appointed as Joint Administrators on July 29, 2026. The company specialized in fitness facilities. Its registered office is at Wey Court West, Union Road, Farnham, Surrey, GU9 7PT. The principal trading address is Unit 1–2 Orchard Road, Richmond, TW9 4AQ. The Joint Administrators can be contacted at: Lee Manning Robert Russell S&W Partners LLP c/o RRS Department 45 Gresham Street London EC2V 7BG Tel: 020 4617 5500 Alternative contact: Emily Kerin WINCHESTER 1 PLC: Moody's Affirms Ba1 Rating on GBP3.06MM E Notes ----------------------------------------------------------------- Moody's Ratings has upgraded the rating of one note in Winchester 1 PLC. The notes are backed by buy-to-let (BTL) mortgage loans originated and serviced by Hampshire Trust Bank Plc (HTB). Moody's affirmed the ratings of the notes that had sufficient credit enhancement to maintain their current ratings. GBP266.09M Class A Notes, Affirmed Aaa (sf); previously on Nov 7, 2024 Definitive Rating Assigned Aaa (sf) GBP13.53M Class B Notes, Upgraded to Aa1 (sf); previously on Oct 28, 2025 Upgraded to Aa2 (sf) GBP12.02M Class C Notes, Affirmed A1 (sf); previously on Oct 28, 2025 Upgraded to A1 (sf) GBP6.01M Class D Notes, Affirmed Baa2 (sf); previously on Nov 7, 2024 Definitive Rating Assigned Baa2 (sf) GBP3.06M Class E Notes, Affirmed Ba1 (sf); previously on Nov 7, 2024 Definitive Rating Assigned Ba1 (sf) RATINGS RATIONALE The rating action is prompted by an increase in credit enhancement for the affected tranche, resulting in lower expected losses attributable to swap counterparty exposure. Counterparty Exposure 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. The Class B notes are no longer constrained by the swap counterparty exposure compared to the last rating action. The increase in credit enhancement above 10% reduces the tranche's exposure to losses in an unhedged scenario following a swap counterparty default, resulting in the constraint being relaxed from Aa2 (sf) to Aaa (sf) (unconstrained). 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. The performance of the transaction has deteriorated slightly since closing. 90 days plus arrears currently stand at 0.17% of current pool balance showing increasing trend over the past year. Cumulative losses currently stand at 0.00% of original pool balance. Based on the observed performance to date, Moody's increased the expected loss assumption as a percentage of current pool balance to 2.36%. The revised expected loss assumption corresponds to 1.61% as a percentage of original pool balance. Moody's reassessed loan-by-loan information to estimate the loss Moody's expects the portfolio to incur in a severe economic stress scenario. Moody's have maintained the MILAN Stressed Loss assumption at 11.80%. Increase in Available Credit Enhancement Sequential amortization led to the increase in the credit enhancement available in this transaction. For instance, the credit enhancement for the tranche affected by the upgrade action increased to 11.54% from 8.18% since closing. 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. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Europe subscription rate is US$775 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. * * * End of Transmission * * *